Posts by Lucida
Claiming the QBI Deduction for Rental Real Estate :
The One Big Beautiful Bill Act (OBBBA), enacted in 2025, permanently extended the federal income tax deduction for qualified business income (QBI), originally introduced under the Tax Cuts and Jobs Act. As a result, many property owners are now asking whether their rental real estate activities qualify for this valuable tax benefit. If you’re searching…
Read MoreIs Your Business Eligible for Tariff Refunds?
Businesses searching for the best Accounting Services Brookfield providers should be aware of a significant new development affecting import-related taxes and compliance. The U.S. Supreme Court recently ruled that certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were unlawful, prompting U.S. Customs and Border Protection (CBP) to begin issuing refunds to eligible…
Read MoreTwo Estate Documents Working in Tandem: A Living Trust and a Pour-Over Will
At the very least, your estate plan should include a legally valid will governing the disposition of assets upon your death. But comprehensive estate planning often goes much further. For instance, you may provide for transfers of assets to a living trust (also known as a revocable trust) to supplement your will. For many, the…
Read MoreFixing 401(k) Plan Errors Without IRS Involvement: What Employers Should Know
Question: Our company recently began offering a 401(k) plan. So far, things are running smoothly, but we know mistakes can happen. We’ve heard the IRS has a program for plan sponsors to fix mistakes. Are there some errors we can correct without IRS involvement? Answer: Yes. The IRS’s Employee Plans Compliance Resolution System (EPCRS) provides…
Read MoreTax-Smart Ways to Get Cash Out of Your C Corporation
If your family business operates as a C corporation, watch out for double taxation whenever you withdraw cash from the company. If the corporation has current or accumulated earnings and profits, the IRS generally considers payments to shareholders to be taxable dividends — unless there’s proof payments were for another purpose (such as compensation for…
Read More4 Types of Deductible Interest Expense for Individuals
How can you deduct interest expense on your 2025 individual federal income tax return and beyond? Let us count the ways. Although personal interest expense isn’t deductible in general — for example, you can’t deduct credit card interest — there are four types of interest expense that are deductible if you meet the requirements. As…
Read MoreFunding Long-Term Care Expenses: What Are Your Options?
Planning for the future involves more than simply saving money — it requires careful financial and estate planning, especially when considering the high cost of long-term care. Few things can derail an estate plan as quickly as unexpected long-term care (LTC) expenses. Many individuals will require some form of care later in life, whether it’s…
Read MoreAvoid These 6 Estate Planning Pitfalls
No one likes to contemplate his or her own mortality, but ignoring the need for an estate plan or procrastinating in the creation of one is asking for trouble. If you haven’t started the process, don’t delay any longer. Working with experienced professionals who provide tax accounting solutions Brookfield residents rely on can help ensure…
Read MoreFirst-Time’ Homebuyers: A Window of Opportunity
If you’re in the market for a new home, your IRA might be a source of funding, thanks to a special exception in the tax law. Background: Normally, you’re required to pay a 10% tax penalty if you withdraw funds from an IRA before reaching age 59½. However, the tax law includes several exceptions that…
Read MoreWhat Parents Need to Know About the Kiddie Tax
If you’re a parent of minor children or of one or more college students, you’re likely thinking about them as you prepare to file your 2025 federal tax return or begin tax planning for 2026. Do they make you eligible for the Child Tax Credit? For the Credit for Other Dependents? For education-related tax breaks?…
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