The Wolf Group

Hoping to claim the new $6,000 deduction for seniors? Or the new deductions for tip income, overtime income, or car loan interest? You can now see how these deductions will appear on your tax return. tinyurl.com/3mf9pmrk

In part 2 of our series on MAGI, we explain how to calculate your senior deduction, SALT deduction, child tax credits, and other OBBBA benefits based on your income. tinyurl.com/mu67t2tu

To claim many new tax benefits under The One Big Beautiful Bill Act, your MAGI must meet certain thresholds. In part 1 of our series on MAGI, we define it and explain how you can calculate yours. tinyurl.com/mrytmbvs

For years, individuals who don’t qualify for a US social security number and need an ITIN have faced a long, challenging process. What can you do to avoid pitfalls and improve your chances of success? tinyurl.com/yc6xxnz9

If tax is a factor in your charitable giving, it matters whether you donate in 2025 or 2026. The One Big Beautiful Bill Act creates tax planning opportunities whether you claim the standardized deduction or itemize. shorturl.at/iHdbt

Foreign individuals interested in “gifting” the US $1 million in exchange for US residency may soon be able to apply for a “Gold Card.” What should they expect for taxes? Will the $5 million “Platinum Card” be next? shorturl.at/cvsMo

Starting Sept. 30, 2025, some tax credits go away for purchases of electric vehicles and energy-efficient home improvements. Read more: shorturl.at/EB5nf

If you typically receive your tax refunds via paper check, you will need to start considering digital alternatives when an executive order modernizing payment methods takes effect in September. Read more: tinyurl.com/cby785hm

As of June 7, US companies and individuals will be prohibited from providing services to anyone located within the Russian Federation, including US citizens living in Russia. bit.ly/3zbumb3

Hoping to receive your Sch. K-1 by April 18? That’s a tall order this year. Check out our FAQs to understand why K-1s are delayed and what the delay may mean for you. bit.ly/3IcUkfc

The US is piercing the veil of secrecy of foreign ownership in US companies. A new form requires US LLCs, US businesses, and foreign companies operating in the US to reveal who truly owns or controls them. Failure to do so carries $10,000 penalties. bit.ly/35Hl0Hb

The US has become a top destination for foreigners seeking to evade tax in their home countries. It is now one of the most secretive tax havens in the world. But all that is about to change. bit.ly/3C8YSBN

As of mid-2021, if you called the IRS, your chances of getting through to a live person were only about 7%. Learn why and find out how you can get IRS help faster during these challenging times. bit.ly/3m85zhj

October 10 is World Mental Health Day. Mental health affects all of us, including our employees, our clients, and our loved ones. We have reason to hope that care is getting easier to obtain. Learn about recent developments and the resources available. bit.ly/3imZV8s

For the past 8 months, this question has been the most-often-asked question of the team at Wolf Group Capital Advisors. Bob Len, WGCA Managing Director, shares his thoughts on the matter. bit.ly/3bRRM7V

If the IRS believes you owe money, they send you a series of increasingly urgent tax notices. Sometimes, these notices come as a surprise—or arrive after the IRS’s due date to respond. Here’s what each notice means and how seriously to take it. bit.ly/3dNstqu

Last week, Texas was hit by severe storms, resulting in financial losses. If FEMA and insurance don’t cover the losses, Texas residents may be able to deduct them on their 2020 or 2021 tax returns. Plus, they get extra time to file their taxes this year. bit.ly/2ZMNZDp

The IRS is targeting high-income individuals who are delinquent in filing their US tax returns. Unfortunately, the IRS’s methods for identifying non-filers have also created headaches for G-4 visa holders. bit.ly/2VTKdGx

Whenever tax law changes are passed without bipartisan support (as was the case in 2017), those changes risk being overturned each time a new political party comes to power. What do President-elect Biden’s proposed tax changes mean for you? bit.ly/2VNjhIa

Many taxpayers are facing cashflow challenges amid the COVID-19 epidemic. To assist taxpayers who owe taxes and are struggling to pay the full amount all at once, the IRS announced new, easier payment plans to pay off tax debts. bit.ly/3g0qg9Y