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Tax season is quickly approaching, and for many taxpayers, that means gathering records and preparing for an upcoming tax appointment—whether in person, by phone, or virtually. How smooth this process feels often depends on how well records were maintained throughout the year. The more organized you are, the more time we can spend focusing on proactive planning and identifying opportunities for you.
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A new opportunity for families is here. Under the Working Families Tax Cuts Act, also known as the One Big Beautiful Bill Act, Trump Accounts introduce a tax-advantaged way to save for children under age 18. In addition, children born between January 1, 2025, and December 31, 2028, may qualify for a $1,000 government-funded pilot contribution.
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The IRS has introduced Form 1099-DA, “Digital Asset Proceeds from Broker Transactions,” a new reporting form for certain digital asset transactions. Designed to increase transparency and compliance, this form applies to transactions involving cryptocurrencies, NFTs, and other digital assets. If you invest in or trade digital assets, this new reporting requirement may impact you.
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Many people think their financial professional focuses only on the past—last year’s tax return, last quarter’s results, or last month’s expenses. While compliance work is essential, it centers on what has already happened. Advisory services take a different approach. They focus on planning ahead and helping shape what comes next.
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Designated Roth accounts offer a powerful retirement savings option with the potential for tax-free growth and withdrawals under certain conditions. Available within 401(k), 403(b), and governmental 457(b) plans, these accounts allow after-tax contributions that grow tax-free. Understanding the rules and benefits can help determine if this strategy fits your long-term retirement plan.
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An LLC, or Limited Liability Company, is a flexible business structure that separates owners from the business itself, helping protect personal assets from business debts and liabilities. It combines the liability protection of a corporation with the simplicity and tax flexibility of a partnership or sole proprietorship. Depending on where it operates, an LLC may need to register in more than one state.
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This month, we’re pleased to spotlight Rachael Huffman, Senior Tax Associate. Rachael plays an important role in our tax practice, providing compliance and advisory services with a focus on real estate, state and local tax matters, and foreign income reporting. She is also actively involved in mentoring and supporting our interns and future professionals. Learn more about Rachael’s background, experience, and life outside the office.
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Abeles and Hoffman, P.C.
9666 Olive Blvd, Suite 625
Saint Louis, MO 63132
Phone: 314-991-4770
Fax: 314-991-4254
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