Midyear is an ideal time to review your financial situation and determine whether you’re on track to minimize your tax liability. Evaluating your income, deductions, and investments now gives you more flexibility to make adjustments before year-end rather than scrambling during tax season. Several tax-saving opportunities may still be available, especially with recent tax law […]
Smart Midyear Tax Planning Moves for 2026 Read More »
Selecting the right accounting method is one of the most important tax decisions a small business owner can make. The method you choose determines when income and expenses are recognized, which can directly impact your tax liability and cash flow. While many larger businesses are required to use the accrual accounting method, qualifying small businesses
Cash or Accrual Accounting? A Small Business Tax Guide Read More »
Many people assume the new tax deduction available to taxpayers age 65 and older means they no longer have to pay taxes on Social Security benefits. While the deduction can reduce taxable income, it does not automatically eliminate taxes on Social Security. Known as the senior deduction, this tax break can be worth up to $6,000
Will Your Social Security Benefits Be Taxable in 2026? Read More »
Starting a new business involves making several important decisions, and one of the first is selecting the right legal structure. Your choice of business entity affects how your company is taxed, how profits are distributed, and the level of personal liability you and your business partners may face. For entrepreneurs launching a business with one
Choosing Between an LLC and an S Corporation Read More »
Whether you sell handmade products online, perform music on weekends, or earn income from another side venture, any earnings generally must be reported on your tax return. However, the tax treatment of your expenses depends on whether the IRS views your activity as a business or a hobby. Why the Business vs. Hobby Distinction Matters
Side Hustle Tax Rules: Business vs. Hobby Explained Read More »
Losing a job can be stressful, especially when you’re focused on replacing income and planning your next career move. However, employment changes can also trigger several important tax consequences that are often overlooked. From unemployment benefits and severance packages to health insurance and retirement accounts, understanding the tax implications of a job loss can help
Job Loss and Taxes: Key Financial Decisions to Make Read More »
For real estate investors, developers and business owners, selling a highly appreciated property can trigger a substantial tax bill. Fortunately, a Section 1031 like-kind exchange may provide an opportunity to defer taxes by exchanging one qualifying property for another rather than completing a traditional sale. While many property owners understand the basic concept of a
1031 Like-Kind Exchanges Explained: Common Myths and Key Rules Read More »
Many parents are unaware of the so-called kiddie tax, and those who have heard of it often assume it applies only to young children. However, the rules extend much further. In certain situations, the kiddie tax can affect full-time students up to age 23 and even some 18-year-olds who are no longer minors. When the
Kiddie Tax Rules in 2026: What Parents Need to Know Read More »
Being self-employed offers flexibility and independence, but it also comes with tax responsibilities. One of the biggest advantages of running your own business is the ability to deduct qualifying business expenses and reduce your taxable income. Unfortunately, many self-employed individuals miss out on legitimate tax savings because they don’t fully understand the rules or fail
5 Overlooked Business Expense Deductions for Sole Proprietors Read More »
Most employees are familiar with the option of contributing pre-tax dollars to a traditional 401(k) plan. These contributions reduce taxable income today while allowing investments to grow on a tax-deferred basis until retirement. If your employer’s plan includes a Roth 401(k), you may also have the option to make after-tax contributions that can potentially be
After-Tax 401(k) Contributions: Are They Worth It? Read More »