Qualified Business Income (QBI) deduction: The Act makes this deduction permanent. It also sets a minimum deduction for active QBI for “applicable taxpayers” at $400; defines an applicable taxpayer as one whose aggregate QBI for all active qualified trades or businesses for the tax year is at least $1,000; and establishes inflation adjustments for the
new tax act
Sep 25, 2025
Summary of Business Provisions of the New Tax Act (the Act) (formally known as One Big Beautiful Bill or, informally, OBBB, or OB3), signed into law July 4, 2025
- By Victor Dozzi
- Business, Taxes
- 0 Comments
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Sep 24, 2025
Summary of Individual Provisions of the New Tax Act (the Act) (formally known as One Big Beautiful Bill or, informally, OBBB, or OB3), signed into law July 4, 2025
- By Joan Ellenbogen
- Taxes
- 0 Comments
Reduced Income Tax Rates: The Act makes the lower individual income tax rates and wider tax brackets introduced by the Tax Cuts and Jobs Act permanent, preventing a scheduled tax rate increase after 2025. For example, the top individual rate will remain at 37% (instead of reverting to 39.6%), and the marriage penalty relief for
Sep 3, 2025
Teachers and others can deduct eligible educator expenses this year — and more next year and beyond
- By Victor Dozzi
- Deductions, Taxes
- 0 Comments
At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But teachers are also buying school supplies for their classrooms. And in many cases, they don’t receive reimbursement. Fortunately, they may be able
Aug 12, 2025
Act soon: The OBBBA ends clean energy tax breaks
- By Victor Dozzi
- Taxes
- 0 Comments
The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back
Jul 31, 2025
What you still need to know about the alternative minimum tax after the new law
- By Joan Ellenbogen
- Taxes
- 0 Comments
The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference is that the individual AMT system taxes certain types of income that are tax-free under the regular system. It also disallows some deductions that are allowed under the regular system.
Jul 10, 2025
The One, Big, Beautiful Bill Act provides certainty for estate planning
- By Joan Ellenbogen
- Estate
- 0 Comments
Ever since the Tax Cuts and Jobs Act (TCJA) was signed into law in 2017, estate planners have had to take into account a looming date: January 1, 2026. While the TCJA effectively doubled the unified federal gift and estate tax exemption to $10 million (adjusted annually for inflation), it also required the amount to