Year-end tax planning was already complicated before this year. But the new tax law—the One Big Beautiful Bill Act (OBBBA)— adds a few extra twists and turns. Taking that into account, following are seven common tax strategies for individual taxpayers. Charitable donations: If you itemize deductions, you can boost your charitable write-off by donating to [...]
On July 4, 2025, President Trump signed into law the massive “One Big Beautiful Bill Act” (OBBBA). We are calling it the "OB3" in our office. This new legislation, close to 900 pages long, includes sweeping changes for both individuals and businesses. Here is a brief rundown of several key tax provisions. Individual extenders: The [...]
In October 2024, the IRS announced tax relief for individuals and businesses in Alabama that were affected by Hurricane Helene that began on Sept. 23, 2024. These taxpayers had until May 1, 2025, to file various federal individual and business tax returns and make tax payments. The IRS has started to issue refunds of underpayment [...]
We created a page on our website to help you if you are looking to pay your Alabama state or federal taxes or just want to check on a refund status. You can just come to this blog post or go to the Pay My Taxes tab at the top of each page. IRS [...]
For a PDF of this Year-End Tax Planning Letter, click here. Dear JMF Clients and Friends: As this tumultuous year draws to a close and a new administration begins to take shape in our nation’s capital, both individuals and small business owners may benefit from tax strategies designed to reduce tax liability for 2024. [...]
In this week's episode of the JMF Advisors Show, JamisonMoneyFarmer PC CPAs Rachel Taylor and Kristi Moore focus on the sunsetting tax provisions of the Tax Cuts and Jobs Act (#TCJA) of 2017 which are slated to go away at the end of the 2025 tax year. We cover #business #tax topics like bonus depreciation, QBI, [...]
Time is running out on a tax planning technique that can reduce 2023 tax return liability. If a taxpayer qualifies, they can deduct their contributions to a traditional IRA, but the rules are tricky. Background: The maximum amount you can contribute to a traditional IRA for the 2023 tax year is the lesser of 100% [...]
The popularity of electric vehicles (EVs) continues to grow. According to the Energy Information Administration, it is estimated that EVs will have comprised 16.3% of all U.S. new car purchases in 2023 (up from 12.5% in 2022). Hybrid, plug-in hybrid and battery-electric vehicles reached 17.9% of all new light-duty vehicle sales in the second half [...]
NOVEMBER 2023 Dear Clients and Friends: The end of the year is often an optimal time for tax planning, but you must be careful to avoid potential pitfalls along the way. Notably, any year-end tax strategies you implement should take all the latest tax developments into account. Congress has enacted significant tax legislation in [...]
If there is one question we get more than any other it's, "How do I lower my taxes?" So, we did a #podcast on that exact topic. This week's episode focuses on maximizing tax deductions, which can potentially lower your tax bill. The topics include recent rule changes for meals and entertainment, dues, and automobile deductions. We also [...]