Even though tax filing season is still several months away, the decisions you make before January 1, 2027, could have a significant impact on your 2026 federal income tax liability. Year-end tax planning is especially important this year because some new changes under 2025’s One Big Beautiful Bill Act (OBBBA) are taking effect. Plus, [...]
The 2026 tax year is almost over, but you still have time to implement year-end tax planning strategies to reduce your business’s federal income tax liability. Let’s look at a few moves you may be able to make before New Year’s Day to trim your tax bill. 1. Invest in capital assets If you acquire [...]
Navigating New Charitable Contribution Limitations Under the OBBBAThe tax landscape for charitable giving has undergone significant shifts following the enactment of the One Big Beautiful Bill Act (OBBBA). Effective for tax years beginning after December 31, 2025, these changes introduce new "floors" for deductions that both corporate and individual taxpayers must navigate. As we move [...]
The Qualified Opportunity Zone (QOZ) program offers tax incentives to encourage investment in designated low-income communities throughout the United States. Legislation enacted last year made the program permanent while introducing several significant changes that affect investors participating under both the original and the updated rules. As the Treasury Department and IRS work toward issuing proposed [...]
The One Big Beautiful Bill Act (OBBBA) creates a new type of tax-advantaged account for eligible children. Section 530A accounts, also known as “Trump accounts,” can be established for children under age 18 who have a Social Security Number (SSN). Contributions to properly established accounts can begin on July 4, 2026. The IRS has released guidance that sheds more [...]
