Dear and clients and friends, For most, tax season for 2025 is behind us. Many were affected positively by various new rules. For example (not all-inclusive): some clients itemized deductions again on Schedule A, after not having done so since 2018. This was primarily due to the removal of the $10,000 state tax max some clients took advantage of tax-free overtime pay some clients took advantage of tax-free tips some clients took advantage of an up to $6,000 per person seni

I hope your 2026 has started off nicely ! In case you are unaware and find it useful, the new 2026 mileage rates have been announced. As a reminder, the 2025 standard rate was 70 cents per mile. Starting 1/1/2026, the new rate is 72.5 cents per mile. The rate for charitable miles stays the same at 14 cents, and the rate for medical/moving has been slightly reduced from 21 cents to 20.5 cents per mile, for some strange reason. The rate attributable to depreciation is going up

Believe it or not, 2026 is almost upon us (less than 3 weeks !). In case you care, here is a quick list of some tax items for 2026: Standard deduction for married file joint: 32,200 Standard deduction for single: 16,100 Standard deduction for heads of household: 24,150 Annual gift "tax" exclusion: 19,000 (which is unchanged from 2025) 401K payroll deferral maximum: 24,500 (if under age 50) 401K payroll deferral maximum: 32,500 (if 50 and older (35,750 age 60-63)) IRA deduc

I'd like to do a deeper dive on another popular new tax provision. Here's the background: About 6 years ago, there were several tax law changes. One of them was to limit the Schedule A (itemized deductions) state and local tax deduction to $10,000. This helped cause many taxpayers who previously used Schedule A, to since claim the standard deduction. This $10,000 cap limited the total amount of one's state and local income taxes and real estate property tax deduction. As