The Wolf Group, PC

10/17/2025

Hoping to claim the new $6,000 deduction for seniors? Or deductions for tip income, new car loan interest, etc.? Here’s how.

Hoping to claim the new $6,000 additional deduction for seniors, or the new deductions for tip income, overtime income, or car loan interest? You can now see how these deductions will appear on your tax return. When the One Big Beautiful Bill Act (OBBBA), otherwise known as P.L. 119-21, was passed a...

10/17/2025

In part 2 of our series on MAGI, calculate your senior deduction, child tax credits, and OBBBA benefits based on your income.

Not sure what “modified adjusted gross income (MAGI)” is or how to determine whether yours qualifies you for newly available tax deductions and credits? Many of the new OBBBA tax benefits that are available beginning in 2025 or 2026 use MAGI to determine eligibility. In part 1 of this 2-part blo...

10/17/2025

In part 1 of our series on MAGI, learn to calculate yours to determine whether you qualify for the new OBBBA tax benefits.

When the One Big Beautiful Bill Act (OBBBA) was passed in July 2025, it introduced many new deductions and credits, contingent on your income meeting certain thresholds. When defining those thresholds, OBBBA uses the term “modified adjusted gross income (MAGI).” The problem is, many taxpayers ar...

10/14/2025

Applying for an ITIN? What can you do to avoid pitfalls and improve your chances of success?

For years, individuals who don’t qualify for a US social security number and need an ITIN have faced a long, challenging process. If you have applied for an ITIN before, you know that the process is more involved than just filling out the Form W-7 application form to provide your details. You also...

10/01/2025

If tax is a factor in your charitable giving, it matters whether you donate in 2025 or 2026.

Due to tax law changes passed in 2025, the timing of your charitable contributions may make a big difference in your tax bill. Some taxpayers will receive a much better benefit from accelerating their contributions and making them before the end of the 2025 calendar year. Some will receive a better....

09/22/2025

Foreign individuals interested in “gifting” the US $1M in exchange for residency may soon be able to apply for a “Gold Card.” https://shorturl.at/cvsMo

09/05/2025

Starting Sept. 30, 2025, some tax credits go away for purchases of electric vehicles and energy-efficient home improvements. Read More: https://shorturl.at/EB5nf

08/15/2025

If you typically receive your tax refunds via paper check, you will need to start considering digital alternatives when an executive order modernizing payment methods takes effect in September. Read more:

If you typically receive your tax refunds—or any other type of US government payments—via paper check, you will need to start considering digital alternatives. What happened? On March 25, 2025, President Trump issued an executive order, called “Modernizing Payments To and From America’s Bank...

06/01/2022

As of June 7, US companies and individuals will be prohibited from providing services to anyone located within the Russian Federation, including US citizens living in Russia.

As of June 7, US companies and individuals will be prohibited from providing services to anyone located within the Russian Federation, including US citizens living in Russia. Background On April 6, 2022, President Biden signed Executive Order 14071, prohibiting new investment and services to those i...

05/13/2022

Spreading the JOY during Mental Health Awareness Month!

03/15/2022

Hoping to receive your Sch. K-1 by April 18? That’s a tall order this year. Check out our FAQs to understand why K-1s are delayed and what the delay may mean for you.

If you typically receive a Schedule K-1 from a partnership or S corporation, you may receive it later than usual this year. The IRS has created two new forms, Schedules K-2 and K-3, that many partnerships and S corporations must file this year at the same time that they produce their Schedules K-1.....

03/01/2022

The US is piercing the veil of secrecy of foreign ownership in US companies. A new form requires US LLCs, US businesses, and foreign companies operating in the US to reveal who truly owns or controls them. Failure to do so carries $10,000 penalties, and more.

The US Government is seeking to increase transparency around the “true” beneficial owners of U.S. entities or entities doing business in the US. In particular, the US wants to: Cut through all the layers of company ownership to identify the individuals or companies that ultimately own or control...