Tax Resources

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How a Deductible Home Office Affects a Sale

How a Deductible Home Office Affects a Sale

If you use part of your home as an office and take deductions for related expenses on your annual tax return, can you claim a valuable federal tax break when you sell? Specifically, can you claim the capital gains exclusion of up to $250,000 for single taxpayers ($500,000 for married couples filing jointly)? In many […]
Tax Pointers on “Points”

Tax Pointers on “Points”

Let’s say you bought a new home at a rock-bottom price or you refinanced a mortgage on your current home. In either event, you may have to pay the lender “points” for the privilege of obtaining a lower mortgage interest rate. Each point is equal to one percent of the amount you’re borrowing. For instance, […]
QCDs Can Be a Tax-Savvy Move for Seniors

QCDs Can Be a Tax-Savvy Move for Seniors

For some time now, individuals age 70½ and older have been able to transfer funds directly from a traditional IRA to an IRS-approved charity. However, with the enactment of the One Big Beautiful Bill Act (OBBBA) earlier this year, these qualified charitable distributions (QCDs) have become an even tax-savvier way to give to charity. If […]

2025 Year-End Tax Planning for Individuals

Dear Clients and Friends: The end of the tax year is almost upon us, so it’s a good time to think about things you can do to reduce your 2025 federal taxes.  The 2025 Act, commonly referred to as the One Big Beautiful Bill, or OBBBA, extended and enhanced many taxpayer-friendly provisions. With that said, […]

2025 Year-End Tax Planning for Businesses

Dear Clients and Friends: The end of the tax year is almost upon us, so it’s a good time to think about things you can do to reduce your business’s 2025 federal taxes. The recent tax law, commonly referred to as the One Big Beautiful Bill (OBBBA), extended and enhanced many taxpayer-friendly provisions. With that […]

A New Savings Option Will Soon Be Available for Families

Starting in 2026, Trump Accounts will provide another tax-favored way to save for a child’s future. Introduced under the One Big Beautiful Bill Act (OBBBA), these accounts are similar to traditional IRAs, but they’re only for U.S. citizens under age 18. Here are answers to some common questions. How Do Trump Accounts Work? Parents of […]
Tax Angles When Converting a Home into a Rental Property

Tax Angles When Converting a Home into a Rental Property

If you’re having a tough time selling your home in today’s market, one option is to convert it into a rental property. That way, you can hang in there until the local real estate market rebounds. Meanwhile, you can probably shelter most or all of the rental income with tax deductions, including depreciation write-offs. With […]
Factors to Consider When Choosing a Home Improvement Pro

Factors to Consider When Choosing a Home Improvement Pro

Whether you are looking to do to some major remodeling or if your home just needs some basic repairs, deciding on a contractor for your home improvement project can be difficult. It’s certainly not a decision you should make in haste. How does your insurance factor into home improvements? Most homeowner’s insurance policies include four […]
Domestic R&E Expensing Is Back: What Businesses Need to Know

Domestic R&E Expensing Is Back: What Businesses Need to Know

The One Big Beautiful Bill Act (OBBBA) rolls back federal income tax rules that required businesses to capitalize certain research and experimental (R&E) expenses. The rollback provision is effective for the 2025 tax year, but it’s available only for domestic R&E costs. There’s also some retroactive relief for domestic R&E expenses that were capitalized for the 2022 […]
The Benefits of an Inspection on a New House

The Benefits of an Inspection on a New House

If you’re shopping for a new home, don’t sign the final mortgage papers until you’ve had the house thoroughly inspected. It may appear to be your dream home, but it isn’t what you see that could end up costing you a fortune. It’s what you don’t see. With existing homes, sellers are generally required to disclose known […]

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