Individual, Family & Fiduciary Tax
One Big Beautiful Bill Adds $6,000 Deduction for Social Security Beneficiaries
Starting in 2025, adults age 65 and older can claim an additional deduction of $6,000 on their federal income tax return under the One Big Beautiful Bill (OBBB) Act. Married couples where both spouses qualify may claim up to $12,000. This provision is available through 2028. The deduction begins to phase out for individuals with […]
Year-End Tax Webinars: Optimize Your 2025-2026 Tax Strategy
AAFCPAs’ highly anticipated annual Tax Webinar Series is back! As always, we’re committed to bringing you the latest tax considerations and guidance including implications of the One Big Beautiful Bill Act, signed into law earlier this year, keeping you ahead of what matters most for your business and personal financial operations. Join us for three […]
Why Complex Trusts Matter for High-Net-Worth Investors Under OBBB
A provision in the One Big Beautiful Bill (OBBB) Act has renewed interest in a once-overlooked planning strategy: the use of a complex trust as a standalone tax-paying entity. While the concept is not new, recent updates including expanded deductions for real estate taxes make the structure more practical and more compelling, particularly for high […]
OBBB State & Local Tax Deduction Increase May Enhance Itemized Benefits
The One Big Beautiful Bill Act, signed into law July 4, 2025, raises the state and local tax (SALT) deduction cap from $10,000 to $40,000 for households with modified adjusted gross income (MAGI) under $500,000. For many, this brings a renewed incentive to itemize, putting mortgage interest, charitable contributions, and property taxes back into play. […]
Why More Business Owners Are Turning to ESOPs for Succession
More business owners are turning to employee stock ownership plans (ESOPs) to ensure continuity, reward long-serving team members, and transition out with intention. Unlike sales to outside buyers, ESOPs keep ownership within the company, preserving institutional knowledge and culture. Beyond continuity, ESOPs provide a pathway to liquidity that aligns with both financial goals and legacy. […]
Buy-Sell Agreements, Life Insurance & Business Valuation: What Owners Must Know
Business owners are often reluctant to plan for the eventual transition of ownership, even though the need for succession is inevitable, whether it comes through retirement or unforeseen circumstances. Too often, the process is delayed because it feels premature, uncomfortable, or overwhelming. Some believe that having life insurance or a signed agreement in place is […]
Congress Passes Sweeping Tax and Spending Law with Broad Implications for Individuals and Businesses
Congress has passed a sweeping new law that permanently extends and expands key tax provisions, reshapes health and social program eligibility, and revises spending across defense, energy, and federal benefits programs. While many provisions take effect immediately, others will phase in or expire over time. AAFCPAs is analyzing the full scope of the law to […]
Estate Planning Pro Tip for Married Couples: Don’t Overlook Portability
In this article: Estate planning ensures that wealth transfers happen efficiently with minimal tax exposure. One of the most powerful tools in the estate planning toolkit for married couples is portability, which allows a surviving spouse to inherit any unused federal estate tax exemption from their deceased partner. It is a concept that can significantly […]
Wait to the last minute on your tax return? Here are some tips.
NBC Boston (April 2,2025)- Tax day is almost here. This year, all federal and state returns must be filed by the April 15 deadline. If you’re dreading doing your taxes, you’re not alone. Nearly a third of Americans admit to procrastinating and waiting until the last minute to file their paperwork. Tomas Pueyo, a tax manager […]