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New itemized deduction limitation will affect high-income individuals next year 266 266 Lindsay Yeager

New itemized deduction limitation will affect high-income individuals next year

Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The New Limitation Up Close Before the Tax Cuts and Jobs Act (TCJA), certain itemized deductions of…

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New deduction for QPP can save significant taxes for manufacturers and similar businesses 266 266 Lindsay Yeager

New deduction for QPP can save significant taxes for manufacturers and similar businesses

The One Big Beautiful Bill Act (OBBBA) allows 100% first-year depreciation for nonresidential real estate that’s classified as qualified production property (QPP). This new break is different from the first-year bonus depreciation that’s available for assets such as tangible property with a recovery period of 20 years or less and qualified improvement property with a…

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Is your accounting software working for your business or against it? 266 266 Lindsay Yeager

Is your accounting software working for your business or against it?

When buying new accounting software or upgrading your existing solution, it’s critical to evaluate your options carefully. The right platform can streamline operations and improve financial reporting accuracy. However, the wrong one can result in reporting delays, compliance risks, security breaches and strategic missteps. Here are some common pitfalls to avoid. Relying on a generic…

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How the Social Security wage base will affect your payroll taxes in 2026 266 266 Lindsay Yeager

How the Social Security wage base will affect your payroll taxes in 2026

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. FICA tax 101 The Federal Insurance Contributions Act (FICA) imposes two payroll taxes on wages and self-employment income — one for Old-Age, Survivors, and Disability Insurance, commonly known as the Social Security tax,…

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Does your family know how to access your estate planning documents? 266 266 Lindsay Yeager

Does your family know how to access your estate planning documents?

Making sure your family will be able to locate your estate planning documents when needed is one of the most important parts of the estate planning process. Your carefully prepared will, trust or power of attorney will be useless if no one knows where to find it. When loved ones are grieving or faced with…

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Don’t forget to include a residuary clause in your will 266 266 Noelle Merwin

Don’t forget to include a residuary clause in your will

When creating a will, most people focus on the big-ticket items — including who gets the house, the car and specific family heirlooms. But one element that’s often overlooked is the residuary clause. This clause determines what happens to the remainder of your estate — the assets not specifically mentioned in your will. Without one,…

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What’s the right inventory accounting method for your business? 266 266 Noelle Merwin

What’s the right inventory accounting method for your business?

Inventory is one of the most significant assets on a balance sheet for many businesses. If your business owns inventory, you have some flexibility in how it’s tracked and expensed under U.S. Generally Accepted Accounting Principles (GAAP). The method you use to report inventory can have a dramatic impact on your bottom line, tax obligations…

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Expense Strategies for 2026: Reduce Taxes and Optimize Deductions 266 266 Noelle Merwin

Expense Strategies for 2026: Reduce Taxes and Optimize Deductions

Now is a good time to review your business’s expenses for deductibility. Accelerating deductible expenses into this year generally will reduce 2025 taxes and might even provide permanent tax savings. Also consider the impact of the One Big Beautiful Bill Act (OBBBA). It makes permanent or revises some Tax Cuts and Jobs Act (TCJA) provisions…

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Szczomak Named to the Forbes 2025 America’s Top 200 CPAs 266 266 Tonni

Szczomak Named to the Forbes 2025 America’s Top 200 CPAs

Parsippany, NJ – October 17, 2025 – Congratulations to our own John M. Szczomak, CPA and President of the New Jersey Society of CPAs on being named to the Forbes 2025 America’s Top 200 CPAs. This second annual list includes those from assorted specializations throughout the country. The CPAs have distinguished themselves through success at…

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SALT Relief Ahead: How the 2025 Cap Increase Could Cut Your Taxes 266 266 Noelle Merwin

SALT Relief Ahead: How the 2025 Cap Increase Could Cut Your Taxes

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. Higher…

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The Financial Triple Play: 3 Reports Every Business Leader Should Watch 1200 1200 Noelle Merwin

The Financial Triple Play: 3 Reports Every Business Leader Should Watch

In baseball, the triple play is a high-impact defensive feat that knocks the competition out of the inning. In business, you have your own version — three key financial statements that can give you a competitive edge by monitoring profitability, liquidity and solvency. First base: The income statement The income statement (also known as the…

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Age-Based Tax Triggers: What You Need to Know 1200 1200 Noelle Merwin

Age-Based Tax Triggers: What You Need to Know

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…

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