Important Tax Deadlines
2025 individual quarterly estimated Federal tax payments are due June 16, 2025, September 15, 2025, and January 15, 2026 for the remainder of the tax year. The extended business tax deadline is September 15, 2025 and the extended individual tax deadline is October 15, 2025. In order to meet these deadlines, UMMC must receive all […]
How the ‘One Big Beautiful Bill Act’ (OBBBA) Applies to You
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-Employed? Tips Individuals Should Know About Self-Employment Tax
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.
The Ultimate Guide to Itemized Medical Deductions
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.
Maximize Your Tax Savings By Keeping Home Improvement Records Before Selling Your Home
Many taxpayers don’t feel the need to keep home improvement records, thinking the potential gain when they sell their home will never exceed the amount of the tax code’s exclusion for home gains explained as follows.
The Fairness Act and Lump-Sum Social Security Payouts
This January, the Social Security Fairness Act (SSFA) was signed into law, repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These repealed provisions had previously reduced Social Security benefits for some public-sector…
Starting a new business venture? Let’s find the best entity for you!
Choosing the right business entity is a critical decision for entrepreneurs and business owners. The type of entity you select can have significant implications for liability, taxation, and the overall management of your business. In this article, we will explore the…
Making the Most of Your Small Business Tax Deductions
We’ve seen firsthand how optimizing your tax deductions can create real, measurable benefits for your business. With inflation driving up expenses and economic uncertainty still lingering, small business owners need every strategic advantage they can get. That…
Retiring Soon? Don’t Make These Common Mistakes!
You did it, you worked hard, saved consistently, and now you’re either enjoying retirement—or it’s just around the corner. You’ve been told for years to put money into retirement accounts, defer taxes, and wait for the golden years. But wait… no one told you?…