Explore the latest IRS tax code updates and discover strategies to reduce excessive taxation. Get expert insights on optimizing your financial future.
IRS Raises Capital Gains Brackets: How to Maximize Your Earnings and Pay $0 in 2026
The Internal Revenue Service (IRS) has announced updated tax brackets for the 2026 tax year, including notable adjustments to long-term capital gains rates. These changes
Trump’s Temporary SALT Deduction Increase for 2025
President Donald Trump’s so-called “big beautiful bill” will temporarily raise the cap on the federal deduction for state and local taxes (SALT) from $10,000 to
When Does Your Dependent Child Have to File a Tax Return?
Understanding whether your child needs to file a tax return depends on the type and amount of income they earn, and whether they qualify as
Key Tax Provisions — Final Legislation with Comparison Across 2025 Reconciliation Bills
Individual Key Tax Provisions Tax Provision Current Law House Bill Senate Bill (Approved by House) Individual Income Tax Rates TCJA rates expire after 2025; seven
Intentionally Defective Grantor Trust (IDGT): Definition, Benefits & Examples
A well-crafted estate plan ensures your wealth reaches your intended beneficiaries—not the IRS. If you’re looking to transfer assets efficiently while retaining financial control, an
Taxation of S Corporation Distributions Involving Accumulated Earnings and Profits (E&P)
C corporations are generally subject to double taxation: once at the corporate level when income is earned, and again at the shareholder level when that
One Big Beautiful Bill Act: Full Breakdown of the 2025 House Tax Proposal
Introduction On May 22, 2025, the U.S. House of Representatives passed the “One Big Beautiful Bill Act” (the House Bill), which extends or makes permanent
Understanding the Supreme Court’s Ruling in Connelly v. United States: What It Means for Business Owners
In June 2024, the U.S. Supreme Court issued a unanimous decision in Connelly v. United States, a case with far-reaching consequences for business owners—especially those
Backdoor Roth IRA Strategy: A Smart Tax Move for High-Income Earners in 2025
Backdoor Roth IRA: A Strategic Retirement Planning Tool for High-Income Individuals A Backdoor Roth IRA is a legal and effective strategy that allows high-income earners,
IRS Introduces Form 7217 for Reporting Partner Basis in Distributed Property
The IRS has released a draft version of Form 7217, Partner’s Report of Property Distributed by a Partnership, which partners must use starting with the
Treasury Department Halts Enforcement of Corporate Transparency Act for U.S. Citizens and Businesses
The Treasury Department announced today that it will not enforce any penalties or fines related to the Corporate Transparency Act’s beneficial ownership reporting rule, both
Is Your CPA Retiring? Find a Trusted New CPA for 2024/2025 Tax Season!
Looking for a New CPA? We’re Here to Help! If your CPA has recently retired, you might be wondering who will handle your tax filings,