As we approach the closing chapters of the Tax Cuts and Jobs Act (TCJA), implemented during President Trump’s first term, taxpayers find themselves at a crossroads. With many of the TCJA’s provisions set to expire after 2025, the introduction of the One Big Beautiful Bill Act (OBBBA) offers timely extensions and nuanced modifications to these sunsetting policies. Acting as both a continuation and a re-envisioning of prior legislation, the OBBBA not only extends key tenets of the TCJA—such as individual tax rates and business deductions—but also introduces innovative changes that reflect the evolving economic landscape. By addressing emerging challenges while capitalizing on the TCJA’s foundational successes, the OBBBA aims to solidify a path toward a more sustainable and inclusive fiscal future, ensuring relief and opportunity across all levels of the American taxpayer spectrum.

Self-employment tax plays a crucial role in the life of every entrepreneur, freelancer, and business owner. Understanding this tax is essential for anyone who makes their living other than as an employee. In this article, we will delve into the components of self-employment tax, how it compares with payroll taxes, who is exempt, and other related issues.

In today’s world, where medical costs are soaring, understanding the intricacies of tax-deductible medical expenses is not just beneficial—it’s necessary for effective financial planning. This guide explores the ins and outs of deductible medical expenses, touching on critical aspects like the 7.5% of Adjusted Gross Income (AGI) limitation, and provides a detailed look at the various expenditures that qualify as eligible medical expenses.

The Partners of Updegrove, McDaniel, McMullen and Chiccehitto, PLC, are pleased to announce that Sarah K. Godfrey, CPA, and Mark S. Burgess, CPA, have become Partners with the Firm, effective January 1, 2025. Sarah, a dedicated member of our Warrenton office since 2012, graduated George Mason University with a Bachelor of Science in Accounting. She […]

UMMC partners and staff are very active in both their work and home communities throughout the year in a variety of service projects. Their contributions make a tangible, lasting impact on these communities and benefit many worthy organizations. Service plays a significant role in UMMC’s firm culture and these efforts are celebrated. Over the years, […]

The UMMC team welcomes Kiah Ziegler and Kristen Evick. Kiah joined UMMC in August of 2024 as a tax accountant in our Warrenton office. She is currently working on receiving her Master of Accounting at William & Mary before progressing toward becoming a CPA. In her former position as FBO Operations Manager, she oversaw the […]