Social media is full of questionable “tax advice” about the deductibility of travel expenses for family members. A quick scroll through TikTok or X (the artist formerly known as Twitter) will produce multiple “sources” proclaiming that all you have to do is discuss...
The United States tax system is “pay-as-you-go,” which means that taxes are paid as income is earned. For employees or taxpayers taking distributions from retirement accounts, this is handled through withholding. For self-employed workers or taxpayers with large...
The Tax Cuts and Jobs Act (TCJA) expanded the uses for funds in 529 accounts to include amounts paid for K-12 tuition (limited to $10,000 per year). The One Big Beautiful Bill (OB3) Act added even more eligible expenditures for K-12 students, as well as opening up the...
One of the new deductions that came out of the One Big Beautiful Bill (OB3) Act is the deduction for qualified tips, but there is another tip related provision that many taxpayers aren’t aware of, the FICA Tips Credit. Let’s be honest; many taxpayers don’t report the...
Bonus depreciation has been one of the more unpredictable provisions over the years, as it seemed to be in a constant state of expiring and being extended. With the passage of the One Big Beautiful Bill (OB3) Act, bonus depreciation is permanent! It’s not all good...
The Qualified Business Income (QBI) Deduction, also sometimes referred to by its code section 199A, was a Tax Cuts and Jobs Act provision that allows taxpayers with, you guessed it, qualified business income, to take a deduction of up to 20% of their QBI from eligible...
