Author name: Penrose & Associates

The Internal Revenue Service has announced an important change that will make penalty relief easier for millions of taxpayers. Beginning in Summer 2026, the IRS will begin implementing a new Automatic Exemption from Penalty (AEP) program, replacing the long-standing First Time Abate (FTA) process for many taxpayers. What Is Changing? Under the previous First Time […]

For many retirees, Social Security benefits are the foundation of their retirement income. While these benefits provide valuable financial security, many retirees are surprised to learn that Social Security benefits may be subject to federal income tax. Understanding how these rules work can help you avoid unexpected tax bills and better plan your retirement income.

One of the most important retirement decisions you will make is when to begin collecting Social Security benefits. While you can start receiving benefits as early as age 62, waiting until your Full Retirement Age (FRA) or even age 70 can significantly increase your monthly benefit. There is no one-size-fits-all answer. The best age to

When is an Amended Tax Return Necessary? Many taxpayers assume that once their tax return has been filed, the matter is closed. However, situations sometimes arise where a previously filed return needs to be corrected. In these cases, filing an amended tax return may be appropriate. What Is an Amended Tax Return? An amended tax

As of January 1, 2026, the tax landscape for estates and trusts in the United States has undergone significant change due to the enactment of the OBBBA. For families engaged in estate planning, these changes increase flexibility, certainty, and advantages — but also warrant a fresh look at how family trusts are structured. Below is an updated

 1. Review and Pre-Pay SALT (State & Local Taxes) Action: Pre-pay property taxes or other deductible state/local taxes if itemizing. Why by Year-End: The SALT deduction cap for 2025 is temporarily increased to $40,000. Paying now locks in the full deduction under 2025 rules. 2. Accelerate Charitable Contributions Action: Make charitable donations (cash or property)

Many people are surprised to learn that you can work and still receive Social Security benefits — but it’s important to understand how your earnings may affect what you receive. Whether you’re already collecting benefits or planning ahead, knowing the rules can help you avoid unexpected reductions and maximize your retirement income. You Can Work

The recently passed One Big Beautiful Bill Act (OBBBA) brings some tax relief and new incentives aimed directly at helping small business owners grow, invest, and hire. Here’s a breakdown of the most valuable benefits — and how they might help your business in 2025 and beyond. Permanent 20% Small Business Income Deduction Great news

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (OBBB), a sweeping tax package that cements many existing tax cuts and adds new deductions and incentives. While some parts target specific groups—like seniors, small business owners, and wage earners—other provisions impact nearly everyone. Outlined below are some of the

Understanding Eligibility and What It Could Mean for You Did you know that even if you’ve never worked or paid into Social Security, you may still be eligible to receive benefits based on your spouse’s work record? Social Security spousal benefits can offer valuable support in retirement, but understanding whether you qualify—and how much you