Kevin Brunelle, Author at Milliken, Perkins & Brunelle

More individuals with disabilities will be eligible for tax-advantaged ABLE accounts in 2026

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December 23, 2025 Kevin Brunelle ABLE account, Achieving a Better Life Experience, disability

disability ABLE account

Did you know there’s a tax-advantaged way to save for the expenses of a person with a disability that’s similar to saving for college expenses with a Section 529 plan? Achieving a Better Life Experience (ABLE) accounts can help fund qualified disability expenses for an eligible beneficiary. The SECURE 2.0 Act, signed into law in 2022, made changes that will allow more people to be eligible for ABLE accounts beginning in 2026. The One Big Beautiful Bill Act (OBBBA), signed into law July 4, 2025, has made certain enhancements to them permanent.
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Changes to charitable donation deductions are on the horizon

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December 16, 2025 Kevin Brunelle AGI, charitable deduction, charitable donation, nonitemizer, OBBBA

charitable deduction 2026

Beginning in 2026, individuals who itemize deductions and donate to charity will face a new limit on their charitable deductions. And in some cases, they’ll face two new limits. But there’s some good news for nonitemizing individuals who make charitable donations.
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Checking off RMDs on the year-end to-do list

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December 9, 2025 Kevin Brunelle 401k, IRA, MAGI, NIIT, required minimum distribution, RMD

RMD distribution

You likely have a lot of things to do between now and the end of the year, such as holiday shopping, donating to your favorite charities and planning get-togethers with family and friends. For older taxpayers with one or more tax-advantaged retirement accounts, as well as younger taxpayers who’ve inherited such an account, there may be one more thing that’s critical to check off the to-do list before year end: Take required minimum distributions (RMDs).
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There’s still time to save 2025 taxes

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December 2, 2025 Kevin Brunelle 401k, charitable deduction, IRA, SEP, simple IRA

2025-income-tax-savings

Just because it’s December doesn’t mean it’s too late to reduce your 2025 tax liability. Consider implementing one or more of these year-end tax-saving ideas by December 31.
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Have you used up your 2025 FSA funds?

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November 25, 2025 Kevin Brunelle dependent care FSA, flexible spending account, FSA

FSA and Dependent FSA

If you have a flexible spending account (FSA) through your employer to help pay for health or dependent care expenses, now’s a good time to check your balance. FSAs save taxes, but they generally require you to incur expenses to use the funds by year end or forfeit them. Here’s a refresher on the rules and limits.
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Shift income to take advantage of the 0% long-term capital gains rate

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November 12, 2025 Kevin Brunelle capital gains, gift tax, kiddie tax

capital gains tax

Are you thinking about making financial gifts to loved ones? Would you also like to reduce your capital gains tax? If so, consider giving appreciated stock instead of cash. You might be able to eliminate all federal tax liability on the appreciation — or at least significantly reduce it.
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How the Social Security wage base will affect your payroll taxes in 2026

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November 5, 2025 Kevin Brunelle AGI, FICA, MAGI, Medicare, payroll tax, self employment tax, Social Security wage base

The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look.
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Is an HDHP plus an HSA a financially smart health care option for you?

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October 28, 2025 Kevin Brunelle HDHP, health insurance, health savings account, high deductible health plan, HSA

HDHP and HSA

Health care costs continue to increase. Pairing a high-deductible health plan (HDHP) with a Health Savings Account (HSA) can help. Insurance premiums will be lower because of the high deductible. And the HSA provides a tax-advantaged way to fund the deductible and other medical expenses.
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The 2025 SALT deduction cap increase might save you substantial taxes

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October 21, 2025 Kevin Brunelle AMT, MAGI, OBBBA, property tax, salt deduction, tcja

2025 SALT deduction

If you pay more than $10,000 in state and local taxes (SALT), a provision of the One Big Beautiful Bill Act (OBBBA) could significantly reduce your 2025 federal income tax liability. However, you need to be aware of income-based limits, and you may need to take steps before year end to maximize your deduction.
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Boost your tax savings by donating appreciated stock instead of cash

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October 14, 2025 Kevin Brunelle buy/sell stock, charitable gift, itemized deduction, NIIT

donate stock

Saving taxes probably isn’t your primary reason for supporting your favorite charities. But tax deductions can be a valuable added benefit. If you donate long-term appreciated stock, you potentially can save even more.
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