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Here’s a sampling of some significant tax law changes going into effect this year: Contact the office to discuss how these or other changes might affect you.

An unexpected influx of money (such as from an inheritance, bonus, legal settlement or lottery win) can feel exciting and full of possibility. But without a clear plan, that financial good fortune might not last as long as you’d hoped. Avoid Common Pitfalls It can be tempting to immediately buy your dream car or home,

While legislation signed into law in 2025 extends or enhances many tax breaks for businesses, it ends some clean energy tax incentives. Fortunately, your business may still benefit from certain clean energy breaks if it acts in the first half of 2026. Make Building Improvements The Section 179D deduction allows owners of new or existing

If you received tips or overtime pay in 2025, you may be eligible for a new deduction when you file your income tax return. Both deductions can be claimed whether or not you itemize deductions. But various rules and limits apply. Also be aware that such income may still be fully taxable for state and

The holidays are a time for gratitude, and many employers show appreciation by giving gifts to their staff. Different types of gifts can have different tax consequences. So whether it’s a gift card, a holiday turkey or a year-end bonus, it’s important to know how the IRS will treat the gift. “Achievement awards” are deductible

Remote work can offer advantages for both employers and employees. But it’s not without challenges, such as unexpected tax consequences. State Tax Issues for Employees Remote work allows employees to live in one state and work for an employer in another, which can create complex tax issues. Each state has the right to tax people

For income tax purposes, a business loss generally occurs when a business’s deductions for the year exceed its revenue. Any business, whether new or established, can face losses. Fortunately, the net operating loss (NOL) deduction can turn the pain of a loss this year into tax savings for next year and, perhaps, beyond. How to

Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might be able to deduct your car loan interest. But various rules and limits apply.

As this year comes to a close, business owners seeking to reduce their taxes for 2025 have a variety of opportunities. Here’s a look at two tax-saving tools: bonus depreciation and retirement plan contributions. Assets Eligible for Bonus Depreciation First-year bonus depreciation has been given new life under the legislation commonly known as the “One

Even during the last two months of the year, you can take steps to reduce your 2025 tax liability. Here are five practical strategies to consider. 1. Use Bunching to Maximize Deductions If your itemized deductions are close to the standard deduction, consider a “bunching” strategy. This means timing certain payments (such as mortgage interest,