by Lori Bowden | Jan 2, 2026 | Tax & Accounting
Here’s a sampling of some significant tax law changes going into effect this year: New charitable contribution deduction for non-itemizers for cash contributions up to $1,000 ($2,000 for married couples filing jointly) New 0.5% of adjusted gross income floor on...
by Lori Bowden | Jan 1, 2026 | Tax & Accounting
Starting in 2026, personal casualty loss deductions will no longer be limited to federally declared disasters. Certain state-declared disasters will also be eligible. For a disaster to qualify, the governor (or D.C. mayor) and the U.S. Treasury Secretary must agree...
by Lori Bowden | Dec 4, 2025 | Tax & Accounting
Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might...
by Lori Bowden | Dec 3, 2025 | Tax & Accounting
For income tax purposes, a business loss generally occurs when a business’s deductions for the year exceed its revenue. Any business, whether new or established, can face losses. Fortunately, the net operating loss (NOL) deduction can turn the pain of a loss this year...
by Lori Bowden | Dec 2, 2025 | Tax & Accounting
Remote work can offer advantages for both employers and employees. But it’s not without challenges, such as unexpected tax consequences. State Tax Issues for Employees Remote work allows employees to live in one state and work for an employer in another, which can...
by Lori Bowden | Dec 1, 2025 | Tax & Accounting
Have you been claiming the standard deduction the last few years? If so, you may want to rethink that for 2025. The expanded state and local tax (SALT) deduction may cause your total itemized deductions to exceed the standard deduction and itemizing to make sense. In...
