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Introducing the New York State Secure Choice Savings ProgramThe New York State Secure Choice Savings Program is now open for registration. New York Secure Choice is New York State’s retirement savings program for private-sector employees who do not have access to a retirement plan at work.
Research and Development for BusinessesPreviously, the R&D credit allowed businesses to write off qualifying R&D expenditures, but those costs had to be amortized over five years.
Cash Out or Keep Assets?Retirement is a time to kick back and enjoy life. Years of hard work have likely left you with a diverse array of assets, including appreciated stocks, real estate, and luxury items such as RVs and sports cars.
Avoid the Tax Pitfalls of Adding Extra IncomeA second job or side hustle can change how you're taxed in ways many people don't expect. Here are several rules to understand that will help you avoid the tax pitfalls of adding extra income.
Common Tax QuestionsHere are several common tax questions and their answers. But like most things, there can be exceptions, so if in doubt always ask for help.
Predicting Your Food Bill in an Unpredictable EnvironmentPredicting your food bill for the upcoming month doesn't need to involve guessing. Here are a few simple strategies can help you make surprisingly accurate food budget forecasts.
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JULY 2026 Q & AQ: What is Section 179 Expensing? A: Section 179 allows you to take an immediate expense deduction for purchases of depreciable business equipment rather than capitalizing and depreciating the asset over time. OBBBA expanded expensing to allow $2,560,000 in immediate deductions, with a phaseout threshold beginning at $4,090,000 for property placed in service in 2026. These thresholds will be indexed for inflation starting after 2026. Section 179 applies to many of the same assets as bonus depreciation, but it also includes property that bonus depreciation doesn't cover, such as HVAC, fire protection, and alarm systems, off-the-shelf software, and furniture used in lodging facilities.
AARP 2026 Travel Trends Report86% of adults age 50+ rank travel as one of the top three priorities for discretionary income, according to the AARP 2026 Travel Trends Report. Mortgage Interest DeductionMarried taxpayers filing jointly may deduct interest on a mortgage of up to $750,000 in principal. The deduction is limited to half for married filing separate taxpayers. Interest on home equity loans, home equity lines of credit (HELOCs), and second mortgages may be deducted only when used to buy, build, or substantially improve the taxpayer's primary or secondary qualified residence that secures the loan, subject to limits. In 2026, OBBBA may allow you to deduct qualified mortgage insurance premiums for home acquisition debt (for policies issued after 2006). This deduction is treated as part of your qualified residence interest deduction and phases out between $100,000 and $110,000 AGI or $50,000 to $55,000 married filing separately. Talk with your tax professional to see if this deduction applies to your situation.
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