If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose a Simplified Employee Pension (SEP), you’ll be able make deductible 2025 contributions to it, saving you taxes. Not only is the SEP deadline favorable, but
Joan Ellenbogen
Feb 4, 2026
There’s still time to set up a SEP and reduce your 2025 taxes
- By Joan Ellenbogen
- Business
- 0 Comments
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Jan 28, 2026
Tax filing update for pass-through entities
- By Joan Ellenbogen
- Business, Taxes
- 0 Comments
Do you operate a business as a partnership, a limited liability company (LLC) treated as a partnership for tax purposes or an S corporation? In tax lingo, these are called “pass-through” entities because their taxable income items, tax deductions and tax credits are passed through to their owners and taken into account on the owners’ federal
Dec 31, 2025
A new year means new tax figures for individuals
- By Joan Ellenbogen
- Taxes
- 0 Comments
Many tax figures are annually adjusted for inflation and typically increase each year (or at least every few years). For 2026, some additional changes are going into effect under the One Big Beautiful Bill Act, signed into law July 4, 2025. Here’s an overview of some important limits and other tax figures for 2026. Keep
Dec 16, 2025
Caution is required when addressing a gun collection in your estate plan
- By Joan Ellenbogen
- Estate
- 0 Comments
For many, the primary reason for creating an estate plan is to ensure their assets are passed on to family members according to their wishes. But when it comes to estate planning, not all assets are created equal. One asset type that can be tricky to transfer to beneficiaries is firearms. According to a Pew
Dec 10, 2025
Checking off RMDs on the year-end to-do list
- By Joan Ellenbogen
- Taxes
- 0 Comments
You likely have a lot of things to do between now and the end of the year, such as holiday shopping, donating to your favorite charities and planning get-togethers with family and friends. For older taxpayers with one or more tax-advantaged retirement accounts, as well as younger taxpayers who’ve inherited such an account, there may
Dec 4, 2025
New itemized deduction limitation will affect high-income individuals next year
- By Joan Ellenbogen
- Deductions, Taxes
- 0 Comments
Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The new limitation up close Before the Tax Cuts and Jobs Act (TCJA), certain itemized deductions of
Nov 12, 2025
Year-end tax planning for accrual-basis taxpayers
- By Joan Ellenbogen
- Business
- 0 Comments
Projecting your business’s income for this year and next can allow you to time income and deductible expenses to your tax advantage. It’s generally better to defer tax — unless you expect to be in a higher tax bracket next year. Timing income and expenses can be easier for cash-basis taxpayers. But accrual-basis taxpayers have
Nov 6, 2025
Is an HDHP plus an HSA a financially smart health care option for you?
- By Joan Ellenbogen
- Health Insurance, Taxes
- 0 Comments
Health care costs continue to increase. Pairing a high-deductible health plan (HDHP) with a Health Savings Account (HSA) can help. Insurance premiums will be lower because of the high deductible. And the HSA provides a tax-advantaged way to fund the deductible and other medical expenses. 5 HSA tax benefits HSAs offer both current and future
Oct 30, 2025
Tax Court case provides lessons on best recordkeeping practices for businesses
- By Joan Ellenbogen
- Business
- 0 Comments
Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this
Oct 28, 2025
5 potential tax breaks to know before moving a parent into a nursing home
- By Joan Ellenbogen
- Taxes
- 0 Comments
Approximately 1.3 million Americans live in nursing homes, according to the National Center for Health Statistics. If you have a parent moving into one, taxes are probably not on your mind. But there may be tax implications. Here are five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing