The One, Big, Beautiful Bill Act (OBBBA) brings a wide range of tax changes, with several key updates designed to support families.
Continue reading3 Family-Friendly Tax Benefits in the New Tax Law
Seniors May Be Eligible for a New Deduction
For 2025 through 2028, individuals age 65 and older may be able to claim a new senior deduction of up to $6,000, subject to income-based phaseouts.
Continue readingSeparated or Divorced? Know Your Tax Obligations
If a couple gets separated or divorced, it affects tax obligations.
Continue readingReasons and Rules for Filing an Amended Return
Once a tax return is filed, most people breathe a little easier. But it’s not uncommon to realize too late that something was left off a return, figures were misreported or some other error was made.
Continue reading10 Small Business Tax Tips from the IRS
To help ensure small businesses take advantage of all potential tax breaks, the IRS Taxpayer Advocate Service summarizes the types of tax…
Continue readingYou May Owe the “Nanny Tax” Even Without a Nanny
Don’t let the name “nanny tax” fool you. It’s a tax that applies to the wages of a variety of types of household help you hire, such as…
Continue readingThe Tax Impact of Business Bartering
Bartering is simply the exchange of services or property, and it’s a taxable event. For example, if a computer consultant trades services…
Continue readingWhat Could Happen if You Don’t File a Required Tax Return?
Taxpayers who are required to file a federal tax return but don’t may be in for a costly surprise. If the IRS receives a document like a Form W-2 indicating taxable income, it may file a Substitute for Return (SFR) on your behalf.
Before doing so, the IRS typically will attempt to contact you and encourage voluntary filing. If you fail to file by the deadline, the IRS can move forward with an SFR. The resulting tax bill will likely be higher than necessary because it won’t include deductions or credits you qualify for.
If you receive a Notice of Deficiency with a proposed assessment, don’t delay. Respond within 90 days to avoid further action and additional penalties. Contact the office for help.
408-252-1800
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Choosing the Optimal Accounting Method for Tax Savings
The accounting method your business uses to report income for tax purposes, either cash or accrual, can significantly impact your tax bill.
Continue readingMarriage and Taxes: Key Changes After Saying ‘I Do’
It may not be as fun to plan as the wedding venue, invitations and attire, but marriage can result in changes affecting essential tax issues that need prompt attention following the wedding.
Name
If your name has changed, report it to the Social Security Administration (SSA) so that the name on your Social Security card matches the name on your tax return. To make this change, file Form SS-5, “Application for a Social Security Card,” available from www.ssa.gov.
Tax Withholding
Both spouses must furnish their employer(s) with new Forms W-4, “Employee’s Withholding Allowance Certificate.” This is because combined incomes may move taxpayers into a different bracket. Search www.irs.gov for the IRS Withholding Calculator tool to help you complete the new Form W-4.
Filing Status
Marital status is determined as of December 31 each year. Spouses can choose to file jointly or separately each year. Contact the office and ask to have your tax liability calculated both ways.
408-252-1800
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