Taxation Insights

The OBBBA contains more than 110 tax provisions. Most are effective beginning in 2026. However, a number of important provisions are effective in 2025.

Tax Tip: Using a donor-advised fund (DAF) is worth considering if charitable giving is high on your estate planning objectives. What’s the main attraction? Among other things, a DAF can give you greater control over your charitable endeavors than direct donations.

“Nonprobate assets” bypass more traditional estate planning vehicles, such as a will or revocable trust. Instead, they’re transferred to family members through beneficiary designations.

To handle their finances and file taxes, most small business owners must decide between two accounting methods: cash or accrual. This decision determines how and when income and expenses are reported, which can have a major effect on tax obligations and cash flow.

Tax Tip: Make sure you chose the correct ownership structure when buying a vacation home.

Tax Tip: Without proper planning, there’s a risk that the government will confiscate your guns or that the executor of your estate, your trustees or your beneficiaries will inadvertently commit a felony. Plan ahead by considering creating a gun trust and appoint a trustee who has experience on gun laws and safety.

Business owners either established or just starting up, should maintain accurate records for income and expenses. Carefully documenting expenses is essential to claiming all eligible tax deductions. Having good standing records can help defend amounts reported on tax returns in case of an IRS audit or court challenge.

The value of an effective mentorship can make a difference in personal and professional growth of employees. Overall effecting the performance of individuals involved, increasing productivity, and fostering self-development through encouragement in the expansion of professional expertise.