Florida’s 2026 property tax proposals could expand homestead exemptions and reshape how homeowners and local governments handle taxes.
Tax Reform
Unraveling the 2025 Tax Overhaul: How New Laws Could Impact You
2025 tax law changes explained: new deductions, credits, RMD rules, SALT limits, business expensing, and retirement updates under the OBBBA.
The “Taylor Swift Tax”: $17M Mansion Sparks Debate Over Luxury Second Homes
Rhode Island’s proposed “Taylor Swift tax” would add a surcharge on luxury second homes worth over $1 million to fund local housing and services. Inspired by Swift’s $17M mansion, the policy aims to boost fairness, occupancy, and revenue—though critics warn it may deter investment.
Important Tax Deduction Changes Under Tax Reform
Tax deduction changes in the Tax Cuts and Jobs Act affect almost every person who files itemized deductions on tax returns with the IRS in prior years. One favorable change is that tax reform is nearly twice the standard deduction for most taxpayers. This means that many individuals may prefer to take the standard deduction. This standard deduction makes tax filing more simple. However, some taxpayers will still itemize their total deductions when these deductions exceed the standard deduction amount for the taxpayers filing status.
Paid Family and Medical Leave Credit Under Tax Reform
Tax Reform includes Family and Medical Leave Changes The Paid Family and Medical Leave credit is a brand new non-refundable general business credit. It applies to businesses with 50 employees or more. There are several requirements in this article that will help employers navigate the changes of this employer credit.
Don’t Get Sick Over Medical Insurance and Taxes
The Affordable Care Act (ACA) put significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform took out these penalties after 2018, they still apply for this year. And, they can be as high as the greater of $2,085 or 2.5% of the family’s household income. So, all taxpayers must carry medical insurance. Unfortunately, it is one of your largest expenses. While the penalty will go away in 2019, you must understand how to handle the health insurance expense for tax purposes. This is so you can get the most tax benefits possible.