The standard deduction amounts for all filing statuses increased for the 2025 tax year because of the One Big Beautiful Bill Act. Couples filing their return using the married filing jointly status qualify for the standard deduction of $31,500. Taxpayers using the single and married filing separately statuses qualify for the standard deduction of $15,750…. [keep reading…]
Tag: OBBBA
IRS Clarifies 100% First-Year Bonus Depreciation Rules
The IRS recently issued new guidance clarifying how the permanent 100% bonus depreciation deduction will work moving forward. This allows businesses to fully deduct the cost of qualified property in the year it’s placed in service, rather than depreciating it over several years.
Your 2026 Tax Season Survival Guide
For most people, tax season brings a quiet panic about what they might be forgetting and a last-minute rush to pull everything together before the deadline. But it doesn’t have to be that way. With just a little preparation, you can avoid surprises, minimize your tax bill, and make the entire process smoother for both you and your advisor.
2025 Year End Tax Planning for Individuals
As 2025 draws to a close, individual taxpayers face a familiar but evolving tax landscape. Many provisions from the Tax Cuts and Jobs Act (TCJA) have been preserved or extended under the One Big Beautiful Bill Act (OBBBA), while a handful of new deductions and adjustments take effect for the 2025 tax year. This guide… [keep reading…]