Financial planners face numerous challenges during tax season, including correcting misclassified stock options and saving clients substantial amounts that tax software inaccurately calculated. These experiences highlight the complexities of tax filing and the importance of professional guidance.
The One Big Beautiful Bill Act made the bonus depreciation permanent, allowing company executives to write off 100 percent of the cost of an investment that depreciates in value, like a humble fleet van or an eight-figure business-class jet.
"I'm in favor of not having any rules against insider trading. I would like all the information out there as soon as it's available. Because look, as a society, we are better off knowing as soon as possible anything that is knowable."
The law did not eliminate the charitable deduction in name. It rendered it functionally useless for anyone who does not already have enough deductions to clear the standard deduction threshold on their own.
Britain's tax wedge, which estimates total taxes on labour paid by employees and employers, minus cash benefits received by working households, increased by 2.45 percentage points last year, the most in the OECD.
I never thought I'd live in California. I grew up in Colorado, went to college in Boston, and lived in Texas. I came out here for business school because I wanted to be at Stanford, and because you could play golf during the winter. Now I love it here. It has nothing to do with taxes; taxes have never been anywhere on our list of criteria for deciding where to live. I want to live where my family is and love the weather, the jobs,
Most of us would like to pay the IRS as little money as possible each year. And that's where tax credits and deductions come in. A tax credit is a dollar-for-dollar reduction of your tax liability, while a tax deduction allows you to exempt a portion of your income from taxes. If you're in a high tax bracket, claiming the right deductions could result in a huge amount of savings.
"We are still in the early days of the so-called great wealth transfer," says the lawyer Pierre Valentin, the joint head of art law at Fieldfisher. "The wave started in the US with the sale of collections such as those of Sydell Miller, Mica Ertegun and more recently, Leonard Lauder. The wave is coming to Europe, for example with the auction of the collection of Pauline Karpidas [last] September. I expect that there will be many more of those 'white glove' sales in the next 10 to 15 years because younger collectors collect differently from their parents and grandparents."
When it comes to tax season, it's always an annual reminder that where you live does determine how much of your paycheck actually stays in your pocket. While federal taxes apply equally across state lines, state and local taxes can vary, often dramatically, and for residents of the highest-taxed states, the difference can amount to thousands of dollars every year.
You're required to pay 12.4% of your income into Social Security up until a certain point. If you're a salaried worker, though, you get to split that bill with your employee, leaving you to pay 6.2% of your income into Social Security while the company you work for pays the other 6.2%. This year, the wage cap for Social Security is higher than it was in 2025. Let's review what that means and who it's apt to hurt the most.
