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New Federal Tax Bill Offers Deduction Opportunity for Many Households

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduced several new tax provisions that affect both individuals and businesses. Among the most significant for retirees is a brand-new deduction aimed at seniors. Starting with the 2025 tax year, taxpayers age 65 and older may qualify for an additional deduction of up to $6,000 for single filers or $12,000 for married couples filing jointly if both spouses meet the age requirement.

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Tax Projection Tools: How Forecasting Can Improve Financial Decisions

For many people, tax season ends the moment the return is filed. But the smartest approach is to treat that filing as a weather report from last year. A tax projection, on the other hand, is the financial weather forecast for the year ahead. It uses what we know now to predict the conditions to come, giving you time to put on sunscreen or find an umbrella before you get caught in a storm.

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How the OBBBA Could Affect Your Tax Planning This Year

Signed into law on July 4, 2025, the One Big Beautiful Bill Act (OBBBA) brings significant tax changes for individuals, families, and small businesses. Whether you earn wages, run a business, or rely on retirement income, these updates could affect how you plan for the year ahead. Here's what you should know now to prepare for the 2025 tax season and beyond.

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Seeking a Better Tax Outcome Next Year? Consult an Expert Off-Season

If this year's tax return was more painful than you expected, you're not alone. Surprises can happen when you're not actively planning. Still, a surprise bill or a smaller refund than you'd hoped for can throw off your entire financial rhythm. That's why right now is the best time to take control of next year's outcome instead of waiting for the tax season to catch you off guard again. Meeting with a CPA in the off-season can help you analyze the previous year, gain an understanding of what happened, and make recommendations as to what to do differently going forward.

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