Tag: Individual Tax

Under the One Big Beautiful Bill Act (OBBBA), individuals who are age 65 or older can now claim a new “senior” deduction of up to $6,000 starting now in 2025

According to the National Center for Health Statistics, approximately 1.3 million Americans live in nursing homes. If your parents fall into this category, there may be specific tax implications that

Receiving a letter from the IRS can feel intimidating and unsettling for many taxpayers. Official letters with the IRS seal can make the receiver wonder if they made a mistake

Are you age 50 or older? If so, you’re eligible to boost your retirement savings through additional “catch-up” contributions to your tax-advantaged retirement account(s). These extra contributions can provide more

The One Big Beautiful Bill Act (OBBBA) brought a lot of new changes when it was enacted in July. One of those changes alters how tip income and overtime income

During back-to-school season, the focus is usually students returning to the classroom for a new school year. Parents gear up by purchasing their children new school supplies, backpacks, and clothes

Small business stock investments can help diversify your portfolio—and now, it may come with even greater tax advantages. Under the One Big Beautiful Bill Act (OBBBA), signed into law in

If you make quarterly estimated tax payments, the amount you owe may be affected by the One Big Beautiful Bill Act (OBBBA). The law, which was enacted on July 4, 2025, introduces

Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject

The newly enacted One Big Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally