Filing a tax extension buys you time, but only if you use it wisely. From revisiting your April payment estimate to gathering missing documents and staying on top of current-year obligations, the months between now and October 15th are a valuable planning window. Read on to learn how to make the most of your extension and avoid a costly repeat of the same tax challenges next year.
Tag: Standard Deduction
Tax Tip Tuesday – Claiming Gambling Losses: What’s New for 2026
For Tax Year 2025, you can deduct 100% of your gambling losses up to the total amount of your gambling winnings. Any excess losses cannot be carried forward to future years. To claim your losses, you must itemize your deductions on Schedule A of Form 1040. If you take the standard deduction, you cannot deduct… [keep reading…]
Tax Tip Tuesday – New Standard Deduction Amounts for 2025
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…]
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…]