Stepped-Up Basis: How It Affects Inherited Assets An asset’s basis is its original purchase price, which determines how much tax will be owed when the asset is sold. When an asset is inherited, the so-called stepped-up basis resets this...
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OBBBA: Learning the Deduction Details The OBBBA law is long, but the IRS has summarized some of the most significant provisions: No tax on tips Effective for 2025 through 2028, employees and self-employed individuals may deduct qualified tips received...
How to Deduct Business Travel Expenses Ordinary and necessary travel expenses are deductible when you travel away from home on business. You are considered to be traveling away from home if: In order to be deductible, the expense must...
What Is the 28/36 Rule? The 28/36 rule is a helpful budgeting strategy. It states that you should spend no more than 28% of your gross monthly household income — your income before taxes are taken out — on...
Tax Tips for Newlyweds Marriage brings many changes, including how you interact with government agencies. Taking care of tax-related paperwork early can prevent headaches later and ensure you get the full benefits of your new filing status. Update your...
The Credit Card Choice: Miles, Points or Cash? Banks and credit unions offer a wealth of credit cards that generate rewards. These cards typically provide cash-back bonuses, points or miles when you use them. Some earn a higher amount...
The OBBBA: An Overview of Major Provisions The One Big Beautiful Bill Act became law on July 4, 2025. The new law, which is generally regarded as pro-business, contains significant tax changes for businesses and individual taxpayers alike. Here...
How Much Money Do You Need to Buy a House? When it comes to preparing for a home purchase, different sources offer varying guidance on how much you should save. Most recommend setting aside between 5% and 25% of...
De Minimis Benefits: IRS Rules and Compliance A de minimis benefit is a small, infrequent perk provided by an employer, intended to be so minor that it would be impractical or unreasonable to consider it taxable income. Rather than...
Why a Business Credit Card Might Be Right for You At a basic level, business and personal credit cards are very similar: both are forms of short-term loans that must be paid off monthly. If you miss a payment,...