You're probably aware that federal tax laws and state tax laws don't always agree. As you do your tax planning and prepare for filing season, it's important to know the provisions that differ for your state. State tax conformity is the practice of state governments adopting the federal Internal Revenue Code (IRC) for their own income tax systems. States can…
You may remember that the One Big Beautiful Bill Act (OBBBA) includes a provision commonly called "No Tax on Tips". Last year, the government issued a preliminary list of occupations covered under this provision. Based on feedback from the public, the Treasury Department has now issued final regulations that expand that list of occupations and adds some additional clarification. The…
It's tax season, and you're probably in the midst of going through a bunch of paperwork. What better time to create a system to manage all those documents so you can retrieve them later? First: organize, categorize, and digitize. While you might still use physical folders, a digital backup of your documents is more searchable and secure. Here are some…
Required minimum distributions (RMDs) are the minimum amounts you must withdraw from your retirement accounts each year beginning at age 73. In general, you must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 73. If you participate in a workplace retirement plan (for example, 401(k) or profit-sharing plan), you…
The IRS announced on Monday, January 26 that tax season has begun! What's new this year? Form 1099-DA Taxpayers who bought, sold, or received digital assets, including cryptocurrency, stable coins, or NFTs, must report those transactions. Some taxpayers may receive Form 1099-DA from brokers. But even if you don't receive the form, all taxpayers must answer the digital asset question…
The One Big Beautiful Bill Act (OBBBA) made more than 100 changes to tax law - some of them temporary, most of them permanent. Here are four changes you'll see on your 2025 Form 1040: #1: Senior Deduction Between 2025 and 2028, taxpayers 65 or older can claim a $6,000 bonus deduction ($12,000 if both spouses qualify).. This deduction is…
Both SECURE 2.0 and the Big Beautiful Bill Act (OBBBA) include provisions that affect 401(k) contributions, especially for highly compensated employees (HCEs). Here's what's already in place for 2025 and what's coming in 2026 . . . 2026 Dollar Limits Let's start with the inflation-adjusted contribution limits for 2026: The maximum amount that can be contributed by an employee under…
You've probably heard that OBBA eliminates taxes on tips and overtime pay. Here's what you need to know about how this is expected to work: Overtime Pay The general rule is that all compensation is subject to federal taxation. That's true for regular pay, overtime, tips, bonuses, commissions, and any type of money an employee receives from the employer, unless…
An identity protection personal identification number (IP PIN) is a six digit number that prevents someone else from filing a tax return using your Social Security number (SSN) or individual taxpayer identification number (ITIN). The IP PIN is known only to you and the IRS (and your tax preparer, if you share it). It helps the IRS verify your identity…
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