An 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…
Real 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…
Super-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…
Congress 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…
On 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,…
In 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…
According 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…
Real estate has weathered its fair share of market shifts in recent years, but compared to more volatile asset classes, its resilience continues to buoy portfolios with diversification and long-term appreciation. For property owners, that resilience doesn’t eliminate the need for active oversight. Rising operating costs, periods of vacancies, and tax complexities can all chip…
The 2024 Arizona Tax Credit programs for individuals allow you to make a positive charitable impact while receiving a credit that reduces your Arizona income tax liability dollar for dollar. Many people like the tax credit because it allows them to keep their tax dollars in the local community. There are a variety of Arizona…
At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes: Self-employed and business: 70 cents/mile (up from 67 cents in 2024) Charities: 14 cents/mile (unchanged from 2024) Medical: 21 cents/mile (unchanged from 2024) Moving (military only): 21 cents/mile (unchanged…