America’s First Black Woman CPA In the bustling city of Chicago during the early 20th century, a young girl named Mary Thelma Morrison grew up with a keen mind for numbers. Born in 1906, Mary was raised by her aunt and uncle after her mother passed away when she was just a child. Despite the challenges of growing up during … Read More
🛡️ The OBBBA Sets new Estate & Gift Tax Exemption
How does the One Big Beautiful Bill Act affect Estate & Gift Tax planning? The One Big Beautiful Bill Act (OBBBA), signed in July 2025, provides unprecedented certainty for high-net-worth individuals and business owners. Specifically, the Act permanently sets the federal unified Estate & Gift Tax exemption amount. This amount is $15 million per individual or $30 million for married … Read More
Changes in 2025 to your Retirement Fund
Maximize Your Retirement Savings Investing in a 401(k) is one of the smartest ways to build wealth for retirement. With automatic paycheck deductions, tax benefits, and potential employer matches, it’s a no-brainer for those looking to secure their financial future. 401k Changes In 2025, the IRS is introducing key changes that could impact your contributions and tax savings. Here’s what … Read More
The One Big Beautiful Bill Act Creates Tax-Free Tips & Overtime
Boost Your Bottom Line: How does the One Big Beautiful Bill Act create Tax-Free Tips & Overtime for workers and impact tax prep? The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, provides a federal income tax deduction for a portion of qualified tipped income and qualified overtime pay for tax years 2025 through 2028. … Read More
Preparing for the 2025 Tax Season
As the 2025 tax season approaches, it’s essential for all taxpayers, including small business owners and individuals from various income levels, to proactively prepare for their 2024 federal income tax returns. Early preparation not only streamlines the process but also minimizes risks and ensures compliance with evolving tax regulations. Here are the essential steps you should take: Leverage Enhanced IRS … Read More
Tax Tips for Reducing Taxable Income
Tax Tips for Reducing Taxable Income. Tax season doesn’t have to be overwhelming. Whether you’re an employee or a small business owner, staying organized and proactive throughout the year can make filing your taxes a smoother and less stressful experience. Here are five practical tips to help you stay on top of your taxes and potentially save money along the … Read More
IRS Tax Updates for 2025
Tax Code Changes are coming The IRS has announced a wide range of tax code changes set to take effect in the 2025 tax year, and they could influence everything from how much you owe to how you manage your savings. These updates, released in late October, aim to help counter ongoing inflation and ease some of the financial pressure … Read More
Maximize Your Retirement Savings with the Saver’s Credit
The Internal Revenue Service (IRS) encourages low- and moderate-income taxpayers to take advantage of the Saver’s Credit—a valuable tax incentive that rewards contributions to retirement accounts. By saving for your future today, you could reduce your tax bill or increase your refund in 2025 and beyond. What Is the Saver’s Credit? Also known as the Retirement Savings Contributions Credit, the … Read More
Notable changes for tax year 2025
IRS announces new federal income tax brackets for 2025 The IRS has announced new federal income tax brackets and standard deductions for 2025. In its announcement on Tuesday, the agency raised the income thresholds for each bracket, which applies to tax year 2025 for returns filed in 2026. The top rate of 37% applies to individuals with taxable income above … Read More
Tax Relief in Disaster Situations: What You Need to Know
When a natural disaster strikes, the IRS can offer disaster tax relief to help those impacted. This assistance comes after the Federal Emergency Management Agency (FEMA) meets certain criteria and declares a major disaster area. If at least one location qualifies for FEMA’s Individual Assistance program, the IRS will provide tax relief to the affected areas. For those affected by … Read More
Understanding Tax Accounting
Key Updates and IRS Guidelines Introduction to Tax Accounting Tax accounting plays a crucial role in managing finances, especially when it comes to estate planning and inheritance. It is essential to understand the complexities of tax accounting as the IRS and Treasury Department frequently issue new rules and updates that affect taxpayers. In this article, we will cover the latest … Read More
Taxpayer Advocate Service
Try as you might to do the right thing, you may still end up coming face to face with a disagreement with the IRS. Did you know there was an independent organization whose mission is to help you and act as a taxpayer’s voice. The Taxpayer Advocate Service is an independent organization within the IRS. TAS protects taxpayers’ rights by striving … Read More