What the new tax law could mean for you

/ Articles by Kevin Brunelle (Page 4)

What the new tax law could mean for you

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July 20, 2025 , , , , , ,

One Big Beautiful Bill

As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire at the end of the year. That changed on July 4, when President Trump signed the One, Big, Beautiful Bill Act (OBBBA) into law. The OBBBA not only makes many TCJA provisions permanent but also introduces several new benefits — although some other tax breaks have been removed. Below is a summary of eight areas with changes that may impact you and your family.

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Understanding spousal IRAs: A smart retirement strategy for couples

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July 8, 2025 , ,

spousal IRA

Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such cases, a spousal IRA can be an effective and often overlooked tool to help build retirement savings for both partners — even if only one spouse is employed. It’s worth taking a closer look at how these accounts work and what the contribution limits are.
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Milestone moments: How age affects certain tax provisions

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July 1, 2025 , , ,

age-related taxes

They say age is just a number — but in the world of tax law, it’s much more than that. As you move through your life, the IRS treats you differently because key tax rules kick in at specific ages. Here are some important age-related tax milestones for you and loved ones to keep in mind as the years fly by.

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Is college financial aid taxable? A crash course for families

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June 24, 2025 , , ,

college financial aid tax

College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the 2024–2025 school year. The average cost for tuition and fees for out-of-state students at public colleges was $30,780. For in-state students, the cost was $11,610. Of course, there are additional costs for housing, food, books, supplies, transportation and incidentals that can add thousands to the total.
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Are you missing a valuable tax deduction for Medicare premiums?

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June 17, 2025 , ,

Medicare tax deduction

If you’re age 65 or older and enrolled in basic Medicare insurance, you may need to pay additional premiums to receive more comprehensive coverage. These extra premiums can be expensive, particularly for married couples, since both spouses incur the costs. However, there may be a silver lining: You could be eligible for a tax deduction for the premiums you pay.
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Tax breaks in 2025 and how The One, Big, Beautiful Bill could change them

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June 10, 2025 , , ,

tax breaks 2025

The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. While the bill is now being considered by the Senate, it’s important to understand how the proposals could alter key tax breaks.

Curious about how the bill might affect you? Here are seven current tax provisions and how they could change under the bill.
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The advantages of a living trust for your estate plan

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June 4, 2025 , ,

living trust

Do you believe you don’t need to worry about estate planning because of the current federal estate tax exemption ($13.99 million per individual or $27.98 million for married couples in 2025)? Well, think again. Even with this substantial exemption, creating a living trust can offer significant benefits, especially if your goal is to avoid probate and maintain privacy.

Here are some answers to questions you may have about this estate planning tool.
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How working in the gig economy affects your taxes

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May 20, 2025 , , , ,

gig economy

The gig economy offers flexibility, autonomy and a way to earn income, but it also comes with tax obligations that can catch many workers off guard. Whether you’re driving for a rideshare service, delivering food, selling products online or offering local services like pet walking, it’s crucial to understand the tax implications of gig work to stay compliant and avoid costly surprises.
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The tax rules for legal awards and settlements: What recipients should know

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May 14, 2025 ,

legal settlement

If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay taxes on it? The short answer: It depends on the type of damages you received. Understanding the basic rules can help you avoid surprises.
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Still have tax questions? You’re not alone

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May 7, 2025 , ,

tax return questions

Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring.
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