The business investment and provisions of the One Big Beautiful Bill Act (OBBBA) permanently codify 100% bonus depreciation and the Section 199A deduction. These changes allow business owners to immediately expense capital assets and reduce taxable income by 20% for pass-through entities. Consequently, these provisions provide long-term certainty for domestic R&D and capital scaling. What are the Permanent Business Investment … Read More
How to Detect and Avoid the Latest IRS Refund Scam
An IRS Refund Scam often involves fraudulent mailers designed to steal sensitive business data and personal identifiers. These deceptive letters frequently use fake IRS mastheads and demand photos of driver’s licenses to “trigger” a non-existent tax payment. Consequently, taxpayers must verify all unexpected correspondence through official government channels to prevent total identity theft. The Evolution of the IRS Refund Scam … Read More
Make Tax Season Less Stressful 5 Simple Steps
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
New Limitations on Charitable Giving
🎁 Strategic Giving: How does the One Big Beautiful Bill Act change the rules for Charitable Giving deductions? The One Big Beautiful Bill Act (OBBBA) significantly alters the tax landscape for charitable giving, particularly for high-income itemizers and non-itemizers alike, beginning in 2026. Specifically, the Act imposes a new 0.5% Adjusted Gross Income (AGI) floor for individual itemizers. Furthermore, it … Read More
🪙 Retirement Relief: Understanding the New Senior Deduction in the One Big Beautiful Bill Act
How does the One Big Beautiful Bill Act provide an extra Senior Deduction for taxpayers over age 65? The One Big Beautiful Bill Act (OBBBA), enacted in July 2025, creates a new, temporary Senior Deduction to provide tax relief for individuals aged 65 and older. Specifically, it allows a deduction of $6,000 for single filers and $12,000 for married couples … Read More
Advanced Tax Prep Tips for High-Net-Worth Individuals & Business Owners
Don’t Leave Money on the Table: Basic tax prep tips—like organizing receipts and meeting the deadline—only get you so far. For small to medium-sized business owners and high-net-worth individuals, effective tax preparation is an aggressive, proactive strategy built on deep knowledge of the tax code and industry-specific regulations. The goal isn’t just compliance; it’s optimization. The TYS team, with a … Read More