Are Your Medical Expenses Deductible? You may be able to claim a tax deduction for unreimbursed medical and dental expenses that exceed 7.5% of your adjusted gross income. Eligible expenses can include payments for medical and dental care, prescription medications,…
If you're the parent of a college-aged child, you already know how pricey higher education has become. According to EducationData.org's Education Data Initiative (EDI), the average annual cost of college in the United States in 2026 is $38,270, which means…
Launching a start-up involves many decisions. Among the most important is choosing the right business structure for federal tax purposes. Last year's One Big Beautiful Bill Act (OBBBA) made permanent and modified several provisions of the Tax Cuts and Jobs…
Capitalizing Intangible Asset Costs Does your business hold intangible assets? Intangibles are nonphysical, long-term resources that can add significant value to a business. Examples include copyrights, licenses and customer lists. The tax implications can be complex. IRS regulations require the…
We are pleased to share some exciting news about the continued growth of Fischer Cunnane. Fischer Cunnane has added Kalos Hutchings & Company, LLC, a respected accounting, tax, and advisory firm serving clients throughout the region, to our team. We…
Summer may feel far removed from tax-filing season. But for strategic taxpayers, it's a great time to gather information and plot moves that may pay off when they file their 2026 return. Here are some midyear tax planning tips to…
IRS Warns of CP53E Scams Confusion about IRS CP53E notices is growing — and scammers are taking advantage. CP53E is an official IRS notice related to tax refunds and bank account information. As the IRS shifts from paper checks to…
If you operate your small business as a sole proprietorship or a single-member limited liability company (LLC) treated as a sole proprietorship for tax purposes, paying close attention to the individual federal income tax regime is critical. The same holds…
Under the One Big Beautiful Bill Act (OBBBA), eligible businesses can claim 100% first-year depreciation for nonresidential real estate that's classified as qualified production property (QPP). This provision can accelerate depreciation deductions and potentially reduce tax obligations for businesses that…
IRS Issues Guidance on New Trump Accounts On March 6, the IRS issued proposed regulations addressing Trump Accounts (TAs), which were created under the One Big Beautiful Bill Act. TAs provide families with a new way to build savings for…
