The Connections Bridgewater-Somerville Edition April/May 2026

THE BRIDGEWATER-SOMERVILLE CONNECTION

PAGE 10

APRIL/MAY 2026

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and how best to leverage them in the future to achieve business and personal economic goals. Although the provisions

Opinion, if prior history is to repeat itself, the party that controls the executive branch will have difficulty maintaining the majority

FINANCIAL FORUM Tax Season: The House, the Senate, and What’s Next By Robert Shapiro CPA ABV-Shapiro CPAs

in both arms of Congress. If bi partisan support is needed, pass ing significant tax legislation would be unlikely. I cannot re call many financial issues with the support of both Democrats and Republicans alike. Whatever the administration or tax policy, we stand ready to help our clients plan and adapt to the best possible financial outcomes. We have provided proactive in dividualized tax management along with timely and accurate in both arms of Congress. If bi partisan support is needed, pass would be unlikely. I cannot re We have provided proactive in

of the OBBBA were made permanent, the reality, of course, is that no tax provi sion is truly permanent. Any current tax law change will require the support of Pres ident Trump and the Repub licans who control the House and Senate. However, this is a slim balance of power. This majority will be tested in the upcoming midterm elections. Under House of Representa

s the ’25 tax season is nearly com plete, ‘26 is upon us. Current implementa tion and expansion of the One Big Beautiful Bill Act (OBBBA) and mid-term elections are front and center. I hope your tax season was stress-free, though of course some will require exten sions. Individuals are enjoying the benefits of the OBBBA, including a more generous standard deduction, along with the supple mental senior standard deduction. This con tinues the trend of fewer taxpayers itemizing deductions and instead claiming the standard amount. This reduces the benefits of mort gage interest and other itemized elements. In turn, this diminishes the tax benefits of homeownership, adding to the affordabili ty issue. Which is most acute for first-time buyers. Not surprisingly, many clients in quire how best to structure finances to help the next generation afford their first home. Perhaps the increased state tax itemized de A s the ’25 tax season is nearly com

ductions will slow this trend, particularly in the tri-state area. A valuable deduction for businesses is the immediate expense provisions. This should serve to increase investment across the board. For successful pass-through business owners, the 20% Qualified Business Income deduction can result in significant savings, as the deduction is typically against the tax payer’s marginal (top) tax rate. Business and individual taxpayers should focus on how the new positive tax provi sions of the OBBBA will be implemented Whatever the administra tion or tax policy, we stand ready to help our clients plan and adapt to the best possible financial outcomes.

tives (House) rules, a simple majority vote is required to pass legislation, and all seats are up for election every 2 years. One-third of Senate seats are up for election every 2 years. Repub licans currently hold a 219 to 213 advantage in the House and a 53 to 47 advantage in the Senate. Using history as a guide, the upcoming midterm elections have not been kind to the incumbent president. According to The Amer ican Presidency Project, Univ CA, since 1982, the party that controlled the White House in the last eleven 4-year mid-term elections has lost a cumulative 233 House seats and 32 Sen ate seats. Since 1982, only 1 Republican and 1 Democratic president gained seats, respective ly, the last was in 2002.

preparation for over 75 years. Experienced and equipped to manage the complex needs of suc cessful individuals and closely held business es. I would welcome the opportunity to help your family and business grow and prosper. You should discuss any tax or legal matter with your tax or legal advisor. Shapiro CPAs does not provide legal services. This article is not to be construed as written advice under IRS Circular 230.

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