Recent Developments

More individuals with disabilities will be eligible for tax-advantaged ABLE accounts in 2026

Did you know there’s a tax-advantaged way to save for the expenses of a person with a disability that’s similar to saving for college expenses with a Section 529 plan? Achieving a Better Life Experience (ABLE) accounts can help fund qualified disability expenses for an…

Choosing the Right Business Structure

When starting or growing a business, one of the most important decisions you’ll make is how to structure it. Your business structure determines how your company is taxed, how profits are distributed, and how much personal liability owners may have. It also affects how you…

Start the New Year Right: A Practical Guide to Business Recordkeeping

There’s a natural energy that comes from starting a new year: a desire for clarity, efficiency and goal-setting. Might we suggest applying that energy to reviewing and organizing your financial and operational records? From an accountant’s perspective, good recordkeeping isn’t just about filing papers, it’s…

Changes to Charitable Donation Deductions are on the Horizon

Beginning in 2026, individuals who itemize deductions and donate to charity will face a new limit on their charitable deductions. And in some cases, they’ll face two new limits. But there’s some good news for nonitemizing individuals who make charitable donations. New charitable deduction floor…

Checking off RMDs on the Year-End To-Do List

You likely have a lot of things to do between now and the end of the year, such as holiday shopping, donating to your favorite charities and planning get-togethers with family and friends. For older taxpayers with one or more tax-advantaged retirement accounts, as well…

Sold Your Home at a Gain? What You Should Know About the Principal Residence Exclusion

Selling your home could come with a significant tax advantage. In this article, Senior Accountant Atira Boos, CPA outlines the requirements and planning considerations taxpayers should understand before finalizing a sale. If a taxpayer sells their principal residence at a gain, they may be eligible…

6 Last-Minute Tax Tips for Businesses

Year-round tax planning generally produces the best results, but there are some steps you can still take in December to lower your 2025 taxes. Here are six to consider: Postpone invoicing. If your business uses the cash method of accounting and it would benefit from…

Have you used up your 2025 FSA funds?

If you have a flexible spending account (FSA) through your employer to help pay for health or dependent care expenses, now’s a good time to check your balance. FSAs save taxes, but they generally require you to incur expenses to use the funds by year…

New itemized deduction limitation will affect high-income individuals next year

Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The new limitation up close Before the…

Shift income to take advantage of the 0% long-term capital gains rate

Are you thinking about making financial gifts to loved ones? Would you also like to reduce your capital gains tax? If so, consider giving appreciated stock instead of cash. You might be able to eliminate all federal tax liability on the appreciation — or at…