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Tax credits are the most valuable tax breaks available. Each dollar of credit equals a dollar of tax savings. By comparison, if you're in the 32% federal income tax bracket, each...
The U.S. House of Representatives recently passed a sweeping tax and spending measure, dubbed "The One, Big, Beautiful Bill." It includes significant tax implications for...
As separate legal entities, estates and nongrantor trusts must file their own federal tax returns, just like individual taxpayers. Unlike individuals, however, these entities may...
On April 2, 2025, President Trump rolled out his promised new tariff policy. A long-time fan of tariffs, Trump surprised many with a baseline tariff on all U.S. imports and...
Many businesses have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that...
In the complex world of federal taxes, myths and misconceptions can lead to costly mistakes and missed opportunities — especially for business owners and high-net-worth...
Participants in eligible employer retirement plans, such as 401(k) plans, can choose to make salary-reduction contributions to their accounts. These salary deferrals, as the IRS...
The IRS has just released final regulations on required minimum distributions (RMDs) from qualified plans and traditional IRAs. The much-anticipated final regs provide guidance...
An IRA can be a valuable tool in anyone's retirement and estate planning toolbox. But what if you're not satisfied with your investment options or portfolio performance? One...
The IRS recently announced the launch of a new multistage regulatory initiative intended to close what it calls a "major tax loophole exploited by large, complex partnerships."...