Taxes

Tax Filing FAQs for Individuals

The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and processing 2024 tax year returns last year, despite IRS staffing having been significantly reduced since then….

When medical expenses are — and aren’t — tax deductible

If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make it hard to claim the medical expense deduction. At the same time, more types of expenses…

If you suffered a disaster, you may be eligible for a casualty loss tax deduction

Every year, severe storms, flooding, wildfires and other disasters affect millions of taxpayers. Many experience casualty losses from damage to their homes or personal property. The One Big Beautiful Bill Act (OBBBA), signed into law last year, generally made permanent the Tax Cuts and Jobs…

Important 2026 Tax Figures for Businesses

A new year brings many new tax-related figures for businesses. Here’s an overview of key figures for 2026. Be aware that exceptions or additional rules or limits may apply. Depreciation-related tax breaks Bonus depreciation: 100% Section 179 expensing limit: $2.56 million Section 179 phaseout threshold:…

More individuals with disabilities will be eligible for tax-advantaged ABLE accounts in 2026

Did you know there’s a tax-advantaged way to save for the expenses of a person with a disability that’s similar to saving for college expenses with a Section 529 plan? Achieving a Better Life Experience (ABLE) accounts can help fund qualified disability expenses for an…

Choosing the Right Business Structure

When starting or growing a business, one of the most important decisions you’ll make is how to structure it. Your business structure determines how your company is taxed, how profits are distributed, and how much personal liability owners may have. It also affects how you…

Start the New Year Right: A Practical Guide to Business Recordkeeping

There’s a natural energy that comes from starting a new year: a desire for clarity, efficiency and goal-setting. Might we suggest applying that energy to reviewing and organizing your financial and operational records? From an accountant’s perspective, good recordkeeping isn’t just about filing papers, it’s…

Changes to Charitable Donation Deductions are on the Horizon

Beginning in 2026, individuals who itemize deductions and donate to charity will face a new limit on their charitable deductions. And in some cases, they’ll face two new limits. But there’s some good news for nonitemizing individuals who make charitable donations. New charitable deduction floor…

If You Earn Tips and Overtime, You May Be Eligible for Tax Deductions

Now is the time to make sure you understand how tips and overtime earnings affect your tax situation. In this piece, Staff Accountant Faith Reinard outlines the deductions you may be eligible for, the filing requirements that apply and important phase-outs every taxpayer should be…

Checking off RMDs on the Year-End To-Do List

You likely have a lot of things to do between now and the end of the year, such as holiday shopping, donating to your favorite charities and planning get-togethers with family and friends. For older taxpayers with one or more tax-advantaged retirement accounts, as well…