New Itemized Deduction Limitation Will Affect High Income Individuals Next Year
Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The New Limitation Up Close Before the Tax Cuts...Shift Income To Take Advantage of The 0% Long-Term Capital Gains Rate
Are you thinking about making financial gifts to loved ones? Would you also like to reduce your capital gains tax? If so, consider giving appreciated stock instead of cash. You might be able to eliminate all federal tax liability on the appreciation — or at least...How The Social Security Wage Base Will Affect Your Payroll Taxes in 2026
The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look. FICA tax 101 The Federal Insurance Contributions Act (FICA) imposes two payroll taxes on wages and self-employment income — one for...Understanding UBIT and UDFI: When Your IRA’s Earnings Become Taxable
Not all income inside an IRA is automatically tax free, especially when leverage or active business activity is involved. Two key concepts every self directed investor should understand before year end are UBIT and UDFI. This article explains when these taxes apply, how to plan for them, and why they matter as 2026 tax changes approach. Whether you invest through real estate, private lending, or partnerships, understanding UBIT and UDFI can help you stay compliant and protect your returns.
Boost Your Tax Savings by Donating Appreciated Stock Instead of Cash
Are you charitably inclined and looking for a powerful year-end tax-saving strategy? Consider donating appreciated publicly traded stock you’ve held more than one year to a qualified charity. You may be able to enjoy two tax benefits.
Making the Most of the New Deduction for Seniors
Beginning in 2025, individuals age 65 or older generally can claim a new “senior” deduction of $6,000 under the One Big Beautiful Bill Act (OBBBA). But if your 2025 modified adjusted gross income (MAGI) exceeds $75,000 ($150,000 if you’re a married joint filer), a MAGI-based phaseout will reduce (or may even eliminate) the deduction.
5 Potential Tax Breaks to Know Before Moving a Parent into a Nursing Home
If you have a parent moving into a nursing home, taxes are probably not on your mind. However, there may be tax breaks.
Do You Owe Estimated Taxes? If So, When Is The Next One Due?
Certain taxpayers generally must make quarterly estimated tax payments to avoid a penalty. Here are the rules, along with when the next payment is due.
Business Website Expenses: How They’re Handled For Tax Purposes
When developing your business’s website, how do you handle the expenses for tax purposes? Here are the basic rules.