John Schaaf

The One Big Beautiful Bill Act was signed into law on July 4, 2025 — and it's already changing how you file your 2025 return. The new deductions were never built into your withholding, which means many taxpayers overpaid throughout the year and are now seeing larger refunds.  Here are the 8 provisions that matter most to our Indiana clients, what you need to do about them, and a few traps to avoid.  One important note before we start: The new deductions for overtime, tips, car loan interest,...

You own a rental property that makes money every month. What if we told you it could also show a loss on your tax return — and that loss could reduce what you owe on your other income? That's the power of depreciation and cost segregation. Here's how it works and what you need to know before using it.   What Is a Cost Segregation Study? When you buy a rental or commercial building, the IRS makes you depreciate it over 27.5 years  (residential rental) or 39 years  (commercial). That's a small...

In our opinion, the Health Savings Account is the single best tax-savings vehicle in existence. Nothing else gives you all three of these at once: You deduct what you contribute — up to $8,750 for a family in 2026, plus an additional $1,000 catch-up contribution if you are age 55 or older. The money grows tax-free inside the account. You don't pay tax when you withdraw it for medical expenses. No other account does all three. Traditional IRAs and 401(k)s give you a deduction going in, but...