Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...

This article is the first in a new column, Personal Financial Planning, covering the role of CPAs in advising individuals and ...

Some taxpayers love to test the IRS boundaries on allowable deductions. Consider the business owner who had his store burned down and tried to deduct the arsonist's payment as a "consulting fee," or ...

In both 2025 and 2026, as well as years in the future, there is a 60% of AGI for cash gifts to public charities. For ...

President Donald Trump’s One Big Beautiful Bill Act (OBBBA) raised the state and local tax (SALT) cap deduction to $40,000 from the previous $10,000, as previously reported by GOBankingRates. For ...

In general, the home office must be used exclusively and regularly as the principal place of business or to meet and deal with customers in the normal course of the business. If the taxpayer is an ...

Janet Berry-Johnson, CPA, is a freelance writer with a background in accounting and income tax planning and preparation for individuals and small businesses. Her work has appeared in Business Insider ...