Payroll Tax Implications of New Tax Breaks on Tips and Overtime
Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new […]
Teachers and Others Can Deduct Eligible Educator Expenses This Year . . . and More Next Year and Beyond
At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school […]
IRS Lists FAQs on Expiration of Energy Credits and Deductions under OBBBA
As appearing in IRS Fact Sheet 2025-5
These FAQs are being issued to provide general information to taxpayers and tax professionals […]
Teacher Funded Classroom Costs Can Be Offset with Educator Expense Deduction
As appearing in IRS Tax Tip 2025-58
With back-to-school, comes potential out-of-pockets costs for educators. The Educator Expense Deduction […]
OBBBA 2025: Tax Deductions for Working Americans and Seniors
As appearing in IRS Fact Sheet FS-2025-03
Below are descriptions of new provisions from the […]
Bullet Point OBBBA Changes Impacting Individuals
The One Big Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025. The Act is comprehensive and includes key changes to individual-related provisions and […]
Help in Deciding Between a Hobby or Business
As appearing in IRS Tax Tip 2025-42
Hobbies and businesses are treated differently when it comes to filing taxes. The biggest […]
An Offer in Compromise Could Assist Taxpayers in Resolving Tax Debt
As appearing in IRS Tax Tip 2025-35
When a taxpayer can’t pay their full tax debt or if paying would cause […]
Investing in Qualified Small Business Stock Now Offers Expanded Tax Benefits
By purchasing stock in certain small businesses, you can diversify your investment portfolio. You also may enjoy preferential tax treatment, some of which is getting even better […]
The Next Estimated Tax Payment Deadline is Coming Up Soon
If you make quarterly estimated tax payments, the amount you owe may be affected by the One Big Beautiful Bill Act (OBBBA 2025). The law, which was enacted on […]
