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Koski Professional Group

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United States
Omaha, NE
Koski Professional Group

Koski Professional Group is a full-service public accounting and consulting firm serving clients since 1986.

10/15/2025

The One Big Beautiful Bill Act adds a new tax break for eligible car loan interest. The deduction has been called “no tax on car loan interest,” but that’s not really accurate. There are several requirements. For 2025-2028, up to $10,000 of car loan interest can potentially be deducted each year. The deduction is phased out starting at $100,000 of modified adjusted gross income or $200,000 for married joint filers. The vehicle’s “final assembly” must occur in the U.S. You must report the vehicle identification number on your tax return. Used vehicles aren’t eligible. The personal-use vehicle must have a gross vehicle weight rating under 14,000 pounds. Contact us with any questions.

10/02/2025

For business owners getting a divorce, the process can be complex. Your business ownership interest is often one of your largest personal assets, and in many cases, part or all of it will be considered marital property. Spouses can generally divide most assets, including business interests, between them without any federal income or gift tax implications. If an asset falls under the tax-free transfer rule, the spouse who receives it takes over its existing tax basis and holding period. A critical step in a divorce is determining a business’s value, and potential tax liabilities are considered during the valuation process. Contact us. We can help plan for the best post-divorce tax outcome. https://bit.ly/tax-briefs

09/24/2025

If you and your spouse operate an unincorporated small business, you face some unique tax issues. For example, an unincorporated spousal business is generally classified as a partnership for federal tax purposes. (However, in community property states, you can treat the business as a sole proprietorship.) As a partnership, you must file an annual partnership return and both spouses must receive Schedules K-1, which allocate taxable income, deductions and credits between the two. With your joint tax return, you must also pay self-employment (SE) tax on your share of the net SE income passed through to you by the partnership. Your spouse must do the same. Contact us for tax-saving strategies.
For more information, please visit our website at https://bit.ly/tax-briefs

09/17/2025

The preferential tax treatment of qualified small business (QSB) stock is getting even better under the One Big Beautiful Bill Act (OBBBA). Generally, taxpayers selling QSB stock can exclude 100% of the gain if they’ve held the stock for more than five years. The OBBBA provides a 75% exclusion for QSB stock held for four years and a 50% exclusion for QSB stock held for three years. These exclusions go into effect for QSB stock acquired after July 4, 2025. The OBBBA also increases the asset ceiling for QSBs from $50 million to $75 million (adjusted for inflation after 2026) for stock issued after July 4, 2025. Additional requirements apply. For more information, please visit our website at https://bit.ly/tax-briefs

09/10/2025

If you make estimated tax payments, the amount you owe may be affected by the law enacted on July 4. It introduces tax breaks that could shift your income tax liability. Estimated tax payments ensure that certain people pay taxes throughout the year. You may have to make them if you receive interest, dividends, self-employment income, capital gains or other income. If you don’t pay enough through withholding and estimated payments during the year, you may be liable for a penalty. Individuals generally must pay 25% of their required annual tax four times a year with Form 1040-ES (an exception may be available if your income isn’t uniform over the year). The next payment is due Sept. 15. For more information, please visit our website at https://bit.ly/tax-briefs

09/01/2025

In observance of Labor Day, our office will be closed Monday, September 1st. We will resume normal office hours on Tuesday, September 2nd. Our team wishes everyone a happy and safe Labor Day!

08/28/2025

The One, Big, Beautiful Bill Act (OBBBA) has introduced tax changes that could affect families. For example, parents who adopt may be eligible for more generous tax relief. Under current law, a tax credit of up to $17,280 is available for eligible costs of adoption in 2025. The credit begins to phase out in 2025 for taxpayers with modified adjusted gross income of $259,190. Beginning in 2025, the OBBBA makes the adoption tax credit partially refundable up to $5,000. This means that eligible families can receive this portion as a refund even if they owe no federal income tax. Previously, the credit was nonrefundable. Contact us if you have questions about how the new law affects your family.

08/20/2025

The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular income tax system. The difference? The individual AMT system taxes certain types of income that are tax-free under the regular system. It also disallows some deductions that are allowed under the regular system. If the AMT exceeds your regular tax bill, you owe the larger AMT amount. Don’t assume you’re exempt from AMT. The One, Big, Beautiful Bill Act increases the odds for taxpayers in certain situations, starting in 2026. For example, some risk factors involve having a high income and exercising incentive stock options. Questions about whether you’re liable? Contact us.
For more information, please visit our website at https://bit.ly/tax-briefs

08/13/2025

For decades, the IRS has required that businesses file Form 1099-NEC (previously 1099-MISC) for payments made to independent contractors that exceed $600 in a calendar year. This threshold amount has remained unchanged since the 1950s! The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to this outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation. Contact us with any questions about the new rules or your filing requirements.

07/23/2025

President Trump signed the One, Big, Beautiful Bill Act (OBBBA) into law on July 4. Here are some of the favorable changes that may affect you and your family. Starting in 2025, the child tax credit rises to $2,200 per qualifying child under 17 (up from $2,000). The deduction limit for state and local taxes (SALT) for 2025 is increased to $40,000. For 2026, the deduction limit rises to $40,400 and increases by one percent over the previous year’s amount in 2027–2029. The SALT deduction limit will return to $10,000 in 2030. The deduction is reduced (but not below $10,000) for higher-income taxpayers. These are just a couple provisions in the massive new law. Contact us if you have questions about your situation. For more information, please visit our website at https://bit.ly/tax-briefs

07/18/2025

Our office will be closing early at 12pm on Friday, July 18th, as we will be taking a short break for team building! We will resume normal office hours on Monday, July 21st. Our team wishes everyone a wonderful weekend!

07/16/2025

The One, Big, Beautiful Bill Act was enacted on July 4. The new law includes favorable changes for business taxpayers. For example, it permanently restores the 100% first-year depreciation deduction for eligible assets acquired after Jan. 19, 2025. This is up from the previous 40% bonus depreciation rate. The law also allows taxpayers to immediately deduct eligible domestic research and experimental expenses paid or incurred beginning in 2025. Before the law was enacted, those expenses had to be amortized over five years. Eligible small businesses can generally apply the new immediate deduction rule retroactively to 2022. Contact us to learn more about how the law applies in your situation. For more information, please visit our website at https://bit.ly/tax-briefs

Address

10516 Burt Cir
Omaha, NE
68114

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Website

http://koskicpa.com/

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