The no tax on tips deduction for 2025 was created by the One Big Beautiful Bill Act (OBBBA) and applies retroactively starting January 1, 2025. The IRS also announced that 2025 is a transition year—meaning the deduction works differently in 2025 than it will in later years. If you’re a tipped worker (or you advise […]
Selling a term life insurance policy tax consequences can be surprisingly harsh—especially when the buyer is a relative or friend and everyone assumes “life insurance is tax-free.” In many cases, the IRS treats the deal as a transfer for valuable consideration, which can make part (or most) of the death benefit taxable. This post breaks […]
During the holiday season, many business owners send gift baskets to colleagues, referral sources, and select customers to stay top-of-mind. The catch: the business gift deduction limit 2025 is still stuck at $25 per recipient per year—a number that dates back decades. This business gift deduction limit applies no matter how large or profitable your […]
There’s money on the table. YOUR money.And if you don’t grab it by December 31st, it’s gone. These year-end tax moves are legal, IRS-approved strategies business owners can use to reduce taxable income and keep more cash in their business this year. Miss the deadline, and the opportunity disappears. 1. Prepay Expenses The IRS allows […]
Benefits of filing a gift tax return aren’t obvious—because most people who file Form 709 never pay gift tax. But if you make a reportable gift, the return is the IRS “paper trail” that protects you (and your future estate) in ways most taxpayers don’t think about. Let’s break down what a gift tax return […]
The One Big Beautiful Bill Act (OBBBA) increased the annual cap on the personal deduction for state and local taxes (SALT) from $10,000 to $40,000 for 2025 through 2029 (with a high-income phase-down). So it’s fair to ask: is a PTET election after OBBBA still worth it? In many cases, yes. Even with a higher […]
The IRS paper refund checks phaseout is officially underway. Beginning September 30, 2025, the IRS started phasing out paper refund checks for individual taxpayers as part of a broader federal push toward electronic payments. Here’s what’s changing, what’s not changing, and what you should do now so you don’t trigger unnecessary delays when you’re expecting […]
Starting with the 2025 tax year, the IRS is officially turning on a new spotlight for digital assets: Form 1099-DA. If you use centralized exchanges, hosted wallets, or payment processors to buy, sell, or spend crypto, you can expect this new form to land in your inbox in early 2026—along with a lot more attention […]
If you're a business owner with kids, aging parents, or a big relationship change on the horizon, there are several 2025 last-minute tax strategies for families you can still use before December 31. The right moves can shift income into lower brackets, turn family help into deductible wages, and keep more of your investment gains […]