Trump Accounts are a new tax-deferred savings and investment tool for children, created under the One Big Beautiful Bill Act (OB3 Act)  and added to the tax code as new IRC §530A. With IRS guidance in Notice 2025-68, families should begin evaluating whether opening a Trump Account fits into their long-term tax strategy. If you have children or grandchildren, now is the time to decide whether opening a Trump Account makes sense for your family. What Is a Trump Account? A Trump

What is OB3? The One Big Beautiful Bill Act (OB3), enacted in Public Law 119‑21 on July 4, 2025, rewrites the familiar “teacher...

The enactment of the One Big Beautiful Bill Act  (OB3) in Public Law 119-21, Sec. 70114, on July 4, 2025, introduced targeted tax...

The tax treatment of gambling winnings and losses has long been a point of focus in U.S. tax law. Over time, changes in legislation have...

While many children and teens may not owe taxes, certain situations require them to file a tax return. This guide will help you determine...

Running an equestrian business comes with its unique set of challenges, from managing stables, caring for horses, attending (or hosting)...

The IRS deems that taxes must be paid ratably throughout the year as you earn or receive income, either through withholding or estimated...

Note: The information contained in this blog post applies for the 2023 tax year. The IRS allows mileage expenses to be deducted from your...

Accounting is a subject that may often be overlooked by students who are considering their future career options. The accounting industry...

On a previous post, we talked about deprecation for horses that fit the 3-year property criteria for depreciation when they are used in a...

Getting an IRS audit notification can be stressful. One thing we recommend is never tackling an IRS audit on your own. Keep in mind that...

Child Tax Credit - 2022 credit amount drops back down to $2,000 per child. Children who are 17 years old don’t qualify for the credit...

With the 2021 extended tax filing deadline quickly approaching, it’s important to be aware of how the IRS may contact you so that you are...

A Traditional IRA is an individual retirement account (IRA) that allows you to contribute pre-tax dollars that can grow tax-deferred....

A Roth IRA is an individual retirement account (IRA) that allows you to contribute after-tax dollars and withdraw them at retirement...

Note: 1099-K Requirement changes Effective 2022 Don’t be caught by surprise this tax year by the new IRS Form 1099-K requirements that...

There are three main financial statements, the balance sheet, the statement of cash flows and the income statement. The income statement...

How Are Horses Depreciated?   Before starting, we recommend having a general idea of what is depreciation .   Are you already familiar...

Some people are born with the entrepreneurial spark in them and succeed in creating business opportunities from a very young age. This is...

It is important to understand and correctly classify a worker as an employee or contractor. If the worker is classified as an employee,...