Trump Accounts (under new IRC Section 530A) are a specialized type of traditional individual retirement account (IRA) designed for minors. They allow contributions from parents, guardians, relatives, employers, and certain other sources, with investments focused on low-cost U.S. equity index funds (e.g., those tracking the S&P 500) to promote strong compound growth.

The OBBBA delivers permanent changes that can reduce your 2025 tax liability by 20-30% if implemented correctly.

Entrepreneurs in livery services, think taxis, limousines, and ride sharing fleets, and trucking/logistics companies, take note: The One Big Beautiful Bill, signed into law on July 4, 2025, has reinstated 100% bonus depreciation as a permanent fixture in the U.S. tax code.

The OBBBA revives a form of personal auto loan interest deductibility, not seen since the 1980s, to encourage new vehicle purchases while supporting U.S. manufacturing. This above-the-line deduction, reported on Schedule 1 (Form 1040), can be claimed whether clients itemize or take the standard deduction. It covers interest paid on loans for new, U.S. assembled passenger vehicles, capped at $10,000 per year, with excess interest carrying forward within the 2025–2028 period. The Joint Committee on Taxation estimates this provision will cost the Treasury $31 billion, underscoring its value for taxpayers.

Happy International Women’s Day! Today, we celebrate the social, economic, cultural, and political achievements of women around the world. At our CPA practice/Insurance agency, we recognize the important role that women play in shaping the future of our industry and the world.

Tax preparation is a crucial task for individuals and businesses alike. It involves gathering and organizing financial information, calculating taxes owed, and ensuring compliance with tax laws and regulations. One of the most important aspects of tax preparation is working with a qualified and trustworthy professional.

The first Wednesday of April is National Walking Day. As such, go ahead and put on your most comfy shoes and go out to celebrate National Walking Day.

Small business is the backbone of our country, at Ozfield, we try to do our part in helping set up, and guide you through the Insurance and Tax aspects of owning a business. If you want to join the ranks and start your own business, we are here to help.