New Charitable Giving Rules Take Effect in 2026 As we approach the busy season, taxpayers making year-end charitable donations face significant changes under the One Big Beautiful Bill Act (OBBBA). This legislation introduces substantial modifications to how both itemizers and non-itemizers can benefit from their charitable contributions. Expanded Standard Deduction and New Above-the-Line Charitable Deduction …
What the New Senior Tax Deduction Means in 2025 Starting in the 2025 tax year, Uncle Sam is throwing seniors a rare bone. A new tax deduction for taxpayers age 65 and older could shave a meaningful chunk off taxable income, thanks to the One Big Beautiful Bill Act passed in 2025. Eligible seniors may …
Welcome to your stress-free tax preparation headquarters! With tax season just around the corner, Lotito & Lazzara is here to simplify the process and make filing your taxes a breeze. Updated 1040 Tax Preparation Checklist for 2025 The 1040 Checklist is not just a list; it’s your tax preparation ally. This comprehensive guide walks you …
Does the IRS Send Emails? Many taxpayers are surprised to learn that the IRS does not initiate contact by email, text message, or social media. This misconception often leads to confusion, especially for individuals who have set up online IRS accounts and assume electronic notices will arrive in their inbox. Scammers rely on that confusion. …
Few questions matter more in retirement planning than how much your Social Security income will end up in your pocket. For decades, seniors have had to worry about a portion of their benefits being taxed, depending on their overall income. The new law does create meaningful tax relief for many seniors age 65 and older …
Many families we work with have the same question: Does the new One Big, Beautiful Bill raise the Child Tax Credit? The answer is yes, and there are some other important updates you should know about, too. As your CPA team, we want to walk you through what’s changing, what stays the same, and how …
The IRS recently released proposed regulations that clarify which types of tips qualify under the new No Tax on Tips provision of the One Big Beautiful Bill Act. This guidance is essential for both employees and employers in industries where tips are a standard part of compensation. While the rules are not yet final, they …
The federal tax credit for electric vehicles (EVs) has been an essential incentive for taxpayers interested in lowering the cost of switching to clean energy. Recently, changes were made through the One Big Beautiful Bill that will affect when this credit ends. As a CPA firm, we want to ensure you understand the new deadline, …
Paper is Out – Digital is In Big news, tax nerds: the IRS is officially beginning the phase out of paper checks, starting with refund checks in your mailbox. Thanks to a March 2025 executive order, federal agencies are moving towards a more digital-first future. So what does this mean for you and your clients? Let’s …
With a new school year underway, many teachers and school staff are again reaching into their pockets to cover classroom supplies and other essentials. The IRS recognizes this financial commitment and provides an above-the-line deduction to help ease the burden. Here’s what you need to know about the 2025 rules for the Educator Expense Deduction. …
