Introduction The death of a taxpayer raises complex tax considerations for heirs, executors, and fiduciaries. Federal and state laws govern the treatment of income, deductions, and estate assets for tax purposes. Proper planning and timely compliance are essential to avoid… Read More »Tax Issues at the Time of Death
Your IRS offer amount must equal or exceed your Reasonable Collection Potential (RCP) (described below). One element of the RCP is your monthly disposable income. That is essentially your monthly gross income less allowable expenses. I periodically receive questions asking… Read More »IRS OICs and State Tax Liability
The most significant recent change to California property tax law is Proposition 19, approved by voters in November 2020 and implemented in phases beginning in February and April 2021. It was this law that enabled my family to relocate from… Read More »California’s Proposition 19
If you will be age 65 or older on December 31, 2025, you have a new opportunity for tax savings. The One Big Beautiful Bill Act (OBBBA) created a new bonus tax deduction available for seniors beginning this year (2025).… Read More »New Senior Tax Deduction
If you deduct mortgage interest, the One Big Beautiful Bill Act (OBBBA) brings some important updates. First, it permanently caps the mortgage interest deduction at $750,000 of acquisition debt ($375,000 if married filing separately). That cap was established by the… Read More »OBBBA and Mortgage Interest Deduction
The passage of the OBBBA surprised taxpayers and professionals with one crucial rule change affecting gamblers. To me, it seems illogical. Beginning with the 2026 tax returns, taxpayers can only deduct 90% of their gambling losses against their gambling income. … Read More »OBBBA Limits IRS Gambling Losses
Congress passed the One Big Beautiful Bill Act (OBBBA) in July 2025, enacting sweeping changes to the Internal Revenue Code. Most of the change significantly impact 2025 tax returns filed in 2026. Some changes take effect for the tax year… Read More »How the OBBBA Changes Contribution Deductions
1. What’s New? 2. What Counts as “Qualified Overtime”? 3. Who Qualifies? Eligibility Condition Details Filing Status Available to both itemizers and standard deduction filers. Taxpayer ID Must include a valid Social Security Number; married individuals must file jointly if… Read More »Overtime Tax Relief Under the OBBBA
Beginning with the 2025 tax year and extending through 2028, eligible buyers can deduct up to $10,000 per year in auto loan interest paid on new, personal-use vehicles assembled in the U.S. This is an above-the-line deduction, meaning it can… Read More »Deducting Auto Loan Interest
In July 2025, Congress passed, and the President signed the One Big Beautiful Bill Act (OBBBA), introducing a number of significant changes to the federal tax code. As is often the case, currently, California has chosen not to conform to… Read More »California Nonconformity with the One Big Beautiful Bill Act (OBBBA)
