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.
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?
The OBBBA Increases the Tax Benefits of Employing Your Child
If you own a business and have children, the One Big Beautiful Bill Act (OBBBA) just made the popular “hire your child” tax strategy even more attractive starting in 2025.
OBBBA Adds a Possible Senior Tax Deduction (Ages 65 and Older)
If you will be age 65 or older on December 31, 2025, you have a new opportunity for tax savings.
Tax-Deductible Cruise Ship Travel
Here’s an example that may be relevant to your tax planning strategy—particularly when it comes to travel for business purposes that may also offer a more comfortable or enjoyable experience.
Greed or Goodwill: Your Motive Makes a Scam Loss Deductible
Losses due to scams that rely on the victim’s greed are deductible. Losses from scams that count on the victim’s love or desire to help others are not deductible.
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