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Teachers and other educators often spend their own money on books, supplies, equipment and other classroom needs. For 2026, eligible educators may have two ways to deduct qualifying unreimbursed expenses. One deduction is available whether or not they itemize, and a...

Contributing as much as possible to tax-deferred retirement accounts such as traditional 401(k)s and IRAs is a common recommendation. Contributions generally are pretax or deductible, and the power of tax-deferred compounding can help turbocharge growth. But some...

Mutual funds offer an easy way to invest in a diversified portfolio compared to buying individual stocks and bonds. But the tax treatment of mutual funds isn’t so simple. How are mutual funds taxed? If you sell appreciated mutual fund shares, the resulting profit will...

Have you already made contributions to charity this year? Are you considering making more between now and year end? If so, it’s important to be familiar with the tax rules for different types of donations so you can maximize your tax benefit — or at least avoid...

Last year’s One Big Beautiful Bill Act (OBBBA) terminated several clean energy tax incentives earlier than previously scheduled. But if you bought an electric vehicle or made certain green home improvements last year, you might be eligible for a tax credit on your...

Raising a family comes with plenty of expenses, but it may also make you eligible for various tax breaks. Some of the most valuable are tax credits, because they reduce your tax liability dollar for dollar (unlike deductions, which only reduce the amount of income...

A new tax-advantaged way to help children build up savings for the future was created by the One Big Beautiful Bill Act (OBBBA): Trump Accounts (TAs). Under a pilot program, you can make an election to set up a TA for your U.S. citizen child born in 2025 through 2028...

January Reminder: 2025 1099 Filing – Action RequiredNow that we are in January, it’s time to submit your 2025 year-end 1099 information so we can prepare and file your 1099s by the February 2, 2026 IRS filing deadline.To help ensure timely and accurate filing, please...

Many tax figures are annually adjusted for inflation and typically increase each year. For example, for 2026, the standard deduction increases to $16,100 for single filers, $24,150 for heads of households and $32,200 for married couples filing jointly.

What is a Donor-Advised Fund? A donor-advised fund (DAF) is essentially a charitable “holding account” housed within a 501(c)(3) public charity. When you contribute to a DAF, you make a charitable gift and claim the tax deduction immediately. However — unlike with...

On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law. This legislation updates several provisions from the Tax Cuts and Jobs Act (TCJA), many of which were set to expire at the end of 2025. One of the most significant areas...

Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The new limitation up close Before the Tax Cuts...

At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But teachers are also buying school supplies for their classrooms. And in...

What the New Tax Law Means for Your Business – Key Changes Under OBBBAOn July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law—a sweeping tax reform package that brings significant changes for both individuals and businesses. Whether you...

The next estimated tax payment deadline is coming up soon If you make quarterly estimated tax payments, the amount you owe may be affected by the One Big Beautiful Bill Act (OBBBA). The law, which was enacted on July 4, 2025, introduces new deductions,...

No tax on car loan interest under the new law? Not exactly Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted,...

Act soon: The OBBBA ends clean energy tax breaks The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded...

What the New Tax Law Means for You – Key Individual Changes Under OBBBAOn July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law—a sweeping tax reform package that brings significant changes for both individuals and businesses. Whether...

What you still need to know about the alternative minimum tax after the new law The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference is that the individual AMT...

What families need to know about the new tax law The One, Big, Beautiful Bill Act (OBBBA) has introduced significant tax changes that could affect families across the country. While many of the provisions aim to provide financial relief, the new rules can be complex....

What the new tax law could mean for you As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire at the end of the year. That changed on July 4, when President Trump signed the One, Big, Beautiful Bill...

Tax breaks in 2025 and how The One, Big, Beautiful Bill could change them The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. While the bill is now being...

Digital assets and taxes: What you need to know As the use of digital assets like cryptocurrencies continues to grow, so does the IRS’s scrutiny of how taxpayers report these transactions on their federal income tax returns. The IRS has flagged this area as a key...

How working in the gig economy affects your taxes The gig economy offers flexibility, autonomy and a way to earn income, but it also comes with tax obligations that can catch many workers off guard. Whether you’re driving for a rideshare service, delivering food,...

Still have tax questions? You're not alone Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. 1.When will my refund show up? Use the IRS’s “Where’s...

The 2024 gift tax return deadline is coming up soon If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift tax return. And in some cases, even if it’s not...

Looking ahead to 2025 tax limits as you prepare to file your 2024 return Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be...

Early bird tips: Answering your tax season questions The IRS announced it will start the 2025 filing season for individual income tax returns on January 27. That’s when the agency began accepting and processing 2024 tax year returns. Even if you typically don’t file...