MMB Advisors

03/17/2026

If you’re planning to sell your business, expect buyers to closely review your financial statements, operations and legal agreements. Conducting your own due diligence now can smooth the buyer review process and ease deal negotiations. The primary goal of presale due diligence is to evaluate the quality and sustainability of earnings, identify potential risks, and normalize financial results before giving prospective buyers access to your business’s statements. It’s also important to review employee and customer contracts, assess tax and regulatory compliance, and confirm ownership of intellectual property. Contact us to learn more.

03/04/2026

Personal interest expense generally can’t be deducted for federal tax purposes. But there are exceptions. You probably know that home mortgage interest may be deductible if you itemize deductions rather than claiming the standard deduction. New for 2025 through 2028, you may be eligible to deduct up to $10,000 of car loan interest if the vehicle’s “final assembly” was in the U.S. and other requirements are met. But the deduction phases out starting at $100,000 of modified adjusted gross income ($200,000 for married couples filing jointly). Other potential interest expense deductions are student loan interest and investment interest. Contact us with any questions.

02/24/2026

Child, dependent, adoption and education tax credits can provide significant tax savings, but various rules and income-based limits apply. Which credits might you be eligible for on your 2025 return?

02/17/2026

One big decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize. Itemizing saves tax if total itemized deductions are larger than the standard deduction. If you paid more than $10,000 in state and local taxes (SALT) last year, you might save tax by itemizing on your 2025 return even if claiming the standard deduction has saved you more tax in recent years. This is because of a tax law change that increased the SALT deduction limit to $40,000 for 2025 ($20,000 for married couples filing separately). But an income-based limit could reduce your SALT deduction. We can assess the impact of the SALT limit change on your tax situation.

02/10/2026

Eligible medical expenses are deductible 1) if they weren’t reimbursable by insurance or paid via tax-advantaged accounts, 2) to the extent that, in aggregate, they exceed 7.5% of your adjusted gross income, and 3) if you itemize deductions. Now is a good time to review your medical expenses for 2025 and see if you had enough so you can claim the medical expense deduction. Eligible expenses include many costs besides hospital and doctor bills, such as prescription drugs and certain costs related to transportation, insurance, therapy, dental and vision care, smoking cessation, and weight loss. Contact us to determine if you can benefit from the medical expense deduction on your 2025 return.

02/04/2026

If you itemize deductions on your 2025 individual income tax return, you potentially can deduct your 2025 donations to qualified charities. If you made a donation of $250 or more, you must substantiate it with a “contemporaneous written acknowledgment” from the charity. “Contemporaneous” means you receive it by the date you file your return (or the due date, including extensions, if earlier). If you haven’t yet received an acknowledgement for a 2025 gift (or filed your 2025 return), request it from the charity now. Additional substantiation rules apply to certain types of donations, such as noncash contributions. Contact us for help determining what you can deduct on your 2025 tax return.

01/30/2026

A new tax-advantaged way to help children build savings for the future was created by the One Big Beautiful Bill Act: Trump Accounts (TAs). One way to set up a TA is to file Form 4547, “Trump Account Election(s),” with your 2025 income tax return. Under a pilot program, the federal government will fund a TA with $1,000 of free money for U.S. citizen children born in 2025 through 2028. But older children also are eligible for TAs, just not for the free money. After July 3, 2026, you can make nondeductible annual TA contributions up to $5,000 (adjusted for inflation after 2027) until the year your child turns 18, when the TA will turn into a traditional IRA. Contact us to learn more.

01/25/2026

The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and processing 2024 tax year returns last year, despite IRS staffing having been significantly reduced since then. The filing deadline is April 15, but filing earlier can be beneficial. If you’re getting a refund, you’ll likely receive it sooner. Filing early can also potentially protect you from tax identity theft, where a thief uses your personal information to file a fraudulent return and claim a bogus refund. Contact us to answer your tax filing questions or to discuss getting started on your 2025 return.

01/21/2026

Many tax figures are annually adjusted for inflation and typically increase each year (or at least every few years). For 2026, some additional changes are going into effect under the One Big Beautiful Bill Act, signed into law July 4, 2025. Here’s an overview of some important limits and other tax figures for 2026. Keep in mind that exceptions or additional rules or limits may apply.
Standard deduction
Single and married filing separately: $16,100
Head of household: $24,150
Married couples filing jointly: $32,200
Additional standard deduction for those age 65 or older and/or blind: $2,050 ($1,650 per spouse if married). For taxpayers both 65 or older and blind, the additional deduction is doubled.
Itemized deduction limits
Casualty loss deduction: only for eligible losses from federally or (new for 2026) state-declared disasters
Charitable deduction floor (new for 2026): 0.5% of adjusted gross income (AGI)
Mortgage interest deduction: interest on qualified debt up to $750,000
Medical expense deduction floor: 7.5% of AGI
State and local tax deduction: $40,400
Overall limit for higher-income taxpayers (new for 2026): Generally, the tax benefit from itemized deductions for taxpayers in the 37% bracket will be as if they were in the 35% bracket
Retirement plan limits
Traditional and Roth IRA contributions: $7,500
Traditional and Roth IRA catch-up contributions for those age 50 or older: $1,100
401(k), 403(b) and 457 plan deferrals: $24,500
401(k), 403(b) and 457 plan catch-up contributions for those age 50 or older: $8,000
401(k), 403(b) and 457 plan additional catch-up contributions for those age 60, 61, 62 or 63: $3,250
SIMPLE deferrals: $17,000
SIMPLE catch-up contributions for those age 50 or older: $4,000
SIMPLE additional catch-up contributions for those age 60, 61, 62 or 63: $1,250
Contributions to defined contribution plans: $72,000
Annual benefit limit for defined benefit plans: $290,000
Other tax-advantaged savings limits
Health Savings Account (HSA) contributions: $4,400 for individuals, $8,750 for family coverage
Health Flexible Spending Account (FSA) contributions: $3,400
Child and dependent care FSA contributions: $7,500
Trump account contributions: $5,000
Estate planning
Gift and estate tax exemption: $15 million
Generation-skipping transfer tax exemption: $15 million
Annual gift tax exclusion: $19,000 (unchanged from 2025)
2026 tax planning
These are only some of the figures and limits that could affect your 2026 taxes. To learn more and begin planning for the new year, contact us.
© 2025

01/16/2026

11/26/2025

Does your business offer a 401(k) plan to help employees save for retirement? If so, now may be the right time to step back and evaluate all your critical responsibilities as plan sponsor.