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Essential Tax Tips for Sole Proprietors in 2026

Many small businesses begin as sole proprietorships because this business structure is relatively simple and inexpensive to establish and operate. Unlike corporations, sole proprietors generally have direct access to their business profits without needing to make formal distributions. However, being self-employed also means dealing with tax rules that don’t apply to typical W-2 employees. From […]

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College Tax Breaks Parents Should Know About in 2026

College and other forms of higher education can be a significant financial commitment. Many parents spend years saving for their children’s education, while others may have had limited opportunities to save or encountered unexpected financial challenges. The good news is that several tax benefits may be available when your child starts college or another postsecondary

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How the New Markets Tax Credit Can Help Businesses Access Capital

Businesses located in economically distressed communities can face significant challenges when trying to secure funding for expansion, new equipment, real estate improvements, or other investments. The New Markets Tax Credit (NMTC) was created to encourage private investment in these underserved areas. The program provides federal income tax credits to eligible investors while helping qualifying businesses and community

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Mutual Fund Tax Rules Every Investor Should Know

Mutual funds are a popular investment choice because they provide instant diversification without requiring investors to purchase individual stocks or bonds. While they offer convenience and professional management, the tax rules that apply to mutual funds can be more complicated than many investors realize. Understanding how gains, losses, and distributions are taxed can help you

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Employer Guide to Form W-4 Compliance and IRS Withholding Rules

Form W-4, officially known as the Employee’s Withholding Certificate, allows workers to tell employers how much federal income tax should be withheld from each paycheck. While most forms are completed without issue, employers occasionally receive documents that contain alterations, questionable statements, or are affected by an IRS lock-in letter. Recognizing these situations and responding appropriately

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Giving to Charity? Understand the Tax Deduction Rules First

Donating to charity allows you to support meaningful causes while potentially reducing your tax liability. However, not every charitable contribution receives the same tax treatment. The type of donation you make, whether you itemize deductions, and recent tax law changes can all affect the amount you can deduct. Understanding the rules before making year-end contributions

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2026 Employer Child Care Credit: Bigger Tax Savings for Small Businesses

Providing valuable employee benefits is one of the most effective ways to attract and retain talented workers. For businesses with employees who have young families, employer-sponsored child care can be a significant advantage. While offering child care has traditionally been too costly for many employers, recent tax law changes have made this benefit more financially

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Tax Rules for Lottery and Gambling Winnings: What Every Winner Should Know

Winning a lottery prize, hitting a jackpot at the casino, or receiving another type of award can be exciting. However, before making plans for your newfound funds, it’s important to understand the tax implications. Federal tax laws generally treat lottery prizes, gambling winnings, and many other awards as taxable income. Understanding these rules can help

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What to Do When Your Small Business Faces Tax Problems

Businesses of every size can run into tax challenges, even when financial records are well organized. Cash flow shortages, missed filing deadlines, payroll tax mistakes or unexpected notices from the IRS can quickly become overwhelming as penalties and interest accumulate. The good news is that taking prompt action and understanding your available options can help

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Smart Midyear Tax Planning Moves for 2026

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

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