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Strategic & Tax-Smart Advice for Women in Philanthropic Leadership
As women continue to rise in wealth and leadership within the philanthropic arena, this shift represents a powerful change in how we approach giving. Women are uniquely positioned to drive inclusive and transformative change, leveraging empathy, innovation, and a focus on systemic improvements. Here’s some tailored advice for women in leadership roles within foundations, family…
Read MoreOne Big Beautiful Bill Act: Impact on Estate and Gift Taxes
How the Law Affects High-Net-Worth Families—and What to Do Now The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, brings sweeping and permanent changes to the federal estate, gift, and generation-skipping transfer (GST) tax system. It preserves several benefits first enacted under the Tax Cuts and Jobs Act (TCJA), including…
Read MoreCharitable 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 MoreBusiness Succession Planning: Keeping Profits Intact Across Generations
As a business owner, you’ve worked hard to build something of value—not just for today but for the future. Yet one of the most overlooked threats to long-term profitability is the absence of a solid succession plan. Whether your transition is expected or sudden, your business’s financial health depends on your ability to transfer leadership,…
Read MoreThe “One Big Beautiful Bill” Signed Into Law—Major Tax and Policy Changes Now Official
On July 4, President Trump signed the much-anticipated “One Big Beautiful Bill Act” (OBBB) into law, following approval by both the Senate and the House of Representatives. This sweeping legislation permanently extends and reshapes many provisions of the 2017 Tax Cuts and Jobs Act (TCJA), with wide-ranging implications for individuals, businesses, and nonprofits. We’re continuing…
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 MoreProactive Tax Planning for Expanding Businesses
Growth is exciting for a business owner, but it also brings added complexity to your tax situation. Expansion may mean hiring new staff, entering new markets, or investing in new assets. Without proper planning, these changes can increase your tax burden and limit the capital you have available to reinvest. The good news? With proactive…
Read MoreUsing Your HSA as a Retirement Plan
A Health Savings Account (HSA) is usually seen as a tool primarily for managing medical expenses, but it can also be a powerful component of your retirement strategy. Here’s how you can leverage your HSA to boost your retirement savings. What is an HSA? An HSA is a tax-advantaged savings account designed for individuals with…
Read MoreIssues with 529 Plans
Dear F+H – Our Client Advice Column Dear F+H, Happy graduation to all the May graduates! My twins have completed their undergraduate studies and are entering their next life phase. Taylor, a biology major, will be starting medical school, and the tuition, after four years, will be approximately $270,000! Jamie, a computer science major, wants…
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