If you’re thinking about making upgrades to your home, you may have an opportunity to claim valuable tax breaks. While not every improvement qualifies, there are a few exceptions, such as capital improvements or repairs for a rental property, medical modifications, or home office tax breaks. You can also earn tax credits for energy-efficiency projects,…
Read MoreMaster 2025 tax planning with OBBBA strategies: charitable deductions, SALT caps, wash-sale rules & crypto tips. Minimize taxes before year-end.
Read MoreParenting can be a challenge. You know this if you have lived through the “terrible twos.” If you haven’t yet had that experience, the “terrible twos” is a colloquial term for a phase of childhood typically starting around 18 months and lasting until around age 3 or 4. Your daily mantra for this stage is,…
Read MoreAn asset’s basis is its original purchase price, which determines how much tax will be owed when the asset is sold. When an asset is inherited, the so-called stepped-up basis resets this value to the asset’s fair market value at the time of the owner’s death. For example, if a family home was purchased for…
Read MoreReal estate valuations have garnered increased attention in tax reporting over the last several years, driven by fluctuations in property prices and heightened oversight around how those values are reported. Whether a property is held for personal or operational use, an investment, or development, how it’s valued can directly impact taxable income, balance sheets, and…
Read MoreSuper-Catch-up and Catch-up as Roth Requirements Beginning January 1, 2026, significant changes will be implemented regarding retirement plan catch-up contributions for certain individuals. Both individuals and retirement plan sponsors need to be aware of these changes. The changes discussed below apply to most 401(k), 403(b), and governmental 457(b) retirement plans. Other types of plans are…
Read MoreCongress began creating tax incentives for purchasing energy efficient vehicles in 2005, and the Inflation Reduction Act passed in 2022 brought major expansion to the electric vehicle (EV) tax credit program. The Trump tax reform bill passed in July 2025 has ended the federal EV credit for any vehicles purchased after September 30, 2025. For…
Read MoreOn July 4, 2025, Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law. At the center of the bill is the extension of many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) slated to end at the end of 2025. The OBBBA makes many expiring provisions of TCJA permanent,…
Read MoreIn a way, IRS Form 990 consists of two separate tax returns. The first is the “numbers” section (discussed in part I of this article) where organizations report their income and expenses for the year. In the second, organizations report how they comply with the many federal rules and regulations that govern the existence of…
Read MoreAccording to the Internal Revenue Service, there are approximately 1.5 million public charities and private foundations in the US. That’s a lot of good work being done! Public charities depend on donations from the general public to carry out their missions. With 1.5 million organizations to choose from, how do you decide which you want…
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