Taking the Standard Deduction Versus Itemizing The Tax Cuts and Jobs Act (TCJA) substantially increased the standard deduction amounts, thus making itemized deductions less attractive for many individuals. The OBBBA makes this change permanent. For 2025, the standard deduction amounts are: $15,750 (single); $23,625 (head of household); and $31,500 (married filing jointly). If the total of [...]
It's that time of year again where we should consider meeting to discuss any year-end strategies that might reduce your 2025 taxes. For a short time this past summer, tax news became national news when the President signed the One Big Beautiful Bill Act (OBBBA). The OBBBA is a budget bill that makes the 2017 tax [...]
New changes to the adoption tax credit under the One Big Beautiful Bill mean more families will now be eligible to claim it. Part of the credit is now refundable, which means families can take home some extra money even if they don't owe any taxes. While there are different rules, the credit may apply to [...]
This article was published by the IRS. The Department of the Treasury and the Internal Revenue Service have issued guidance providing penalty relief to employers and other payors for tax year 2025 regarding new information reporting requirements for cash tips and qualified overtime compensation under the One, Big, Beautiful Bill. Transition penalty relief for tax year [...]
This article was published by the IRS. The Department of the Treasury and the Internal Revenue Service have provided transitional guidance for businesses required to report car loan interest under the One, Big, Beautiful Bill. Notice 2025-57 provides penalty relief and guidance to certain lenders for new information reporting requirements for car loan interest received in [...]
