Category: Tax Strategy
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Are You Donating to Charity? A Fresh Look at Charitable Giving in 2025.
With all the changes in the recent tax bill, there were not many changes to charitable giving. For whatever reason, it seems that charitable giving from a financial and tax perspective has been an afterthought for much of the American financial culture over the last few years. While the government still incentivizes you to give…
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Can You Still Deduct State & Local Taxes? How the New Tax Bill Changed the Popular Deduction.
If you pay at least 5-figures in taxes, the new tax bill may have just improved your tax situation. Since 2017, one of the major topics of contention has revolved around deducting State and Local Taxes (SALT) on your federal return. Many high-income owners pay a lot of non-federal taxes, and many want a deduction…
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How Much Does the New Tax Bill Change Things for Me? Understanding the QBI Update is Essential for Business Owners.
Among the many changes in the new One Big Beautiful Bill (OBBBA), the Qualified Business Income (QBI) deduction got a permanent upgrade for small business owners. What started with the TCJA temporary provisions has now been placed permanently into action (or until a future congress changes it). While the QBI deduction did not materially change…
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Dependent Care Perks: Level Up Your Family Tax Strategy
Raising children is one of the most expensive things in life. Fortunately for us parents, as part of the recent tax bill, the OBBBA solidified the expanded Child Tax Credit amount. In 2025, you may be eligible to receive a credit for each qualifying dependent up to $2,200. That will generally lead to another question:…
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Should You Set Up an HSA for Your Business? How a Health Savings Account Works.
The Health Savings Account (HSA) is a valuable financial planning tool that helps cover medical expenses for you and your family. Short of taxes and retirement, medical expenses are one of the highest expenses that Americans have to deal with. When one can properly utilize the HSA effectively, it is possible to pay for thousands…
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The One Big Beautiful Bill Act. 7 High-Level Updates for Small Business Owners To Know.
Now that President Trump has signed another major tax bill, the rest of America gets to figure out what the bill is actually changing (or not changing). Since the Tax Cuts and Jobs Act (TCJA) of 2017, many temporary provisions were established that were set to expire at the end of 2025. On July 4th,…
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Wondering if a Trust Should Inherit Your IRA? Here’s What You Need to Consider.
As an advisor, I have a guilty pleasure of attending “financial events” where I already know most of the content that is presented. Inevitably, there are one or two interesting facts that I did not know (which makes it worth going to). Here is one I heard last month: “Married couples should name their revocable…
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Thinking of Selling Your Startup? How QSBS Lets You Keep More of Your Profit.
Taxes are a crucial piece of selling a business. As a result, the more planning done ahead of time before selling could have massive swings in the amount owed after the sale. If done correctly, Qualified Small Business Stock (QSBS) may be one of the best planning ideas to reduce taxes. While there are requirements…
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Struggling With Capital Gains Tax? Exploring Tax Deferral Through Qualified Opportunity Zones.
Capital Gains are always a double-edged sword. On one hand, selling an appreciated taxable asset has created a tax bill. On the other hand, that means your investment was successful, as in you sold it for more than you bought it. Especially in years with large tax bills, using different strategies to address your tax…
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How Can I Sell My Real Estate? How 1031 Exchanges Can Help With the Taxes.
Attempting to sell appreciated investment properties can include a significant tax decision. Many investors could have tens or hundreds of thousands of gains that could be taxable. To make matters worse, investors may have to recapture the depreciation they claimed in previous years. Highly appreciated real estate can be a struggle to move into another…
TC Falkner 