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Big Beautiful Bill – A Deeper Dive for Individual Tax – Tax Senior Maggie Gladu

Tax law just changed in ways that can meaningfully shift your refund, your withholdings, and the timing of your biggest money moves. We invited MP CPAs Tax Senior Maggie Gladu to decode the 2025 “Big Beautiful Bill” and translate headlines into clear actions you can take before year-end. From a quadrupled SALT cap to new above-the-line deductions, we separate what helps, what phases out, and what you should plan around right now.

We walk through who truly benefits from the SALT cap rising to $40,000, why itemizers in high-tax states may gain most, and how the phaseout between $500k and $600k AGI changes the calculus. Mortgage interest rules hold steady for acquisition debt up to $750k, while home equity interest remains off the table—documentation matters more than ever. A new auto loan interest deduction (up to $10,000) could reduce taxable income without itemizing if you buy a qualifying U.S.-assembled vehicle from 2025–2028, subject to income limits.

Social Security taxation stays the same, but seniors get a $6,000 above-the-line bonus with phaseouts. Service and shift workers see new opportunities: deductions for qualified tips (up to $25,000) and overtime ($12,500 single, $25,000 joint) across 2025–2028, each with clear AGI thresholds. We also unpack “Trump accounts,” long-term custodial accounts designed to seed savings for children born 2025–2028 and minors under 18, with contributions that can grow for goals like a first home.

Don’t miss the deadlines: residential clean energy, energy-efficient home improvements, and EV credits end after 2025. Then 2026 ushers in above-the-line charitable deductions for non-itemizers, a new charitable floor for itemizers, and a cap on itemized deductions for top-bracket taxpayers. We close with practical timing strategies—prepaying taxes, scheduling gifts, and aligning income—to keep you under key phaseouts.

If this helped you get clarity, follow the show, share it with a friend, and leave a quick review. Questions about your AGI range or deduction timing? Send them our way and we may answer on a future episode.

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From Capital Gains to Tax Deferrals: Inside Opportunity Zones- Kiley Tomaskowicz Senior Tax Associate

The tax landscape is constantly evolving, and savvy investors are discovering powerful strategies to defer, reduce, and even eliminate capital gains taxes through Qualified Opportunity Zones. This eye-opening episode featuring Senior Tax Associate Kiley Tomaskowicz unveils how these special economic zones—originally created in the 2017 Tax Cuts and Jobs Act and now made permanent—offer a triple tax advantage that could transform your investment approach.

Kylie breaks down the mechanics of Opportunity Zone investing with crystal clarity, explaining how virtually any taxpayer can defer capital gains by reinvesting them within 180 days into designated distressed communities. The magic happens when you hold these investments—after five years, you'll see a 10% reduction in your original taxable gain; after seven years, that jumps to 15%; and perhaps most compelling, after ten years, any appreciation on your Opportunity Zone investment becomes completely tax-free.

But this isn't a simple tax play. As Kylie cautions, these investments require careful consideration of liquidity needs (your money will be tied up for years), compliance requirements (the rules are strict and penalties for non-compliance significant), and market risks (these zones need development for a reason). We also explore exciting new provisions for rural opportunity funds that offer enhanced benefits including a remarkable 30% basis step-up and reduced improvement thresholds. Whether you're looking to diversify your portfolio, support community development, or implement sophisticated tax strategies, this episode provides the roadmap you need to navigate Opportunity Zone investments successfully.

Want to learn more about how Qualified Opportunity Zones might fit into your wealth strategy? Visit TheMPGroupCPA.com or call 413-739-1800 to connect with our expert team and discover if this powerful tax incentive could work for you.

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What Do Donors and Nonprofits Need to Know About Non-Cash Gifts? -

Looking to make a bigger impact with your charitable giving while maximizing tax benefits? Dive into the strategic world of non-cash contributions with Brooke Williams, Audit Manager at MP CPAs, as she unveils the powerful advantages of donating appreciated assets.

Most donors default to cash contributions, but those with appreciated stocks, real estate, artwork, or even cryptocurrency have access to a giving strategy that can significantly reduce tax burdens while potentially increasing charitable impact. Brooke expertly breaks down how donors can avoid capital gains taxes on appreciated assets held for more than a year while still receiving charitable deductions for the full fair market value—a double tax advantage that cash simply can't provide.

The conversation explores both donor and nonprofit perspectives, covering everything from the popularity of publicly traded securities as donation vehicles to the complexities of the "related use rule" for tangible property donations. Brooke walks listeners through critical IRS documentation requirements, including when qualified appraisals are necessary and which specific forms must be filed for different gift values. For nonprofits, she emphasizes the importance of developing comprehensive gift acceptance policies to handle these complex donations appropriately.

Whether you're a potential donor with appreciated assets or a nonprofit looking to expand your giving options, this episode provides essential guidance for navigating the complexities of non-cash charitable contributions. Remember that consultation with tax professionals is crucial in this space, as the rules are strict and the requirements precise. Subscribe to the Knowing What Counts Podcast for more expert insights on protecting and optimizing your wealth!

To learn more about MP CPAs visit:
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What IS Succession Planning?

Selling your business represents the culmination of years—sometimes decades—of hard work, risk-taking, and passionate dedication. Yet many business owners approach this critical transition without the preparation needed to maximize value and protect their legacy.

Patrick Leary, an experienced CPA specializing in privately held companies, takes us deep into the realities of business succession planning. He reveals why the process should start years before you intend to exit, beginning with a clear-eyed assessment of your true goals. Are you looking to maximize financial return? Transfer to family members? Ensure your company's continued presence in the community? These foundational questions shape every subsequent decision in your exit strategy.

Financial transparency emerges as perhaps the most crucial element of a successful sale. "Nothing will derail a transaction faster than not having good books and records," Patrick warns. Buyers require confidence in your financial reporting, making clean, reconciled accounts and organized documentation non-negotiable. The Letter of Intent (LOI) also demands careful attention, as its structure—particularly whether you're pursuing an asset or stock sale—carries enormous tax implications that could mean hundreds of thousands or even millions in difference to your after-tax proceeds.

Beyond the financial and legal aspects, Patrick addresses the emotional journey of selling a business that's been "part of the family" for decades. Many owners struggle to separate their emotional attachment from market realities during valuation discussions. Even after closing, the transition often requires sellers to remain involved for months, making the sale a process rather than an event.

Don't wait until you're ready to exit to begin planning. Connect with experienced advisors now to implement value-building strategies, optimize your tax position, and ensure you're fully prepared for the most significant financial transaction of your life. Your business legacy deserves nothing less.

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Let’s Talk IRAs: What They Are and Why They Matter- Kelly Braese Senior Tax Associate

Navigating the complex world of retirement planning can feel overwhelming, but understanding IRAs might be the key to unlocking your financial future. In this information-packed episode, Kelly Braese, Senior Tax Associate at MP CPAs, demystifies the power and potential of Individual Retirement Accounts as wealth-building tools that go far beyond basic retirement savings.

Kelly breaks down the fundamental differences between IRAs and employer-sponsored plans like 401(k)s, highlighting the greater flexibility, investment options, and portability that IRAs offer. The conversation explores the critical distinctions between traditional and Roth IRAs – from tax treatment and contribution limits to withdrawal rules and required minimum distributions. For those weighing their options, Kelly provides clear guidance on how each account type might benefit different financial situations and future goals.

The episode doesn't stop at basics. Kelly dives into specialized IRA options for self-employed individuals and small business owners, including SEP IRAs with their impressive $70,000 annual contribution limit and SIMPLE IRAs with employer matching requirements. She also reveals strategic planning techniques like the "backdoor Roth" conversion that allows high-income earners to access Roth benefits despite income limitations. Whether you're just starting your retirement planning journey or looking to optimize existing accounts, this episode delivers actionable insights to help maximize your long-term wealth while minimizing tax burdens.

Wondering which IRA is right for your specific financial situation? Connect with the expert team at MP CPAs by visiting TheMPGroupCPA.com or calling 413-739-1800 to develop a personalized strategy that aligns with your goals. After all, as we always say, success begins with Knowing What Counts.

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Digital Assets, Real Taxes: The Tax Implications of Trading Cryptocurrency – Jack Labranche Tax Senior

Trading cryptocurrency might feel like digital magic, but the tax consequences are very real. In this essential episode of Knowing What Counts, senior tax associate Jack LaBranche demystifies the complex world of digital asset taxation.

The conversation begins with a clear distinction between digital assets (anything digital with value) and cryptocurrency (a specific type of digital asset functioning as digital money). Jack expertly breaks down the five key activities that trigger tax events: selling crypto, exchanging between different cryptocurrencies, using crypto to purchase goods, earning crypto through mining or staking, and receiving crypto as payment for services. Each scenario carries distinct tax implications that traders need to understand.

Most crucially, Jack explains that the IRS considers cryptocurrency as property rather than currency, subjecting it to capital gains rules similar to stocks. However, crypto enjoys a significant advantage over traditional securities – it currently isn't subject to the "wash sale rule," allowing traders to sell at a loss, immediately repurchase, and still claim the tax loss. This creates a powerful tax planning opportunity, though Jack cautions this loophole may close in the future. Other digital assets like NFTs face specialized treatment, potentially being taxed as collectibles at rates up to 28%.

The conversation also covers practical considerations: the critical difference between crypto wallets (digital safes for your keys) and exchanges (trading platforms with no FDIC protection), essential record-keeping practices, and upcoming regulatory changes like the new Form 1099-DA arriving in 2025. Jack's final advice emphasizes education, meticulous record-keeping from day one, and working with tax professionals who understand the rapidly evolving digital asset landscape.

Whether you're a crypto novice or experienced trader, this episode delivers actionable insights to help you protect your digital investments from unexpected tax surprises. Listen now and ensure your crypto strategy accounts for what truly counts – keeping more of your gains through proper tax planning.

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The Interest Expense Dilemma: Breaking Down IRC 163j Limitations - Featuring: Estefania Cabrera, Senior Tax Associate

Tax planning can make or break your business strategy, and nowhere is this more evident than with interest expense deductions. In this eye-opening episode of Knowing What Counts, Senior Tax Associate Estefania Cabrera unravels the complex world of IRC Section 163J limitations – rules that could significantly impact how much of your business interest expense you can actually deduct.

Originally targeting foreign-owned companies using U.S. subsidiaries to lower tax bills through interest deductions, the Tax Cuts and Jobs Act of 2017 expanded these limitations to most U.S. businesses. We break down exactly how these rules work: limiting business interest deductions to 30% of adjusted taxable income plus 100% of business interest income. But who's affected? Estefania explains the small business exemption for companies with average gross receipts under $31 million and special elections available for farming and real estate businesses.

The conversation takes a practical turn as we explore how these limitations affect different entity types. For corporations, the process is straightforward with limitations applied and tracked at the corporate level. Partnerships face more complexity, with excess interest passed through to partners who must then track these amounts themselves. We also discuss a critical change after 2022 – the elimination of the depreciation add-back provision that creates a counterintuitive situation where taking more depreciation can actually reduce allowable interest deductions.

Avoid common pitfalls we see clients encounter: incorrectly assuming exemption status, partners losing track of excess interest carry-forwards, and businesses failing to properly combine related entities' gross receipts. Whether you should slow down depreciation, capitalize interest expenses, or elect out of limitations entirely depends on your specific situation. The key takeaway? These rules change annually with inflation adjustments, so staying connected with your tax advisor is crucial for effective planning. Don't wait until tax filing time to discover these limitations – by then, it's too late to implement strategic changes.

Visit TheMPGroupCPA.com or call 413-739-1800 to speak with our tax experts about optimizing your business interest deductions while remaining fully compliant with evolving tax regulations.

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Gifting Your Estate: Estate and Gift Tax Strategies - Featuring: Anthony Trinchini, Senior Tax Associate

Financial security isn't just about what you build—it's about how effectively you pass it on. When senior tax advisor Anthony Trinchini joins the Knowing What Counts podcast, he cuts through the complexity of estate planning to reveal strategies that protect wealth while minimizing tax exposure.

The conversation begins with the essential mechanics of gift and estate taxes. Anthony explains how the annual exclusion ($19,000 per recipient in 2025) works alongside the lifetime exemption (nearly $14 million per person). The key insight? Gifting appreciating assets early freezes their value for tax purposes while shifting all future growth outside your estate—a powerful wealth preservation technique too many people discover too late.

Trusts emerge as versatile tools with distinct advantages. Revocable trusts don't reduce estate taxes but help avoid probate. Irrevocable trusts remove assets from your estate entirely. Grantor trusts allow you to cover the income taxes, essentially making additional tax-free gifts. The discussion explores specialized options like QPRTs (Qualified Personal Residence Trusts) for transferring homes at discounted values, GRATs (Grantor Retained Annuity Trusts) for capturing excess growth of appreciating assets, and SLATs (Spousal Lifetime Access Trusts) that allow married couples to reduce estate taxes without surrendering complete access to assets.

Beyond trusts, Anthony highlights two additional powerful strategies: 529 education plans with their front-loading capability ($95,000 individual/$190,000 couple tax-free gifting in a single year) and family LLCs that enable valuation discounts of 20-40% when gifting business interests. His most emphatic advice? Start early with coordinated planning between your CPA and estate attorney. Estate planning isn't one-size-fits-all—it should align with your family's unique goals and values.

Ready to protect your legacy and minimize tax burdens? Connect with the expert team at MPCPAs today by visiting mpgroupcpa.com or calling 413-739-1800. Remember, success begins with knowing what counts.

To learn more about MP CPAs visit:
https://thempgroupcpa.com/
MP CPAs
413-739-1800