For 2025 through 2028, individuals age 65 or older generally can claim a new “senior” deduction of up to $6,000 under the One Big Beautiful Bill Act (OBBBA). But an income-based phaseout could reduce or eliminate your deduction. Fortunately, if your income is high enough that the phaseout is a risk, there are steps you can take before year end to help preserve the deduction. Senior deduction basics You don’t have to be receiving Social Security benefits to claim the senior de

If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this...

Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses,...

Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in today’s businesses. The tax treatment of...

There are two tax breaks that help eligible parents offset the expenses of adopting a child. In 2025, adoptive parents may be able to...

When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages...

We are well into 2025 and it's a good time to familiarize yourself with tax amounts that may have changed for 2025 due to inflation. Not...