Tax Articles

Choosing the right business entity is essential for tax efficiency and operational success. This guide compares five common structures, sole proprietorship, S corporation, partnership, LLC, and C corporation; highlighting how each is taxed and what compliance requirements they entail. Understanding these differences helps entrepreneurs align their entity choice with financial goals and growth plans.

A living trust, also known as a revocable trust, is a legal tool that allows individuals to manage and distribute their assets during their lifetime and after death, often avoiding probate and ensuring privacy. While it requires more setup than a will, it offers flexibility, control, and continuity, especially in cases of incapacity. Including a living trust in your estate plan can provide long-term peace of mind and smoother asset management.

The One, Big Beautiful Bill (OBBB) Act significantly updates IRS reporting rules by raising the threshold for issuing Forms 1099-NEC and 1099-MISC from $600 to $2,000 starting in 2026, with future adjustments for inflation. This change will reduce paperwork and compliance burdens for businesses, especially small ones, while still requiring accurate income reporting and recordkeeping.

Recent changes to federal estate tax laws, including the permanent increase of the exemption to $15 million under the OBBB Act, mean fewer families will face estate tax liability. As a result, estate planning strategies are shifting toward minimizing income taxes for heirs, especially by considering whether to gift or retain appreciating assets.

A letter of instruction is a simple yet powerful way to bring clarity, comfort, and compassion to your estate plan. It bridges the gap between legal formality and personal intention, ensuring your voice is heard.

The One Big Beautiful Bill  introduces major tax benefits for small businesses, including the permanent return of 100% first-year bonus depreciation for eligible assets placed in service after January 19, 2025. It also significantly increases Section 179 expensing limits and introduces new incentives for production-related real estate, offering substantial opportunities for tax savings and reinvestment.

Signed into law on July 4, 2025, the Reconciliation Bill—officially titled the One Big Beautiful Bill (OBBB)—introduces sweeping changes to the U.S. tax code.

When deciding whether to give to charity now or later, it's important to weigh personal financial circumstances, tax implications, and the potential impact of your gift. Giving during your lifetime allows you to see the results of your generosity, while planned giving can ensure long-term support for causes you care about. Each approach offers unique benefits depending on your goals and legacy plans.

The One Big Beautiful Bill (OBBB) Act, signed into law on July 4, 2025, makes permanent several provisions from the Tax Cuts and Jobs Act while introducing new deductions, such as for tips and auto loan interest, and expanding the child tax credit. It also raises the standard deduction and estate tax exemption, but eliminates green energy credits and personal exemptions, reshaping tax planning for individuals.

The One, Big, Beautiful Bill Act introduces a range of impactful tax changes for businesses, including the permanent return of 100% bonus depreciation, expanded Section 179 expensing, and immediate deductions for domestic R&E expenditures. It also enhances credits for employer-provided child care and paid family leave, while phasing out several clean-energy tax incentives. Some less favorable provisions, such as the permanent disallowance of excess business losses, also take effect.