August 2025

Anthony J. Cerchia,

CPA,

Tax Partner

Featured Article From Our Experts

How Will the One Big Beautiful Bill Act Affect Individual Taxpayers?

The One Big Beautiful Bill Act introduces sweeping tax changes that could impact your taxes. From higher SALT deductions and permanent Child Tax Credits to expanded education benefits, charitable deductions and new savings options, the bill reshapes how many taxpayers plan ahead. While not every update applies to all, certain provisions could be a big deal for specific taxpayers. In this article, I will review the most significant changes and what they could mean for you in the upcoming tax season.

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For many people, most or all of their federal income tax liability is covered by withholding from their paychecks. But some people have taxable income from sources such as interest, dividends, self-employment income or capital gains. If that’s the case, they may need to make estimated payments to help ensure they’re not subject to an underpayment penalty at tax time.

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The Quirky Math of Partnership Income

Business partnerships may include situations that give the partners pause. This article explains that in any given year, the partners may have been taxed on more partnership income than was distributed to them. It notes that the cause of this quirk of taxation lies in the way partnerships and partners are taxed. 

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Market volatility might shrink an individual’s traditional IRA, but that could be an opportunity. A lower account value means the accountholder can convert to a Roth IRA and pay less tax on the conversion. This short article looks at the timing of a conversion and offers advice on how to stretch out the related tax bill. 

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What Taxpayers Need To Know About the IRS Ending Paper Checks

There are big changes ahead that will affect how many Americans receive their tax refunds! The federal government will soon stop issuing paper tax refunds and Social Security checks. This article explains what you need to know for the upcoming tax season

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About Dannible & McKee, LLP

Dannible & McKee, LLP is a leading CPA firm that has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Known for our technical expertise and deep industry experience, we are committed to delivering high-quality service tailored to our clients' needs. Our firm is guided by core values that prioritize our clients' best interests, ensuring they receive the strategic insights and support needed to navigate financial complexities with confidence. In a profession built on precision and trust, our greatest reward comes from the simplicity of helping good people prosper. By providing clarity in every financial decision, we contribute to their long-term success. That's the key to Delivering Confidence!

Learn more about Dannible & McKee at: www.dmcpas.com.

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