Beyond the Return

The new tax law regarding overtime pay, enacted as part of the "One Big Beautiful Bill" in July 2025, significantly changes how overtime is taxed for many workers. The most important thing to know is that while the law is often called "No Tax on Overtime," it is technically a federal income tax deduction for a specific portion of your overtime pay. 1. What exactly is tax-free? Only the "extra half" of your "time-and-a-half" pay is deductible. The Regular Part: If you make

If you’re planning to open a Trump Account (Form 4547) for your child under the new $1,000 pilot program , eligibility matters. Here’s a quick breakdown to help you determine whether your child qualifies. A child must meet all  of the following requirements: 👉 Born between 2025 and 2028 👉 Qualifying child  of the individual opening the Trump Account 👉 U.S. citizen 👉 Has a valid Social Security number If any of these criteria are not met, the child will not qualify for the

One of the biggest missed opportunities with HSAs is assuming they’re limited to doctor visits and prescriptions. In reality, many wellness-forward purchases   can qualify when they support treatment, prevention, or functional improvement—and when documentation is done right. Here are some commonly purchased items clients are already buying out of pocket  that may qualify for tax-free HSA use . 1. Ergonomic Furniture for Home & Office If a client works at a desk (which… most

The Internal Revenue Service  recently reminded taxpayers of something many people still find surprising: Social Security benefits can be taxable , depending on your total income. Here’s the simple breakdown 👇 When are Social Security benefits taxable? Your benefits may be subject to federal income tax if you have other income , such as: 💰 Wages or self-employment income 💰 Retirement distributions (401(k), IRA, pensions) 💰 Interest or dividends 💰 Other taxable income sou