Effective for the 2025 tax year (and set to expire after 2028), the recent “One Big Beautiful Bill Act” (“OBBBA”) enacted a new $6,000 deduction for seniors aged 65 or older. This is in addition to the existing standard deduction and the extra standard deduction available to individuals in this age group. For married couples…
A wave of state tax changes took effect on July 1, and depending on where you live, they could impact your monthly finances. From fuel and income tax adjustments to new sales tax exemptions and updates to the SALT deduction, these changes may affect everything from your take-home pay to the price you pay at…
The IRS is ramping up its scrutiny of “cash-only” businesses in 2025, renewing enforcement efforts aimed at industries known for limited electronic records and underreported income. Restaurants, barbershops, nail salons, convenience stores, and similar businesses could face increased audit activity, according to tax professionals closely following the agency’s shift. Read more
There’s been no shortage of controversy over the recent budget bill passed by Congress and signed by President Trump, who called it the One Big Beautiful Bill. While debate continues over funding cuts, national debt, and more, some changes could directly affect your wallet. Read more
Underlying state budget and tax decisions this year was an undercurrent of uncertainty regarding the impact of federal legislation. Federal policy choices on tariffs, taxes and spending cuts will be deeply felt by the states, which will have less money available to fund key priorities. Read more
Are you waiting on a fourth stimulus check in 2025 or some other inflation rebate or tax refund? Here’s what to know about tracking, eligibility and update on their status. Read more
When it comes to tax planning, timing can be everything, especially with major changes on the horizon. President Donald Trump’s recent signing of the “One Big Beautiful Bill” (OBBB) into law will usher in sweeping updates to the U.S. tax code starting in 2025 and 2026. Read More
The IRS has provided updated guidance on federal tax withholding and reporting obligations for uncashed retirement plan distribution checks and any subsequent reissued payments. Read More
If you’ve mailed a check to the IRS and are still waiting for it to clear, you’re not alone—and you’re not forgotten (probably). In yet another twist in the saga of government efficiency, the IRS has found itself behind on processing payments. Again. Read more
Assessing the new over-65 deduction and its implications for Social Security taxation, as well as new rules for charitable giving and the SALT deduction. Read more
