As we approach year-end, savvy business owners and high-income individuals should consider one important strategic move: accelerating charitable donations in 2025. Why? Because starting in tax year 2026, the tax benefit for many large donors will shrink under new federal legislation. Beginning with the 2026 tax year, donors who itemize will only be able to
From a tax point of view, Real Estate investments can have significant tax advantages if you meet the real estate professional requirement as you might be able to offset active or earned income from one spouse against the active or earned losses of the other spouse. For high earning couples, one can be a high
President Trump has publicly supported a Federal tax increase to 39.6% (currently, 37%) on the wealthiest Americans. The proposal is to increase the Federal tax bracket by 2.6% of individuals making more than $2.5 million (married couples more than $5 million). This change is intended to generate roughly $60 billion over 10 years, which could
Earlier this month, the IRS has announced the new targets for their examination efforts. This information is in line with the previous discussion to target wealthy individuals over the $400,000 income threshold that was mentioned by President Joe Biden in the 2022 State of the Union speech, Treasury Secretary Janet Yellen who instructed the IRS
