This article was published by the IRS. The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025. The IRS also issued technical guidance regarding all cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax [...]
This article was published by the IRS. The 2026 tax filing season is drawing near. The IRS encourages taxpayers to “Get Ready” and start preparing now. Taking a few steps today can save time and help taxpayers ensure they’re filing accurate returns in the coming months. The annual IRS "Get Ready" campaign is a series of [...]
The OBBBA adds and expands several other tax breaks, including: Expensing of Qualified Sound Recording Productions For productions commencing in tax years ending after July 4, 2025, the special expensing rules for qualified film, television, and live theatrical productions are expanded to include aggregate qualified sound recording production costs of up to $150,000 per tax year. [...]
As the year draws to a close, it's important that we discuss any year-end strategies that might help lower your business's taxable income for 2025. This has been a big year for tax law changes, with the President signing the One Big Beautiful Bill Act (OBBBA) into law this summer. Most of the changes are highly [...]
Tax credits are more favorable than deductions because a tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself. The following are the main tax credits available for individuals in 2025: Residential Clean Energy [...]
