Casualty Loss Deductions Under OBBBA: What’s New for Taxpayers
Sweeping changes from the One Big Beautiful Bill Act (OBBBA) are altering how individuals claim personal casualty losses. For tax years beginning after December 31, 2025, more disaster-related losses may qualify, and several rules that were temporary are now permanent. Understanding these updates can make a big difference when disaster strikes. State Disaster Declarations Now…
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2025 Tax Planning Guide
At Dent Moses, we are committed to keeping you informed of the latest tax-saving strategies by sharing our 2025 Tax Planning Guide. The guide highlights some key considerations, but keep in mind that this resource is intended to provide broad suggestions only. There is no substitute for the guidance of an advisor who understands your…
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SECURE 2.0 Act: Expanded Catch-Up Contributions for 2025
The SECURE 2.0 Act offers more ways to boost long-term financial security. Among the biggest updates: a higher age for required minimum distributions (RMDs) and broader eligibility for part-time workers to join 401(k) plans. But the real attention-getter for 2025 is the new “super catch-up” contribution available to employees in their early 60s. Bigger Catch-Ups…
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When the Music Stops: Lessons from Three Estates Gone Wrong
Even celebrities and TV icons can fall victim to the consequences of poor estate planning. These three stories underscore the importance of thoughtful estate and tax planning. Prince: The Artist Who Left No Will Age: 57 Death: April 21, 2016; Minnesota; accidental overdose of fentanyl When Prince died in 2016, the world mourned, and his…
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Federal Government Phasing Out Paper Checks
Earlier this year, President Donald Trump signed an executive order requiring all federal agencies to stop issuing and accepting paper checks by September 30, 2025. This applies to both disbursements (tax refunds, Social Security, vendor payments) and receipts (1040 tax payments, quarterly estimates, payroll tax deposits, fees, and fines). Income Tax Refunds IRS has long…
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Changes Ahead for Charitable Giving
Effective January 1, 2026, the One Big Beautiful Bill Act (OBBB, H.R. 1) introduces significant changes to charitable contribution rules that will impact tax planning for both individual and corporate donors. This summary highlights the key provisions and actionable strategies. Changes Ahead for Charitable Giving — Key Provisions & Planning Tips Provision 2026 Rule Planning…
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Pros and Cons of Converting a Traditional IRA to a Roth IRA
Converting a Traditional IRA to a Roth IRA can be a smart financial move in the right circumstances, but it’s important to weigh the pros and cons before making the switch. Roth IRA funds are currently not means-tested or taxed. Contributions are made with after-tax dollars, and qualified withdrawals—both contributions and earnings—are tax-free if you’re…
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News Options for Leftover 529 Plan Funds – Convert to Roth IRA
The SECURE 2.0 Act of 2022 introduces a noteworthy change: a special rule allowing transfers from 529 plans to Roth IRAs. Effective in 2024, this rule enables unused college savings to shift to retirement accounts tax- and penalty-free. Why This Matters Before this change, if a 529 plan wasn’t fully used for education, options were…
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No Tax on Tips: What Employers Need to Know About the New Federal Deduction
The One Big Beautiful Bill Act (OBBBA) created a new exemption that eliminates federal income tax on tips for certain occupations. As of September 1, 2025, the Treasury Department has identified 68 occupations (expected to finalize at about 70 by October 2, 2025) where workers can receive tips tax-free annually on $25,000. The deduction phases…
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2025 & 2026 Tax Treatment for Meals and Entertainment
The meals and entertainment deduction has gone through several revisions in recent years. Before 2018, meals and entertainment were eligible for a 50% tax deduction. Beginning with the 2018 tax year, the Tax Cuts and Jobs Act eliminated the deduction for entertainment expenses altogether, while most meals remained 50% deductible. In 2021 and 2022, the Consolidated…
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