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Tax Tips for February 2026

Tax Tips for February 2026

by | Feb 26, 2026 |

Click on the links below to jump to each section in this article: 2026 Tax Law Changes for Businesses Which Parent Gets the Tax Breaks After Divorce? If You're Closing Your Business, Don't Forget These Tax Steps   2026 Tax Law Changes for Businesses Here’s a sampling of some significant tax law changes going into effect this year: Increase of the Section 179 expensing limit to $2.56 million and the phaseout threshold to $4.09 million (up from $2.5 million and $4 million, respectively, for 2025). Expansion of the income ranges over which the Section 199A qualified business income deduction limitations phase in, generally to $201,750 — $276,750 (up from $197,300 — $247,300 for 2025), double those amounts for married couples filing jointly. Reduction of the threshold for the excess...

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Estate Planning for 2026 and Beyond

Estate Planning for 2026 and Beyond

by | Feb 10, 2026 |

Until recently, much tax uncertainty surrounded estate planning. The Tax Cuts and Jobs Act doubled the federal gift and estate tax exemption to an inflation-adjusted $10 million, but only for 2018 through 2025. Fortunately for those with larger estates, in 2025, legislation was signed into law that increases the exemption to $15 million for 2026, with annual inflation adjustments going forward — and no expiration date. This provides more estate planning certainty, but not complete certainty. Lawmakers could still reduce the exemption in the future.

If your estate is large, transferring assets to loved ones or trusts sooner rather than later may be beneficial. It can lock in tax savings should the exemption be reduced in the future.

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Unlock Bigger Deductions on Rental Real Estate

Unlock Bigger Deductions on Rental Real Estate

by | Feb 2, 2026 |

Many rental property owners are surprised to learn that federal tax law often restricts their ability to deduct losses, treating most rental activities as passive unless specific requirements are met. But if you can qualify for the real estate professional exception, you may be able to turn otherwise suspended losses into immediate tax savings.

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Can You Claim a Tax Deduction for Tips or Overtime Income?

Can You Claim a Tax Deduction for Tips or Overtime Income?

by | Jan 13, 2026 |

If you received tips or overtime pay in 2025, you may be eligible for a new deduction when you file your income tax return. Both deductions can be claimed whether or not you itemize deductions. But various rules and limits apply. Also be aware that such income may still be fully taxable for state and local income tax purposes. And federal payroll taxes still apply to tips and overtime income you deduct for federal income tax purposes.

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Tax Tips for February 2026

Tax Tips for January 2026

by | Jan 5, 2026 |

Click on the links below to jump to each section in this article: 2026 Tax Law Changes for Individuals Heavy Tax Breaks for Heavy Business Vehicles More Taxpayers May Qualify for the Casualty Loss Deduction   2026 Tax Law Changes for Individuals Here’s a sampling of some significant tax law changes going into effect this year: New charitable contribution deduction for nonitemizers for cash contributions up to $1,000 ($2,000 for married couples filing jointly) New 0.5% of adjusted gross income floor on charitable deduction for itemizers New 35% benefit limit on itemized deductions for taxpayers in the 37% tax bracket Reduced income thresholds at which the alternative minimum tax exemption begins to phase out (and a phaseout rate that’s twice as fast as 2025’s) New tax-advantaged...

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Tax Tips for December 2025

Tax Tips for December 2025

by | Dec 22, 2025 |

Click on the links below to jump to each section in this article: Simplify Expense Reporting With High-Low Travel Per Diem Rates Last-Minute Tax Strategy: Accelerating Deductions What Are the Tax Consequences of Employee Gifts?   Simplify Expense Reporting With High-Low Travel Per Diem Rates The “high-low” per diem method is a simplified way to reimburse employees who travel for your business compared to tracking actual lodging, meal and incidental expenses. For most areas within the continental United States, the per diem rate for October 1, 2025, through September 30, 2026, is $225. For “high-cost” locations within the continental United States, the per diem rate is $319. However, certain locations are considered high-cost areas only on a seasonal basis. Businesses that use per...

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