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Anyone who has moved retirement money out of an old employer’s plan knows how frustrating it can be. Every administrator has their own forms. Timelines are all over the place. Paper checks show up weeks later…
Picture two couples, each with a baby born this year, each routing $2,500 of salary into that child’s Trump Account through an employer’s payroll system. One couple sits in the 35% bracket. The other, at roughly $65,000…
For the first time since 2022, the IRS is changing standard mileage rates in the middle of the tax year. If you track business, medical or moving miles, this matters. Starting July 1, 2026, the numbers go up, and your recordkeeping needs…
A county in Michigan was owed about $2,200 in back taxes. To collect it, the government took a home worth close to $200,000, auctioned it for a fraction of that, and called the matter settled. The family is now putting a simple…
Here’s something that flew under the radar for most people: a court decision from late last year could put money back in your pocket if you got hit with IRS penalties during COVID. But you need to act fast! For some taxpayers…
Artificial intelligence is driving an unprecedented surge in data center construction. Developers, private equity sponsors and their tax advisors are navigating a complicated web of questions that touch everything from ownership…
Picture two things happening at the same time. The agency responsible for reviewing your tax return is understaffed and buried under a backlog; and the software that agency uses to catch filing errors just keeps getting…
Tax season is here, and while the IRS opened its doors for 2025 returns on Jan. 26, with the familiar April 15 deadline intact, this year’s filing experience is shaping up to be anything but routine. A perfect storm of workforce cuts, rushed…
After a whirlwind 2025 that produced what may be the largest tax bill in American history, the coming year looks dramatically different. Tax policy experts are predicting a legislative standstill, a turbulent tax filing season…
American parents now have access to a completely new savings tool designed to give children a financial foundation for the future. Established through The One Big Beautiful Bill Act, these accounts carry the name…
Tax planning feels like homework nobody wants to do, but here’s the reality: real money is sitting on the table. The One Big Beautiful Bill Act changed the rules this year, and most people are still figuring out what matters for…
America’s housing crisis has reached a breaking point. With median home prices soaring past $400,000, the National Association of Home Builders reports that 60 percent of U.S. households can’t even afford a $300,000 home. The math…
The IRS has released draft Schedule 1-A, introducing four new temporary deductions within the One Big Beautiful Bill Act. If you are wondering what the new form looks like and how the calculations work, read on as we explore each…
Required minimum distributions (RMDs) from traditional IRAs and 401(k)s often become a significant tax burden during retirement. As the percentage of your IRA that…
Receiving restricted stock units (RSUs) may seem straightforward, but the tax and financial planning complexities can catch many employees off guard. Understanding these key strategies might help you avoid costly…
Running a small business often means working with a mix of people: some full-time staff, part-time helpers, seasonal workers or project-based contractors. While this flexibility helps manage costs and workload, it creates a crucial…
The rise of artificial intelligence tools like ChatGPT and Grok has transformed how Americans seek information. From meal planning to complex financial questions, these…
For many high-income earners and those approaching retirement, a Roth IRA conversion represents a strategic financial move that can significantly impact long-term wealth preservation. This approach allows…
The Basics of Tax Reporting in Legal SettlementsWhen you collect a settlement for a lawsuit, you’ll likely also receive a Form 1099 from the IRS. This form serves…
As tax filing season begins, scammers are ramping up efforts to steal taxpayers’ personal information through increasingly sophisticated schemes. Below, we discuss the latest scam, what to look out for in general and what to do is if you…
As 2025 unfolds, U.S. tax policy is poised for significant shifts, particularly with a new Republican administration under President Donald Trump. The year ahead will likely see a range of tax reforms, largely driven by the…
The word “innocent” in innocent spouse relief can be misleading. It doesn’t imply you’re perfect or blameless – it’s more about…
Personal Income Tax Planning Strategies for Year-End 2024
As 2024 draws to a close, it’s the perfect time to review your personal income tax situation and implement strategies…
According to estimates, inflation adjustments to the internal revenue code are expected to yield increases of 2.8 percent, compared to 2024 amounts. This means wider tax brackets and increased exemptions, among other things. With the…
Former President and current candidate Donald Trump introduced a new policy of his in a recent Arizona rally: No more income tax on overtime pay. This follows both Trump and…
On Jan. 1, 2024, the U.S. government debuted the Corporate Transparency Act (CTA). This legislation established the requirement for the majority of private companies, both big and small…
The enactment of the Tax Cuts and Jobs Act (TCJA) in 2017 brought with it major changes to the tax code on both personal and business levels. While many taxpayers have not only enjoyed but come to see…
I sincerely hope you have never had to go through an IRS audit – and never have to in the future. But what if that dark day does arrive? Should you go it alone and defend yourself or hire a CPA to be on your…
