Helping a child prepare financially for college can reduce the need to rely on student loans and give them greater flexibility as they begin adulthood. When saving for future education expenses, families have several options, including two...
Read MoreCaregiving for a Parent? Don’t Miss Out on Tax-Saving Opportunities
Caregiving for a parent can be mentally and emotionally demanding. But providing financial support may allow you to claim a tax credit, use a more favorable filing status or deduct certain medical expenses, depending on your situation...
Read MoreFirst-Time Parent? Consider These Tax Implications
Welcoming your first child brings plenty of changes, including some that affect your taxes. You may become eligible for tax benefits you’ve never claimed before, and you may need to reconsider your filing status and income tax withholding...
Read More401(k) Plan Issues with New and Former Employees
What Should We Do If Our 401(k) Plan Must Make a Distribution to Someone We Can’t Locate? Question: Each year, when our 401(k) plan makes required minimum distributions, we discover that the addresses on file for some distributees are no...
Read MoreFederal Tax News for Individuals
Are Your Medical Expenses Deductible? You may be able to claim a tax deduction for unreimbursed medical and dental expenses that exceed 7.5% of your adjusted gross income. Eligible expenses can include payments for medical and dental care...
Read MoreBeyond Compliance: Use Your Financial Statements To Improve Performance
Under U.S. Generally Accepted Accounting Principles, comprehensive financial statements include three reports: the balance sheet, income statement and statement of cash flows. Each report offers a different perspective on your business’s...
Read MoreHow To Reduce the Cost of Your Child’s College Education
If you’re the parent of a college-aged child, you already know how pricey higher education has become. According to EducationData.org’s Education Data Initiative (EDI), the average annual cost of college in the United States in 2026...
Read MoreWhat’s the Right Entity Choice for Start-Ups Today?
Launching a start-up involves many decisions. Among the most important is choosing the right business structure for federal tax purposes. Last year’s One Big Beautiful Bill Act (OBBBA) made permanent and modified several provisions of the...
Read MoreSelf-Employed? You May Be Eligible for the Home Office Deduction
Once upon a time, employees could claim home office expenses as a miscellaneous itemized deduction, subject to a 2%-of-adjusted-gross-income floor, if the arrangement was for their employer’s convenience. But such deductions were suspended...
Read MoreFederal Tax News for Businesses
Capitalizing Intangible Asset Costs Does your business hold intangible assets? Intangibles are nonphysical, long-term resources that can add significant value to a business. Examples include copyrights, licenses and customer lists. The tax...
Read MoreEstate Planning: Review Your Beneficiary Designations Regularly
You may think of a will or living trust as the primary place to dictate who’ll receive your assets after your death. But for many people, a large portion of their assets — perhaps even most of them — will be distributed according to...
Read MoreIRS Revs Up Standard Mileage Rates for the Second Half of 2026
The IRS recently announced an increase in the optional standard mileage rate for business vehicle use for the second half of 2026. The adjustment reflects higher fuel costs this year. It’s accompanied by a hike in the standard mileage rate...
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