On July 4, 2025, President Trump signed into law the far-reaching legislation known as the One, Big, Beautiful Bill Act (OBBBA). The law extends and enhances many tax breaks from the earlier Tax Cuts and Jobs Act (TCJA), includes several of President Trump's campaign promises, and eliminates some clean energy tax breaks. This article lists many of the highlights of the OBBBA for individuals and businesses.
For many people, most or all of their federal income tax liability is covered by withholding from their paychecks. But some people have taxable income from sources such as interest, dividends, self-employment income or capital gains. If that's the case, they may need to make estimated payments to help ensure they're not subject to an underpayment penalty at tax time.
Business partnerships may include situations that give the partners pause. This article explains that in any given year, the partners may have been taxed on more partnership income than was distributed to them. It notes that the cause of this quirk of taxation lies in the way partnerships and partners are taxed.
Market volatility might shrink an individual's traditional IRA, but that could be an opportunity. A lower account value means the accountholder can convert to a Roth IRA and pay less tax on the conversion. This short article looks at the timing of a conversion and offers advice on how to stretch out the related tax bill.