Howard, Moore & McDuffie, PC

08/27/2026

A surviving spouse may have the option to file either a joint or separate federal income tax return for the year of his or her spouse’s death. Here are some factors to consider to help determine the most appropriate filing choice.

08/26/2026

We recently honored staff members for milestone anniversaries. Congrats to our valued staff for their years of service to HMM!

25 years - Jay Siegelman
15 years - Laura Hallman
15 Years - Michelle Bridges
15 years - Amanda Willis
5 Years - James Nessing

08/26/2026

Teachers and other educators often spend their own money on books, supplies, equipment and other classroom needs. For 2026, eligible educators may have two ways to deduct qualifying unreimbursed expenses: A deduction of up to $350 is available whether or not they itemize, and a new deduction with no dollar cap is available to itemizers. Educators eligible for both deductions can first claim the above-the-line deduction and reap the benefits of reducing their adjusted gross income and, if they have eligible expenses in excess of $350, claim the itemized deduction for those excess expenses. (Educators can’t claim both deductions for the same expenses.) Contact us to see if you may be eligible.

07/04/2026

06/26/2026

Do you operate a side gig in addition to your regular job? The way the IRS classifies that activity can have a significant impact on your taxes.

If the IRS treats the activity as a hobby, you’re required to report the income but can’t deduct most related expenses. If it’s treated as a business, you can generally deduct ordinary and necessary expenses — even if that results in a net tax loss. The IRS considers several factors when evaluating profit motive, including how you operate the activity, the time you invest, and your history of profits and losses.

If your side business isn’t yet profitable, contact us to discuss your situation. We can suggest strategies to help strengthen your position.

06/26/2026

Understanding how probate works — and implementing strategies to minimize or avoid it — can help you protect your assets and simplify matters for your family after your death. Probate is a legal procedure in which a court establishes the validity of your will, determines the value of your estate, resolves creditors’ claims, provides for the payment of taxes and other debts, and transfers assets to your heirs. A living trust (sometimes called a revocable trust) is generally the most effective tool for avoiding probate. It involves setup costs but allows you to manage the disposition of your wealth in a single document while retaining control and reserving the right to modify the trust’s terms.

06/25/2026

Rising home values are leaving some homeowners with large gains when they sell. But that doesn’t necessarily mean a large tax bill. If you sell your principal residence and meet certain requirements, you can exclude up to $250,000 of gain ($500,000 for joint filers). Gain that exceeds the exclusion or doesn’t qualify for it, however, is subject to long-term capital gains tax (or short-term capital gains tax if you haven’t owned the home for more than a year). It also could be subject to the net investment income tax if your income is over a certain amount. Contact us before putting your home on the market. We can help you estimate the tax impact and discuss possible planning opportunities.