Filing tax forms is never fun—but it’s important to stay ahead of changes that can reduce your reporting burden. If your business pays independent contractors (non-employees) for services, you are required to file IRS Form 1099-NEC if total payments exceed a specific threshold. For decades, this threshold has been $600 or more in a calendar […]
OBBBA’s New 1099 Filing Rules Read More »
Do you contribute to charitable organizations? If so, recent legislation—the OBBBA—includes significant changes to the tax treatment of charitable donations, starting in 2026. Some are helpful, others less so, depending on your income and filing status. Good News for Non-Itemizers Currently, taxpayers who take the standard deduction (i.e., don’t itemize) generally cannot deduct charitable contributions.
OBBBA Charitable Giving Shake-Up: Winners and Losers Read More »
Do you have a personal vehicle? Thanks to the One Big Beautiful Bill Act (OBBBA), you may be eligible for a valuable “no new cash outlay” tax deduction beginning in 2025. Here’s how it works: If you convert a personal-use vehicle to business use, the law treats it as placed in service on the conversion
OBBBA: Convert Personal Vehicle to Business, Deduct Up to 100% Read More »
If the $10,000 cap on state and local tax (SALT) deductions limits your write-offs, here’s good news: the OBBBA temporarily increases the cap starting in 2025. From 2025 through 2029, you may deduct up to • $40,000 if married filing jointly, or • $20,000 if married filing separately. The limits adjust annually for inflation beginning
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If you will be age 65 or older on December 31, 2025, you have a new opportunity for tax savings. The OBBBA created a new bonus tax deduction—available for seniors beginning this year (2025). You can claim this deduction whether or not you itemize. How Much Can You Deduct? If you qualify, you may be
OBBBA Adds a Possible Senior Tax Deduction (Ages 65 and Older) Read More »
