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For the first half of 2025, individual taxpayers faced an uncertain tax situation because many provisions of the Tax Cuts and Jobs Act (TCJA) were scheduled to expire at year end. However, on July 4, President Trump signed the One, Big, Beautiful Bill Act (OBBBA) into law. The new law makes many TCJA provisions permanent […]

The peaks and valleys of the economy — whether global, national or local — can make it difficult for business owners to decide when to really push for growth rather than hold steady. However, for some companies, strategic expansion can be a good way to ensure operational stability as well as take advantage of market […]

Investing in a home brings tax benefits Purchasing a home is the most significant investment most people will make. Owning your home comes with valuable tax advantages that can reduce your annual tax bill. One of the primary benefits is the mortgage interest deduction, which allows homeowners to deduct the interest paid on mortgage loans, […]

The Financial Independence, Retire Early (FIRE) movement is a hot trend among Millennials. The idea is to make money fast, save it and grow it quickly to retire as early as possible. This approach requires sacrifices. FIRE advocates recommend living a minimalist lifestyle so they can save up to three-quarters of their regular income. Even […]

The college season has begun. People are busy moving into dorms and are excited for another school year.  Do not forget to review insurance coverages and how the policies may affect the student living away from home. Times have changed. It’s not unusual for today’s college students to have an arsenal of valuable high-tech tools […]

Are you a teacher or other educator who often pays for classroom supplies out of your own pocket? Your main objective is to improve the learning experience of the kids, but there may be a residual side benefit. If you qualify, you can claim a special deduction — the educator expense tax deduction — of […]

Many companies use independent contractors to slash payroll taxes and the high cost of fringe benefits. But using outside workers can result in other problems. It’s no secret that Uncle Sam wages battle with businesses over freelancers. And the situation may be getting worse. In recent years, many workers have turned to a career of […]

On January 9, 2025 – President Biden signed the Social Security Fairness Act into law, repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). This allows retired law enforcement officers, along with other public servants to receive their full-earned Social Security benefits. The repeal of the WEP and GPO addresses long-standing inequities that […]

The U.S. House of Representatives recently passed a sweeping tax and spending measure, dubbed “The One, Big, Beautiful Bill.” It includes significant tax implications for electric vehicle (EV) buyers and homeowners. Specifically, the bill eliminates federal tax credits after December 31, 2025, for clean vehicles and certain energy-efficient home improvements. If you’ve been considering purchasing […]

Being self-employed can be advantageous from a tax perspective. An extensive list of deductible business expenses can offset the federal income tax due on amounts derived from a self-employed individual’s business activities. The list includes health insurance premiums and retirement plan contributions made by the business owner. Note, however, that you can’t get off entirely […]