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Congress recently introduced a new tax break under the One Big Beautiful Bill Act (OBBBA), and it’s already making headlines. It’s called the “No Tax on Tips” deduction, and while the name sounds huge, the actual benefit is more limited than most people realize. If you earn tips or employ people who do, here’s what […]

If you missed your 2025 estimated tax payments or paid less than you should have, there’s a good chance the IRS is planning to charge you a penalty. And not just any penalty… a non-deductible 7% penalty that compounds daily. Sounds painful, right?  Let’s break down what this really means, why it’s so costly, and

Let’s start with a simple question: Do you need more tax deductions for 2025? If your answer is yes, keep reading. Next question: Do you need a replacement business vehicle? If you also answered yes, here’s the good news: You can solve both problems at the same time if you place your new vehicle in

The purpose of this letter is to reveal how you can get the IRS to owe you money. Sounds wild, right? But it’s true, you can legally put yourself in a position where you keep more cash and the IRS takes less. No shady loopholes. No risky tricks. Just smart, IRS-approved strategies that business owners

If you own a vacation home or rent out a second property, there’s a tax case you should know about one that could save you thousands of dollars in lost deductions. Let’s look at the case of Charles M. Akers, who owned a mountain cabin in Alpine, California. Like many second-home owners, he decided to

If you’re a self-employed professional or small business owner earning a high, consistent income, you’ve likely maxed out traditional retirement options like a SEP IRA or Solo 401(k). But what if you could contribute far more  while dramatically cutting your current tax bill? Enter the Defined Benefit Plan, a lesser-known but incredibly powerful retirement and

If you’re age 70½ or older, there’s a smart, tax-efficient way to support the causes you care about  and it just got even better under the One Big Beautiful Bill Act (OBBBA). The IRS allows certain retirement savers to make Qualified Charitable Distributions (QCDs) directly from their IRAs to approved organizations such as churches, educational

When financial pressures rise or priorities change, many people start to wonder if they can cash out or sell their term life insurance policy. Maybe you no longer need the coverage, or maybe you’d like to recover some of the money you’ve paid in premiums. Unfortunately, for most policyholders, selling a term life insurance policy

If you’ve ever faced the financial and emotional blow of property damage, theft, or disaster, your first question after recovery might be: Can I claim this loss on my taxes? Unfortunately, the answer is complicated  and for most individuals, not as generous as it once was. The rules surrounding personal casualty and theft loss deductions

Since its introduction in 2018, the Qualified Opportunity Fund (QOF) program has been one of the most powerful tools for taxpayers looking to reinvest capital gains while reducing  and in some cases eliminating,  their tax liabilities. Through these funds, billions of dollars have flowed into Qualified Opportunity Zones (QOZs)  economically distressed areas designated by the