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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)

The deduction for state and local taxes (referred to as the SALT deduction) was a big part of the One Big Beautiful Bill Act (OBBBA).  The Tax Cuts and Jobs Act (TCJA), passed in 2017, imposed a cap of $10,000… Read More »State and Local Tax (SALT) Limit Increases

Could you use a quick infusion of tax-free cash? Your life insurance policy may provide one. Here’s the really good thing: you don’t actually have to die to collect! To access money from your life insurance policy without dying, you… Read More »Life Insurance – collecting before you check out!

Scams are incredibly common. I have written about them in many newsletters. According to recent data from the Federal Trade Commission, consumers reported losing more than $12.5 billion to fraud in 2024. They reported losing more money to investment scams—$5.7… Read More »Deducting theft (fraud) loses

If you have inherited (or may someday inherit) an individual retirement account (IRA), the 2025 changes may significantly impact your tax planning. RMD requirements. Starting in 2025, annual required minimum distributions (RMDs) are mandatory for most inherited IRAs. Failure to… Read More »Inherited IRAs – New 2025 RMD Rules