by Jennifer Springer | Sep 17, 2025 | Blog, Tax
Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes that. Tip income deduction For 2025–2028, the OBBBA creates a new temporary federal income tax deduction that can...
by Jennifer Springer | Aug 13, 2025 | Blog, Tax
Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your...
by Jennifer Springer | Jun 18, 2025 | Blog, Tax
If you’re age 65 or older and enrolled in basic Medicare insurance, you may need to pay additional premiums to receive more comprehensive coverage. These extra premiums can be expensive, particularly for married couples, since both spouses incur the costs. However,...
by Jennifer Springer | May 28, 2025 | Blog, Business, Tax
Many businesses turn to independent contractors to help manage costs, especially during times of staffing shortages and inflation. If you’re among them, ensuring these workers are properly classified for federal tax purposes is crucial. Misclassifying employees as...
by Jennifer Springer | Apr 30, 2025 | Uncategorized
WASHINGTON, D.C. — During the first 100 days of President Donald J. Trump’s second term, the U.S. Department of the Treasury, under Secretary Scott K.H. Bessent, has taken significant steps to implement the Administration’s economic agenda focused on growth, security,...
