Posts by Louis DeLuca, CPA, MST
Charitable Giving and the One Big Beautiful Bill: Why 2025 Might Be the Year to Act
The recently passed One Big Beautiful Bill includes a significant change to the deductibility of charitable contributions beginning in 2026. Specifically, the new law imposes a 0.5% floor on adjusted gross income (AGI) for charitable deductions. This means that only the portion of your charitable giving that exceeds 0.5% of your AGI will be eligible…
Read MoreMaximizing Business Meal Deductions: Clearing Up the 50% vs. 100% Confusion
The Basic Rule: Business Meals Are Generally 50% Deductible Under IRC Section 274, the default rule is that business meals are only 50% deductible, provided they meet the following criteria: 1. The expense is ordinary and necessary in carrying on a trade or business; 2. The taxpayer (or an employee) is present at the meal;…
Read MoreWhy Keeping Your Tax Advisor in the Loop All Year Long Can Save You Money and Headaches
At Friedman + Huey Associates, we’ve seen it time and time again: a client makes a major financial move—selling a property, exercising stock options, launching a new venture—only to loop us in after the fact when the tax implications are already baked in. By then, our options are limited. The best tax planning isn’t reactive,…
Read MoreThe Rise of Cryptocurrency: Tax Implications and Compliance
Cryptocurrency has evolved from a niche financial experiment into a global phenomenon, influencing everything from investment strategies to payment systems. As digital assets like Bitcoin, Ethereum, and stablecoins gain mainstream adoption, regulators worldwide are working to keep up. For taxpayers and businesses, understanding the tax implications and compliance requirements of cryptocurrency transactions is crucial. In…
Read MoreNew Rules for Claiming Social Security Benefits: What Public Sector Employees and Teachers Need to Know
For decades, certain public sector employees, such as teachers and government workers, faced restrictions in claiming Social Security spousal and survivor benefits due to provisions like the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These rules significantly reduced or eliminated Social Security benefits for individuals who received pensions from employment not covered…
Read MoreDon’t Get Stuck in a Tax Season Rut: 9 Lessons from Groundhog Day
Every February 2, we turn to a groundhog to predict whether spring will come early or if winter will linger. This quirky tradition also reminds us of the 1993 movie Groundhog Day, where the main character finds himself stuck living the same day over and over again. For many taxpayers, tax season can feel eerily…
Read MoreCash Flow Management for Small Businesses: A Guide to Sustainable Financial Health
For small businesses, cash flow management is more than just an accounting task—it’s a strategic necessity. Cash flow refers to the movement of money in and out of a business, covering everything from paying suppliers and employees to collecting revenue from customers. While profitability is essential, it’s the actual cash flow that allows businesses to…
Read MoreHow to Start the New Year Off Right Financially—and Keep the Momentum Going All Year
The start of a new year is a great opportunity to set financial goals, review your current financial situation, and establish habits that lead to long-term stability and growth. Here’s a comprehensive guide to help you and your business kick off the year on the right foot financially and maintain that momentum throughout the year.…
Read MorePreparing for Payroll Tax and 1099 Filings: What You Need to Know
Businesses should start preparing for the upcoming payroll tax and 1099 filing season. This time of year can be stressful, but with proper planning and the right tools, you can ensure compliance and minimize headaches. F+H is here to help guide you through this process, providing timely advice and support to make this season easier…
Read MoreThe Benefits of a Roth IRA for Minor Children
As part of our ongoing efforts to provide valuable financial insights, we want to highlight the benefits of opening a Roth Individual Retirement Account (IRA) for minor children. A Roth IRA can be a powerful tool for building a secure financial future, and starting early can make a significant difference. What is a Roth IRA…
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