Author name: Penrose & Associates

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

Take our fun and interactive When to Amend Quiz: Now that tax season is behind us, many people breathe a sigh of relief and move on. But sometimes, after the dust settles, you may realize that something was left out or reported incorrectly on your return. If that happens, don’t panic—you may be able to

We’re living in times marked by economic uncertainty—rising inflation, market swings, interest rate changes, and global disruptions. These challenges can affect everything from your grocery bill to your retirement plan. But with the right approach, you can take control of your finances and stay resilient through whatever comes next. Here are some smart, practical steps

When managing your finances and planning for the future, understanding the various investment and savings options available to you is crucial. Two terms often come up in discussions about financial planning are “tax-free” and “tax-deferred.” While these terms may sound similar, they refer to distinct investment strategies that can significantly impact your long-term financial goals.

As we approach the new tax year, it’s important to stay informed about key tax changes that could impact your financial planning. The IRS has announced several updates for the 2025 tax season. Below are some of the most significant changes: Adjustments to Tax Brackets and Standard Deductions The IRS has made inflation-related adjustments to

Please note that beneficial ownership information reporting requirements have been affected by a recent federal court order. The Department of the Treasury is appealing that order. In the meantime, business owners are not currently required to file a BOIR and are not subject to liability if they fail to do so while the applicable order

As the year draws to a close, now is the perfect time to ensure your financial house is in order and to take advantage of tax-saving opportunities. With a little planning, you can reduce your tax liability for 2024 and set yourself up for a strong financial start in 2025. Here are some key strategies

Setting and achieving financial goals can feel overwhelming, but breaking them down by decade can make the process more manageable. Here is a guide to what you should be aiming for as you progress through each stage of life. 20s: Building a Strong Financial Foundation In your 20s, your primary goal is to establish a

As a follow-up to our previous communication regarding the Beneficial Ownership Information (BOI) Reporting, we wanted to send a reminder about the approaching deadline of January 1, 2025 and the importance of ensuring your compliance with the regulations. As mentioned in our earlier article, the BOI reporting requirement is part of the recent regulatory changes