HSA after death rules are very different from IRA and 401(k) rules. If your spouse is the beneficiary, the account can continue as that spouse’s HSA. If the beneficiary is someone else, the account generally stops being an HSA on the date of death, and the tax result can be much harsher. That matters because […]
Goodwill clothing donation deduction rules are stricter than most taxpayers realize. In Besaw v. Commissioner, the Tax Court disallowed a $6,760 noncash charitable contribution deduction even though the court appeared to accept that the donations were real. The problem was substantiation. John Besaw claimed the deduction on his 2019 return and attached Form 8283. But […]
Immediate R&D expensing for small businesses is finally here. Let’s make sure you get what’s yours. 💥 If your business has ever spent money developing software, testing products, or doing anything remotely close to research and development here in the U.S., this is for you. What Changed: Immediate R&D Expensing for Small Businesses The IRS […]
When you hear “1031 Exchange,” you probably think:“Sell property → Buy new property → Avoid the tax hit.” Before you jump, here’s how the 1031 exchange rules actually work—and what to watch for. Sounds great, right? Especially if someone’s dangling a hefty W2 reduction in front of you. But here’s the truth:It’s not magic. It’s […]
OBBBA mortgage interest deduction rules have changed the landscape for homeowners who itemize. The One Big Beautiful Bill Act (OBBBA) permanently locks in the TCJA rule limiting itemized deductions for home mortgage interest to the first $750,000 of total home acquisition debt ($375,000 if married filing separately). Home acquisition debt means mortgages used to buy […]
The 2025 standard deduction increase is one of the biggest taxpayer wins coming out of the One Big Beautiful Bill Act (OBBBA). Remember the Tax Cuts and Jobs Act (TCJA) of 2017? One of the biggest wins for taxpayers was the increase in the standard deduction. Now, thanks to the One Big Beautiful Bill Act […]
Running a business means incurring expenses – and the good news is many of those costs can reduce your taxable income. Small business tax deductions are write-offs that lower the profit you pay taxes on, saving you money. This comprehensive guide breaks down current IRS rules (as of 2025) for the most valuable deductions available […]
PCORI Fee Compliance for HRA Plans: What Small Employers Must Know PCORI fee HRA compliance is essential for small employers offering health reimbursement arrangements. Just a quick heads-up! If you’ve set up a Health Reimbursement Arrangement (HRA)—like a 105-HRA, a QSEHRA, or an ICHRA—to help your employees with medical costs, that’s awesome. You’re not just […]
What to Do About Incorrect 1099-NEC Reporting and How to Avoid Overpaying Taxes When the IRS sends you letters, pay attention! Especially if you receive something called a “1099-NEC” form. It might mean you're being taxed on money you never actually received in that year. ❌ And you will NOT overpay the IRS - not […]