NEWS & UPDATES

Should You Buy a Business Vehicle Before Year-End?

With the passage of the One Big Beautiful Bill (OBBB), business owners have a powerful new year-end tax planning opportunity: 100% bonus depreciation is back—and that means buying a business vehicle before December 31 could deliver a significant deduction on your 2025 tax return. At Shifflett & Philips CPA, we’re spending a lot of time helping clients understand how these new rules impact their year-end planning. Here’s what business owners need to know. 100% Bonus Deprec

Nov 264 min read

Understanding the Tax Treatment of Divorce: Community Property, Separate Property, and IRS Rules

Divorce is not only an emotional process but also a financial one, with significant tax implications. From dividing assets to handling...

Oct 33 min read

Short-Term Rentals vs. Long-Term Rentals: Understanding the Tax Differences

Real estate can provide excellent opportunities for cash flow and tax savings, but not all rental properties are treated the same under...

Sep 225 min read

FBAR Reporting Explained: Requirements, Deadlines, and Penalties

FBAR Reporting Requirements: What You Need to Know For U.S. taxpayers with foreign financial accounts, compliance with the Foreign Bank...

Sep 152 min read