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Presidential speeches on tax reform – a selection from recent years
Listening to President Biden’s recent State of the Union speech and the tax policies he proposed, we decided to review some past SotU speeches from Presidents and see what tax policy references were made. Also of note is what congress looked like and what possible tax laws came out of it. Here are some highlights…
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2023 State of the Union: A Closer Look at the Tax Proposals
President Biden made several references to tax-related issues in the 2023 State of the Union this week. Let’s look at a few of the items. One of his most referenced topics, even before the speech, is the issue of corporate tax in America. He has repeatedly used a statistic that claims that 55 of the…
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The Ultimate Startup Checklist: What Every Entrepreneur Needs to Know
Ready to embark on the entrepreneurial journey and turn your business ideas into a reality? Or perhaps you’ve already taken the first step but feel there’s still more to be done to ensure success. Whether you’re just starting out or looking to take your business to the next level, it’s important to consider all the…
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2023 Tax Deductions to Review (Part 1)
Historical Content: This article was published in 2023 and the dollar amounts, income limits, and credit values referenced may have changed. The OBBBA (July 2025) updated many tax provisions including the Child Tax Credit (now $2,200/child). Check current IRS guidance for up-to-date figures. Every year there are additions, deletions, and changes to the deductions available…
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Get Your Taxes Right: A Complete Overview of 1098, 1099, and W-2 Forms
Get Your Taxes Right: A Complete Overview of 1098, 1099, and W-2 Forms It’s January and you started receiving emails and forms in the mail. It’s Tax Season! Have you ever wondered about all those tax forms and thought about how many there are? Here is a list of most of them and why you…
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History of US Income Tax (Part 2)
The previous article discussed the 1st US income tax with the Revenue Act of 1861 and its repeal in 1872. During the time after that, the nation’s financial system was being strengthened, and there was a growing recognition that the government needed a more consistent and reliable source of revenue to fund its operations. These…
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EITC 101: How to Increase Your Tax Refund
Historical Content: This article was published in 2023 and the dollar amounts, income limits, and credit values referenced may have changed. The OBBBA (July 2025) updated many tax provisions including the Child Tax Credit (now $2,200/child). Check current IRS guidance for up-to-date figures. The Earned Income Tax Credit (EITC) can put money back in your…
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Social Security Tax Puzzle: How to Make Sense of it all
As with any tax question, your situation may be different and you should consult with a tax advisor or legal counsel before acting. If you receive social security benefits as cash income, then that money could be taxable. There definitely is a form to figure it out though lets look at some general information from…
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History of US Income Tax (Part 1)
The United States income tax was first introduced in 1861 as a way to fund the Civil War effort. It was the first federal income tax law. The Revenue Act of 1861 had the stated purpose of providing for the “common Defense and general Welfare” and the “support of the Government.” The existing tariffs on…
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Tax Cut and Jobs Act of 2017
Update (April 2026): The One Big Beautiful Bill Act (signed July 4, 2025) permanently restored 100% bonus depreciation for qualifying property acquired after January 19, 2025. The phase-down schedule described in this article has been reversed. The OBBBA also permanently increased the Qualified Business Income (QBI) deduction from 20% to 23% for tax years beginning…
