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Last Wednesday, the House Ways and Means Committee voted to approve a new bill addressing various tax provisions and extensions — with no modifications. This bill includes substantial changes affecting businesses, individuals, estates, and energy-related tax credits. The bill could potentially increase the US deficit by up to $4 trillion over the next 10 years, so due to the high cost, it seems unlikely to be approved by the senate. However, we do expect some of these items will eventually be pushed through. Here’s a breakdown of what is currently included in the bill:
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As we are in the second quarter of 2025, now is a good time to take a look at your withholdings and find out whether you are having enough taxes withheld from your paycheck. The IRS requires 100% of prior year tax (110% for adjusted gross income over $150,00) or 90% of current year tax to be withheld throughout the year. By adjusting your withholdings before the end of the year you can avoid underpayment penalties next April.
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Gentle Readers,
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This is likely my shortest missive of all time. Don’t dismay: if I survive the April tax deadline (and I always do), I’ll be back with long and windy articles with breathtaking insights and commentary. However, today my message is short and sweet.

You must return the signed Form 8879 before your tax preparer can file your return!! 
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Mallory Vincent, CPA and Colby Ryan • 

If you have purchased a new “clean vehicle” after April 18, 2023, you may qualify for a credit of up to $7,500. To qualify for the credit, your Adjusted Gross Income (AGI) must be below certain limits, which are determined by your filing status (the limits are $300,000 for married filing jointly, $225,000 for head of household, and $150,000 for all other filing statuses). You can use your modified AGI from the year you take delivery of the vehicle or the year before, whichever is less. If your modified AGI is below the threshold in one of the two years, you can claim the credit.