- Can You Deduct Mortgage Interest on a Second Home?
Under the One Big Beautiful Bill Act of 2025, the mortgage interest deduction limits established by the Tax Cuts and Jobs Act were made permanent. For loans taken out after December 15, 2017, taxpayers may deduct interest on up to $750,000 of combined mortgage debt across primary and secondary residences. Mortgages originated prior to that date… read more…
- Do You Have to Pay Taxes on Tips? Trump Tax Changes
Traditionally, all tip income was taxable, and workers had to report any cash tips exceeding $20 per month to their employer. But in 2025, the One Big Beautiful Bill introduced temporary exemptions: individuals can deduct up to $25,000 in tips from their income if they meet all the qualifications (though tips will still be subject… read more…
- SALT Write-Offs: Trump Tax Changes and Requirements
The state and local tax (SALT) deduction lets taxpayers write off certain state and local taxes from their federal taxable income. Under the One Big Beautiful Bill Act, signed into law by President Trump on July 4, 2025, the annual SALT write-off cap was raised from $10,000 to $40,000 for tax years 2025 through 2029.… read more…
- Can You Deduct Charitable Donations Without Itemizing Taxes?
For many taxpayers, the standard deduction makes it unnecessary to itemize. However, this also limits which deductions you can claim, including donations to charity. Recent tax changes have affected claiming and qualifying for charitable deductions if you don’t itemize your return. Knowing the current rules can help you plan your donations and potentially reduce your… read more…
- HSA vs. FSA vs. HRA: Tax Benefits and Requirements
Health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) offer tax benefits. But each has its own rules about who can contribute, how funds are used, who owns the account and whether unused money can carry over to the next year. Some accounts are only offered through employers, while others can… read more…
- Trump Tax Plan Auto Deduction
Under the One Big Beautiful Bill Act interest paid on certain car loans would become tax-deductible. If you purchased a personal-use vehicle after December 31, 2024, and financed it with a qualified loan, you may be able to deduct up to $10,000 in interest per year through 2028, even if you don’t itemize. However, income… read more…
- Do You Have to Pay Taxes on Rebates? Rules and Examples
When you score that great mail-in offer or discount, you might wonder: Do you have to pay taxes on rebates? The answer isn’t always straightforward. Generally, the IRS doesn’t consider most consumer rebates as taxable income. When a manufacturer’s rebate reduces the purchase price, that’s typically not a taxable event. Think of it as simply… read more…
- What Disqualifies You From the Earned Income Credit?
The earned income tax credit (EITC) offers support to low- and moderate-income workers, but certain conditions can make you ineligible. You may be disqualified if your income is too high, if you have significant investment income, or if you are married but filing separately. You also cannot claim the credit without valid Social Security numbers… read more…
- Schedule E Tax Form: When and How to File
If you earn income from rental properties, royalties, partnerships, S corporations, estates or trusts, you’ll likely need to submit Schedule E with your tax return. This supplemental federal income tax form, officially titled “Supplemental Income and Loss,” is where you report income beyond your regular wages or salary. Because of its complexity and potential impact… read more…
- Guide to Canada-U.S. Cross-Border Tax Planning
Cross-border tax planning between Canada and the U.S. will require you to manage income, assets and residency to avoid double taxation and meet rules in both countries. Key differences in retirement accounts, capital gains and estate taxes can create issues without careful planning. Tax treaties help, but dual filers and investors still face complex reporting.… read more…
- Guide to U.K-U.S. Cross-Border Tax Planning
U.K.-U.S. tax planning involves understanding how income, residency and asset ownership are taxed under both British and American law. Dual residents, expatriates and cross-border investors often face parallel filing obligations, with each country maintaining its own system for taxing worldwide income. While a bilateral tax treaty exists to help reduce the chance of double taxation,… read more…
- How to Calculate Your Taxable Income: Step-by-Step Guide
Knowing your taxable income helps you make smarter choices about deductions, retirement contributions and how much tax to withhold. It can also prevent surprises at tax time. If your finances are more complex—like having multiple income sources or major life changes—a financial advisor can help you lower your taxes while following IRS rules. How to… read more…
- Cross-Border Tax Planning: A Comprehensive Guide
Cross-border tax planning involves structuring your finances to account for tax laws in more than one country. Whether you are an expatriate, a business owner with international operations or an investor earning income abroad, differing tax rules can shape how income, gains and assets are taxed. Factors such as tax treaties, residency rules and reporting… read more…
- Who’s Entitled to the Tax Refund of a Deceased Person?
If the deceased was due to receive a tax refund, determining who is entitled to the money is a key issue for the surviving spouse, family members and estate representatives. In most cases, the IRS allows those legally responsible for the estate to claim the refund. The process depends on several factors, including the deceased’s… read more…
- De Minimis: 2026 Trump Changes and Effects on Consumer Costs
The term de minimis refers to a U.S. customs rule that exempts low-value imports, typically under $800, from tariffs. In 2025, the Trump administration eliminated this exemption for goods from China and Hong Kong. Shipments of up to $800 in goods from these regions now face a 54% tariff or a $100 flat fee. This… read more…
- Trump’s Tax Plan for Capital Gains Taxes
The 2025 tax legislation signed into law by President Trump, commonly referred to as the One Big Beautiful Bill Act, preserves the existing capital gains tax framework. Long-term capital gains rates remain set at 0%, 15% and 20%, with no changes to the underlying brackets. While the law leaves capital gains taxation intact, it introduces… read more…
- What Is Trump’s Plan for Taxes on Overtime?
President Trump officially signed the landmark One Big Beautiful Bill Act into law on July 4, 2025, marking a significant shift in tax policy. Among its provisions are temporary federal deductions for qualified overtime and cash tips (through 2028), with caps of $12,500 ($25,000 joint filers) for overtime and $25,000 for tips, both phasing out at… read more…
- Trump Tax Plan: Homeschool Tax Credit
Signed into law by President Trump on July 4, 2025, the One Big Beautiful Bill Act introduced broad changes to federal education tax policy, including provisions that may benefit homeschooling families. While the legislation does not create a direct federal tax credit specifically for homeschooling, it expands several financial mechanisms that families can use to… read more…
- Trump Tax Plan: Stay-at-Home Mom Tax Credit
President Trump signed the One Big Beautiful Bill Act on July 4, 2025, extending many provisions of the expiring Tax Cuts and Jobs Act while adding new measures. The legislation does not create a specific Trump stay-at-home mom tax credit, but it expands deductions and family-related tax benefits in ways that can affect households with… read more…
- Trump Tax Plan: Will Social Security Taxes Get Cut?
President Donald Trump campaigned in 2024 on eliminating federal income taxes on Social Security benefits, but the One Big Beautiful Bill Act (OBBBA) ultimately did not include that proposal. Senate budget reconciliation rules, which bar changes to Social Security programs, prevented its inclusion. Instead, the law establishes a temporary $6,000 tax deduction for seniors ages… read more…
- How to File a Tax Extension in California: Eligibility Rules
California grants an automatic tax filing extension until October 15 for individual taxpayers, with no need to submit a formal extension request. However, this extension only applies to filing, not to payment. Taxpayers remain responsible for paying any owed taxes by the April deadline to avoid added penalties and interest. A financial advisor with tax… read more…
- Is There a Penalty for Filing a Tax Extension?
Filing an extension gives you an additional six months to submit your tax return, but not to pay your taxes. There is no penalty for filing for the extension itself. However, if you owe money and don’t pay it by the original due date you may face fees and penalties. If you anticipate a balance… read more…
- Is Your Homeowners Insurance Tax-Deductible?
Homeowners insurance is usually not tax-deductible for personal residences, but you may be able to deduct part of the cost if you use your home for business or rent out a portion. Most personal expenses related to homeownership don’t qualify, so it’s important to understand the exceptions. A financial advisor can help you understand IRS… read more…
- Is It Possible for Tariffs to Replace Income Taxes?
Many questions intrigue economists and policymakers. Right now, one question is being debated more than most: Can tariffs replace income tax? This concept refers back to early American fiscal policy. Before the institution of the income tax, tariffs were the federal government’s primary revenue source. Could this be feasible again? The idea suggests that large… read more…
- Whose Tax Plan Are We Under in 2026?
In 2025, the United States operated under the tax framework established by the 2017 Tax Cuts and Jobs Act (TCJA) during President Donald Trump’s first administration. In July 2025, Trump signed the “One Big Beautiful Bill,” making the TCJA provisions permanent and introducing additional tax changes. A financial advisor can help you respond to changing… read more…