Recent Developments

Sold Your Home at a Gain? What You Should Know About the Principal Residence Exclusion

Selling your home could come with a significant tax advantage. In this article, Senior Accountant Atira Boos, CPA outlines the requirements and planning considerations taxpayers should understand before finalizing a sale. If a taxpayer sells their principal residence at a gain, they may be eligible…

6 Last-Minute Tax Tips for Businesses

Year-round tax planning generally produces the best results, but there are some steps you can still take in December to lower your 2025 taxes. Here are six to consider: Postpone invoicing. If your business uses the cash method of accounting and it would benefit from…

Have you used up your 2025 FSA funds?

If you have a flexible spending account (FSA) through your employer to help pay for health or dependent care expenses, now’s a good time to check your balance. FSAs save taxes, but they generally require you to incur expenses to use the funds by year…

New itemized deduction limitation will affect high-income individuals next year

Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The new limitation up close Before the…

Shift income to take advantage of the 0% long-term capital gains rate

Are you thinking about making financial gifts to loved ones? Would you also like to reduce your capital gains tax? If so, consider giving appreciated stock instead of cash. You might be able to eliminate all federal tax liability on the appreciation — or at…

How the Social Security wage base will affect your payroll taxes in 2026

The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look. FICA tax 101 The Federal Insurance Contributions Act (FICA) imposes two payroll taxes on wages and self-employment income — one for Old-Age, Survivors,…

Review your business expenses before year end

Now is a good time to review your business’s expenses for deductibility. Accelerating deductible expenses into this year generally will reduce 2025 taxes and might even provide permanent tax savings. Also consider the impact of the One Big Beautiful Bill Act (OBBBA). It makes permanent…

Rethinking the Traditional On-Site Audit: How Remote Audits Deliver Efficiency & Cost Savings

In this article, Senior Accountant Gabriel Glahe, CPA highlights the key benefits of choosing a remote audit for your organization and explains how this approach can add value beyond traditional, on-site audits. In recent years, the rise of remote work has changed how all types…

The 2025 SALT deduction cap increase might save you substantial taxes

If you pay more than $10,000 in state and local taxes (SALT), a provision of the One Big Beautiful Bill Act (OBBBA) could significantly reduce your 2025 federal income tax liability. However, you need to be aware of income-based limits, and you may need to…

Boost your tax savings by donating appreciated stock instead of cash

Saving taxes probably isn’t your primary reason for supporting your favorite charities. But tax deductions can be a valuable added benefit. If you donate long-term appreciated stock, you potentially can save even more. Not just a deduction Appreciated publicly traded stock you’ve held more than…