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    Dear Clients: Maybe the least popular change brought about by the Tax Cuts and Jobs Act (TCJA) was a first-ever cap on the federal personal income tax deduction for state and local taxes. From 2018 through 2025, the TCJA caps itemized deductions for state income taxes (or general sales taxes if elected instead of income…

  • 2022 YEAR END TAX LETTER

    To our Clients and Friends: We’re approaching the end of the year, which means it’s time to think about things you can do to reduce your federal tax bill. The Inflation Reduction Act of 2022, which was signed into law in August this year, was a slimmed-down version of the tax changes that were originally…

  • No Tax on Social Security?

    By Stephanie Phillips On July 4, 2025, a new bill was signed into law.  Among the tax law changes, a new deduction for seniors who are 65 and older was put in place to help reduce taxable income, including taxed social security benefits.  This deduction is called the enhanced deduction for seniors.  The deduction is…

  • DELAY IN 2020 TAX REFUND

    If you haven’t gotten your 2020 tax refund, you aren’t alone. At the end of the 2021 filing season in May, the IRS had a backlog of 35 million tax returns that still needed to be manually processed, according to a report released Wednesday by the National Taxpayer Advocate, a government watchdog. The backlog includes…

  • YEAR END TAX LETTER

    To Our Clients and Friends: As we approach year-end, it’s time to think about steps you can take to help reduce your 2021 tax bill. In what appears to be the new normal, 2021 is shaping up to be a year with plenty of tax law changes. COVID-related disaster relief signed into law last December…