The IRS masks sensitive information on both individual and business tax transcripts as part of its ongoing efforts to reduce identity theft and protect taxpayer data.
Tax Planning Includes Keeping Good Records — Seven Helpful Tips
It’s January, and tax season is right around the corner. For many people, that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing you’d kept on top of it during the year so you could avoid this scenario yet again. With this in mind, here are seven suggestions to help taxpayers like you keep good records throughout the year:
Can You Claim a Tax Deduction for Tips or Overtime Income?
If you received tips or overtime pay in 2025, you may be eligible for a new deduction when you file your income tax return. Both deductions can be claimed whether or not you itemize deductions. But various rules and limits …
2026 Tax Law Changes for Individuals
Here’s a sampling of some significant tax law changes going into effect this year: Contact our office to discuss how these or other changes might affect you.
Businesses: Act Soon to Take Advantage of Clean Energy Tax Incentives
While legislation signed into law in 2025 extends or enhances many tax breaks for businesses, it ends some clean energy tax incentives. Fortunately, your business may still benefit from certain clean energy breaks if it acts in the first half …
Heavy Tax Breaks for Heavy Business Vehicles
Did you buy a “heavy” business vehicle in 2025? An SUV, pickup or van with a manufacturer’s gross vehicle weight rating (GVWR) over 6,000 pounds that’s used over 50% in your business is treated as transportation equipment for tax purposes. …
Make Smart Choices With a Sudden Windfall
An unexpected influx of money (such as from an inheritance, bonus, legal settlement, or lottery win) can feel exciting and full of possibility, but without a clear plan, that financial good fortune might not last as long as you’d hoped. …
More Taxpayers May Qualify for the Casualty Loss Deduction
Starting in 2026, personal casualty loss deductions will no longer be limited to federally declared disasters. Certain state-declared disasters will also be eligible. For a disaster to qualify, the governor (or D.C. mayor) and the U.S. Treasury Secretary must agree …
Information Reporting Changes for the 2026 Tax Year
If your business has employees or uses independent contractors, you have associated annual information reporting obligations. The One Big Beautiful Bill Act (OBBBA) makes changes impacting these rules, but not for the 2025 tax year. Tips and Overtime Income For …