By Robert J. Laino, Staff Accountant Enhanced Deduction for Seniors The OBBB introduces a new, temporary $6,000 deduction specifically for seniors age 65 and older (whether collecting Social Security benefits or not), effective for tax years 2025 through 2028. The senior deduction will phase out when the taxpayer’s modified adjusted gross income exceeds $75,000 for […]
While many of us were busy firing up the grill, gathering with family and friends, and looking forward to fireworks in celebration of Independence Day, something significant was happening in Washington. On Friday, July 4th, as the holiday festivities were underway, the President signed into law the long-anticipated tax legislation known as the One Big […]
The IRS announced on August 9, 2024, that tax relief is available for individuals and businesses in specific counties in North Carolina, South Carolina, Georgia and Florida affected by Hurricane Debby. The IRS updates eligible disaster relief locations on its “Tax relief in disaster situations” web page. Full information about this IRS relief may be […]