Federal Income Tax
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Making the most of the new deduction for seniors
For 2025 through 2028, individuals age 65 or older generally can claim a new “senior” deduction of up to $6,000 under the One Big Beautiful…
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Receive $10,000 in cash at your business? The IRS wants to know about it
Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and…
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Payroll tax implications of new tax breaks on tips and overtime
Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes…
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Run a business with your spouse? You may encounter unique tax issues
Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated…
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Divorcing as a business owner? Don’t let taxes derail your settlement
Divorce is stressful under any circumstances, but for business owners, the process can be even more complicated. Your business ownership interest is often one of…
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What you still need to know about the alternative minimum tax after the new law
The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference…
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