Summer may feel far removed from tax-filing season. But for strategic taxpayers, it’s a great time to gather information and plot moves that may pay off when they file their 2026 return. Here are some midyear tax planning tips to consider...
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Drafting a budget can be challenging. It’s not easy to estimate future income, expenses and other factors that may change over time. Even so, a well-prepared budget remains one of the most valuable tools for setting financial goals...
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IR-2026-68, May 28, 2026WASHINGTON — The Internal Revenue Service today announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged...
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Fertility Benefits Could Expand in 2027 The IRS and other federal agencies have proposed new rules that could expand employers’ ability to provide fertility benefits to employees as early as plan years starting Jan. 1, 2027. If finalized...
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The death of a spouse is, first and foremost, a profound personal loss with intense emotional and psychological impact. But it can also bring about major financial changes at a difficult time. One that many people don’t think about is that...
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A Roth option is now almost universally offered by 401(k) plans, according to the Plan Sponsor Council of America’s 68th annual survey, which covers the 2024 plan year. If you participate in your employer’s 401(k) and have access to...
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Do you own a boat that you use for recreation, business or perhaps a little of both? If so, you might be missing out on valuable tax-saving opportunities for your vessel. Let’s set sail to explore five potential tax breaks for boat owners...
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Is Your Child’s Financial Aid Taxable? If you’re currently evaluating financial aid awards for your college-bound child, it’s important to understand what types of assistance are taxable. In general, free-money scholarships...
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With tax season in the rearview mirror, many individuals and business owners wonder how long they should hold on to tax-related records — and what can safely be discarded. Different types of documents have different retention recommendations and...
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It’s difficult for many people to write off medical expenses because of the limits imposed under the tax laws. But you may qualify by including every expense allowed. Some of the qualified procedures may surprise you. For example, most...
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If you operate a business that collects payroll taxes from employees, here’s a warning: Regardless of what your corporate financial situation is, don’t borrow from the withholding tax fund. If that money isn’t there when...
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If you’re a parent of minor children or of one or more college students, you’re likely thinking about them as you prepare to file your 2025 federal tax return or begin tax planning for 2026. Do they make you eligible for the Child Tax...
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