Qualified Charitable Distributions (QCDs) are a highly effective tool in the tax planning toolkit, particularly for retirees who must take Required Minimum Distributions (RMDs) from their Individual Retirement Accounts (IRAs). By directing a portion or all of an RMD directly to a charity, taxpayers can potentially reduce their taxable income significantly, yielding multiple tax advantages.  Understanding QCDs  A QCD […]

In a move set to redefine the refund process, the Internal Revenue Service (IRS), in collaboration with the U.S. Department of Treasury, has announced the gradual phasing out of paper tax refund checks starting September 30, 2025, as mandated by Executive Order 14247. This transition to electronic refunds marks a significant shift aimed at modernizing […]

In the complex world of tax deductions, understanding the distinctions between above-the-line deductions, below-the-line deductions, and standard and itemized deductions is crucial for effective tax planning. Each category serves a distinct purpose within the tax code, impacting how taxable income is calculated and influencing the overall tax liability of individuals.  Above-the-line deductions, also known as “adjustments to […]

When it comes to running a successful small business, every dollar counts. Yet every year, many owners miss out on valuable tax deductions — and with them, the chance to strengthen their cash flow and reinvest in growth.  In 2025, smarter tax planning isn’t optional. It’s a financial strategy that can give your business a […]

The reinstatement of bonus depreciation is a critical component of recent U.S. tax legislation aimed at fostering economic growth. The 2017 Tax Cuts and Jobs Act (TCJA) had already put significant emphasis on bonus depreciation, but its permanent reinstatement under the “One Big Beautiful Bill Act” at 100% further emphasizes its importance, especially after considering […]

The recent passage of the One Big Beautiful Bill Act (OBBBA) marks a significant shift in the tax landscape, bringing with it a range of changes aimed at easing the financial burden on American workers. Among these changes, the introduction of a new deduction for overtime pay is of particular interest. This article will explore […]

Why Critical Thinking Matters In July 2025, Dakota Greer, audit manager at KEB and Events Chair for RISE Springfield, organized a professional development panel discussion to explore different perspectives on critical thinking. The event brought together professionals from audit, tax, management consulting, and asset management. The following Q&A highlights insights from Dakota’s discussion with Bethany […]

In recent legislative developments, the Omnibus Budget Reconciliation Bill for 2025 and Beyond (also known as the One Big Beautiful Bill Act, or OBBBA) has introduced significant tax provisions, some tailored to benefit seniors, ensuring they receive enhanced support in managing their financial and tax responsibilities. Key among these changes is a new deduction available […]

The U.S. tax landscape continues to evolve with legislative updates, and one such recent change introduced in the “One Big Beautiful Bill Act” focuses on a new above-the-line tax deduction for qualified tips. This article delves into the historical and current aspects of tip taxation, highlighting the implications of this new deduction for workers in […]

The State and Local Tax (SALT) deduction allows taxpayers to deduct either their state and local income taxes or their state and local sales taxes, in addition to property taxes, on their federal income tax returns when they itemize deductions. This deduction has long been a staple in the tax code, designed primarily to mitigate […]