White House Weighs Removing Capital Gains Tax on Home Sales

The current administration is considering a policy that could significantly benefit homeowners: eliminating the federal capital gains tax on the sale of primary residences. If enacted, this change could unlock major tax savings—especially for long-term homeowners facing large gains due to rising home prices. What’s the Proposal? Under current law, homeowners can exclude up to […]
What the New Tax Bill Means for You: 8 Key Opportunities to Know for 2025

A new federal tax bill brings valuable opportunities for both individuals and businesses in 2025. Here’s a breakdown of the top provisions and how you can take advantage of them. 1. Deduct Your Tips — Up to $50,000 If you report tips on your taxes, you may now deduct them — up to $25,000 (single) […]
2025 Tax Bracket Changes: What Businesses Need to Know

Every year, the IRS adjusts tax brackets, deductions, and retirement contribution limits based on inflation, and the 2025 changes average around a 2.8% increase usbank.com+2usbank.com+2usbank.com+2. While this may seem routine, it has real implications for individuals and businesses alike. For 2025, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%, […]
Recover Missed Tax Deductions Without Amending Past Returns: How IRS Form 3115 Can Help

Have you ever discovered something about your business’s taxes that made you wonder, “Why didn’t my previous accountant catch that?” You’re not alone. One of the most common areas where businesses and investors lose money on their taxes is depreciation—especially when assets like buildings or renovations aren’t classified or handled properly. Thankfully, there’s a powerful […]
Why Timely Estimated Tax Payments Matter – Avoiding Costly IRS Penalties

As a CPA firm, one of the most common misconceptions we encounter from clients is the idea that as long as their total estimated tax payments are made by the end of the year—or lumped into the fourth quarter—they’re in the clear with the IRS. Unfortunately, that’s not the case. The IRS Wants Payments When […]
House Passes Amended Budget Reconciliation Bill: Key Tax Changes for 2025 and Beyond

Accavallo & Company CPAs | May 27, 2025 On Thursday, the U.S. House of Representatives narrowly passed an amended version of the budget reconciliation bill, officially titled the One Big Beautiful Bill Act (H.R. 1). The bill now moves to the Senate for further consideration. The final House vote came in at 215-214, with one […]
What Does Your Accountant Do During Tax Season?

Tax season is a stressful time for both individuals and businesses, but the work behind the scenes is even more demanding. Your accountant is working long hours, often up to 12 hours a day, to ensure that your returns are filed correctly and on time. But what exactly is happening during these long hours? The […]
Navigating Succession Planning: Key Tax Issues for Family-Owned Businesses

Succession planning is an essential process for business owners, particularly those in family-owned businesses, as they look to transfer ownership or exit their companies. With many business owners approaching retirement age and the “great wealth transfer” expected to see $3.5 trillion passed down from Baby Boomers to their heirs by 2050, the need for professional […]
Reminder: Profits and Cash Flow Are Not the Same

Many profitable businesses experience cash flow shortages, especially during periods of rapid growth. Business owners may find themselves puzzled by owing taxes while struggling to cover everyday expenses. The confusion often stems from the fundamental differences between profits and cash flow. Understanding Operating Activities Profits are closely linked to taxable income and are reported at […]
Navigating Taxes on Real Estate Gains

If you own real estate that has been held for more than a year and sell it for a profit, you might expect to pay the typical 15% or 20% federal income tax rate that applies to long-term capital gains. This could also apply if your real estate ownership is through a pass-through entity like […]