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Health Savings Account Changes – Did You Know?The One Big Beautiful Bill Act (OBBBA) made several changes to the eligibi...
01/05/2026

Health Savings Account Changes – Did You Know?

The One Big Beautiful Bill Act (OBBBA) made several changes to the eligibility rules for health savings accounts (HSAs). With an HSA, you can set aside money on a pre-tax basis to cover future healthcare costs, and later withdraw funds from the account tax-free to pay qualifying expenses. The new rules allow more people to create and contribute to HSAs.

In general, you must have health insurance classified as a high-deductible health plan (HDHP) in order to contribute to an HSA. However, beginning January 1, 2026, health insurance plans classified as bronze or catastrophic will generally be considered HSA-compatible. Therefore, people who participate in these plans may still be eligible to contribute to an HSA. This new rule applies both to plans purchased through the official Health Insurance Marketplace (also called the Exchanges) and those purchased elsewhere.

Similarly, as long as they meet other eligibility rules, people who enroll in direct primary care (DPC) arrangements may qualify to contribute to HSAs, and use HSA funds to pay DPC fees. In addition, the OBBBA extended rules enacted during the pandemic that allow HDHPs to cover telehealth and video doctor visits before a person has met their plan deductible. A tax professional can help you determine whether you qualify to contribute to an HSA, and if so, help you plan contributions and withdrawals to maximize tax benefits.

IRS Issues Additional Guidance for "No Tax on Tips" Deduction – Did You Know?The One Big Beautiful Bill Act (OBBBA) spec...
12/29/2025

IRS Issues Additional Guidance for "No Tax on Tips" Deduction – Did You Know?

The One Big Beautiful Bill Act (OBBBA) specifies that only tips separately reported on a year-end tax document like a W-2 or 1099 form qualify for the new "no tax on tips" deduction. However, the current versions of those forms do not necessarily allow for reporting that complies with the OBBBA requirement. Therefore, the IRS will allow eligible tipped employees and self-employed people to use alternative methods to figure the deduction for 2025.

Under these special, temporary rules, qualifying tip recipients may be able to use any of the following as the basis for their deduction:
- Tips shown in box 7 of Form W-2 (Social Security tips)
- Tips properly reported to an employer, even if the tips do not separately appear on a W-2 form
- Tips recorded separately in detailed records of self-employment income, even if the tips are not specifically reported on a Form 1099

If you are eligible to claim the "no tax on tips" deduction, the maximum annual deduction is $25,000, subject to income limits, with a phase-out range beginning at a modified adjusted gross income (MAGI) of $150,000 for individuals, or $300,000 for joint filers. A tax professional can help you determine whether you may deduct tip income on your tax return, and if so, help you properly compute your deduction amount.

'Tis the Season to Prepare for Tax Time – Start Assembling Important Documents NowWith a New Year fast approaching, tax ...
12/22/2025

'Tis the Season to Prepare for Tax Time – Start Assembling Important Documents Now

With a New Year fast approaching, tax filing season cannot be far behind. Taking a few simple steps to prepare over the next several weeks can significantly reduce stress when you complete your return. First, make sure you have important records readily at hand, like last year's return and receipts for deductible expenses or donations. Second, keep your eyes out for year-end income statements in January and early February. These documents may include:

- W-2 forms from employers
- Forms 1099-NEC and/or 1099-MISC showing your income from sources like rents, self-employment activities (such as gig work) and royalties
- Forms 1099-INT and 1099-DIV showing interest, dividends and other investment income

Other important forms you might receive include Forms 1095-A (Health Insurance Marketplace Statement) and 1098-T (Tuition Statement). Also remember that you must answer questions about your involvement with digital assets like crypto on your tax return, and report any resulting income. Make sure you have complete records of all your 2025 digital asset transactions, so you can meet these reporting requirements.

Holiday Season Gift Card Scams – Did You Know?Gift cards, both physical and digital, often make perfect holiday presents...
12/15/2025

Holiday Season Gift Card Scams – Did You Know?

Gift cards, both physical and digital, often make perfect holiday presents. Unfortunately, they are also very popular targets for scammers. The IRS recently issued a reminder to all Americans to stay vigilant about gift card fraud throughout this holiday season. Many scammers impersonate the IRS or other government agencies, and threaten people with arrest if they do not immediately obtain gift cards to pay fictitious tax penalties or fines.

Remember, the IRS will never call to demand a specific form of immediate payment such as gift cards, prepaid debit cards or wire transfers. The IRS also does not threaten to dispatch local police or immigration enforcement agencies to arrest someone who does not pay. In many cases, the IRS first sends a bill through the mail, with a letter acknowledging the person's right to appeal the judgment.

If you receive any request from someone you do not know to send gift cards or share the identifying numbers from those cards, do not respond. Hang up or delete the text, voicemail, email or social media message, and do not call back or click on any links.

Giving Tuesday and Charitable Donations - Did You Know?Giving Tuesday is an annual event that highlights charitable givi...
12/02/2025

Giving Tuesday and Charitable Donations - Did You Know?

Giving Tuesday is an annual event that highlights charitable giving after Thanksgiving.

If you are considering charitable donations, you may be able to donate to a Donor-Advised Fund (DAF) every two or three years instead of every year. This may qualify you to receive tax benefits now, allow the amount to grow tax-free, and the decision on which qualified charity to fund can be made later.

If you are 70.5 years or older, you may also be able to make a qualified charitable distribution (QCD) directly from your IRA this year which can allow the donation to be excluded from your taxable income. A tax advisor can help you structure your charitable giving.

The IRS has released a tool to make it easier to get information about qualified charitable organizations. The Exempt Organizations Select Check tool can be found at: https://www.irs.gov/charities-non-profits/tax-exempt-organization-search.

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