Tax Tips & More
OBBBA: What to Know About No Tax on Tips
Congress recently passed the One Big Beautiful Bill Act, or OBBBA, which introduces a new tax deduction for tips beginning in 2025. This provision, called “No Tax on Tips,” sounds broader than it really is.
Beat the OBBBA/TCJA Rules that Punish Dog Breeding Hobbies
Are you involved in a dog breeding business or considering starting one? If so, you are in the IRS’s crosshairs. The IRS has long considered dog breeding to be an activity typically classified as a hobby, rather than a business, for tax purposes.
Selling a Term Life Insurance Policy Creates Thorny Tax Issues
Are you considering cashing out your term life insurance policy? Unfortunately, selling a term life policy to investors is nearly impossible unless you are terminally ill and unlikely to outlive the policy.
Does the IRS List You as Qualifying for the Tips Deduction?
Congress enacted the One Big Beautiful Bill Act, or OBBBA, in July. This law created a new deduction called the No Tax on Tips deduction. Do you qualify?
OBBBA: No Tax on Overtime? Not Really, But We’ll Take It!
Do you regularly earn overtime pay? If so, the One Big Beautiful Bill Act (OBBBA) may help lower your federal income tax bill.
OBBBA’s New Trump Accounts: How to Win
The One Big Beautiful Bill Act (OBBBA) introduced a brand-new savings vehicle: Trump Accounts. At first glance, they appear to be traditional IRAs, but they come with special rules for beneficiaries under the age of 18. Used wisely, they can provide a powerful head start on your child’s financial future.
Best Practices When E-Filing Returns
Avoid future problems by following these best practices for e-filing.
Common Mistakes in Tax Preparation
Avoid errors that can occur when preparing tax returns by learning these common mistakes.
What Are Your Chances of Being Audited?
These red flags could increase your chances of the IRS selecting your return for audit.
October 2025 Tax Due Dates
- October 10: Tips for September 2025 reported to employer 
- October 15: File extended 2024 tax return (Form 1040) 
- October 15: Withdraw excess IRA contributions in 2024 to avoid penalty if filing of Form 1040 was extended 
- October 15: Contribute to solo 401(k) plan or simplified employee pension (SEP) plan for 2024 by self-employed if you received a filing extension 
November 2025 Tax Due Dates
- November 10: Tips for October 2025 reported to employer 
December 2025 Tax Due Dates
- December 10: Tips for November 2025 Reported to Employer (Form 4070) 
- December 31: Contribution to employer-sponsored retirement plan for 2025 (401(k), 403(b), 457 or federal thrift savings plans) 
- December 31: Required minimum distribution (RMD) by individuals who are 73 or older at the end of 2025 

 
 
 
 
 
 
             
            