5 Tax Planning Moves to Make Due to the One Big Beautiful Bill Act
The One Big Beautiful Bill Act (OBBBA), signed in July 2025, reshapes 2026 tax planning by making lower individual rates permanent, boosting the state and local tax (SALT) deduction cap to $40,000, and adding temporary deductions for tips, overtime, seniors, and auto‑loan interest. The Illinois CPA Society urges taxpayers to review 2025 returns, adjust W‑4 withholdings, monitor non‑employee income, and reassess investment allocations to capture these benefits. With the 1099‑K threshold restored to $20,000 and new deduction limits expiring after 2028, proactive steps now can reduce next year’s bill or refund.
Evaluating the Benefits Of Trump Accounts
Congress enacted a new individual retirement account, dubbed the Trump Account, in 2025 to give children under 18 a head start in wealth building. The pilot program guarantees a $1,000 federal contribution for every U.S. citizen born between 2025 and...
Navigating State-Only QTIP Trusts in Decoupled States
The article highlights the looming $84 trillion Great Wealth Transfer and stresses that successful multigenerational planning requires more than tax‑saving structures—it demands family governance, heir education, and purposeful philanthropy. It outlines advanced tools such as dynasty trusts, intentionally defective trusts, and...
Time to Scrap IRAs, 401k, 403b and All the Rest
A proposal calls for eliminating all existing tax‑advantaged defined‑contribution accounts—including IRAs, 401(k)s and 403(b)s—and replacing them with a single, universal retirement plan. Contributions would be made after tax and grow tax‑free under Roth‑style rules, while employer matches remain tax‑free. The...
Tired of Tax Day? Municipal Bond Ladders Could Help
The Northern Trust 2055 Tax‑Exempt Distributing Ladder ETF (MUND) uses a municipal‑bond ladder that spans calendar years through 2055, delivering tax‑free income as bonds mature. Unlike traditional ladders that reinvest principal, MUND distributes the principal annually, giving investors a steady...