03/05/2026
This week, we heard from Chris Stang, CPA and managing partner at Stein, Olsen & Stang, LLC, who brought valuable updates and clarity to the ever-changing tax landscape for both individuals and businesses. And boy we got a real eye-opener on taxes and deductions!
A few key takeaways that could save you (or your clients) money:
• Standard vs. Itemized Matters – Just because something is “tax deductible” doesn’t mean it helps unless you’re itemizing.
• Medical Expenses Add Up – Insurance, prescriptions, Medicare premiums, and even certain care facilities can count—but only after hitting that 7.5% income threshold.
• Big Opportunity with Dementia Care – In some cases, 100% of memory care costs can be deductible.
• State & Local Taxes (SALT) – The deduction limit has increased (up to $40K for many), which is a big deal for homeowners.
• Mortgage Interest Rules – Still deductible, but capped depending on loan size and how funds are used.
• Charitable Giving Changes – Even non-itemizers may soon be able to deduct up to $1,000 per person.
👉 Biggest lesson? Don’t assume—strategy matters. The way you spend or give money isn’t as important as how it’s structured for tax purposes.
If you’ve ever thought, “I should be getting more back,” it might be time to take a closer look. valuable updates and clarity to the ever-changing tax landscape for both individuals and businesses. And boy we got a real eye-opener on taxes and deductions!
A few key takeaways that could save you (or your clients) money:
• Standard vs. Itemized Matters – Just because something is “tax deductible” doesn’t mean it helps unless you’re itemizing.
• Medical Expenses Add Up – Insurance, prescriptions, Medicare premiums, and even certain care facilities can count—but only after hitting that 7.5% income threshold.
• Big Opportunity with Dementia Care – In some cases, 100% of memory care costs can be deductible.
• State & Local Taxes (SALT) – The deduction limit has increased (up to $40K for many), which is a big deal for homeowners.
• Mortgage Interest Rules – Still deductible, but capped depending on loan size and how funds are used.
• Charitable Giving Changes – Even non-itemizers may soon be able to deduct up to $1,000 per person.
👉 Biggest lesson? Don’t assume—strategy matters. The way you spend or give money isn’t as important as how it’s structured for tax purposes.
If you’ve ever thought, “I should be getting more back,” it might be time to take a closer look.
For more information on how Chris can help you click on the link below or call:
https://www.steinolsenstangcpas.com/
419-668-0332.