Rental Property Owners: Know the Tax Rules for Advance Rent and Security Deposits

As year end approaches, rental property owners should review tenant payments carefully. Advance rent and security deposits may be taxed differently. Advance rent is generally taxable in the year received, regardless of the period covered or the landlord’s accounting method. By contrast, a refundable security deposit generally isn’t taxable when received if it’s held to […]

New IRS Guidance Expands Retiree Health Benefits for Phased Retirement

Under new IRS guidance, a qualified pension plan may use surplus assets in its Section 401(h) retiree health account to pay medical benefits for eligible phased retirement participants (plus their spouses and dependents). Employees age 59½ or older who receive pension benefits under the program are considered retired for this purpose, even if they continue […]

Debits and credits: A practical guide for business owners

Accurate books start with a basic understanding of how financial transactions flow through your accounts. Today’s accounting platforms automate much of the double-entry process, making bookkeeping faster and more efficient. But even with increasingly sophisticated software, understanding the fundamentals of debits and credits can help business owners make sense of their financial reports and spot […]

Giving Back This Holiday Season? Your Volunteer Expenses May Be Tax Deductible

Giving back to your community this holiday season may come with an added benefit: tax deductions. If you itemize and volunteer for a qualified charitable organization, you may be eligible to deduct certain out-of-pocket expenses. Although your time and services don’t qualify, you may be able to write off transportation costs, including mileage at 14 […]

“Doorstep taxes” can raise the cost of home delivery

Don’t Fall for Tax Credit Scams: Know the Warning Signs

The IRS is warning taxpayers about misleading tax credit claims that could lead to costly mistakes. Some scammers promote nonexistent credits, such as a “Native American Tax Credit.” Others encourage taxpayers to claim legitimate credits for which few people qualify, including the Fuel Tax Credit. Be cautious of anyone promising unusually large tax savings or […]

Retirement Plan Errors? New IRS Rules Expand Correction Options

The IRS recently updated its Employee Plans Compliance Resolution System (EPCRS). Under Revenue Procedure 2026-34, effective Oct. 22, 2026, employers sponsoring qualified retirement plans, 403(b) plans, SEP arrangements and SIMPLE IRA plans have expanded opportunities to correct plan errors while preserving tax-favored benefits. EPCRS offers three correction options: the Self-Correction Program, the Voluntary Correction Program […]

Remote work can complicate your state taxes

Working remotely may broaden your job options and make daily life easier. But working from a different state than your employer — or spending part of the year working from a second home in a different state than where you normally reside — can create state tax issues. Because the rules vary by state, work […]

The Fed Holds Rates Steady: What It Means for Borrowers

The Federal Reserve maintained its benchmark interest rate on Oct. 28, keeping the federal funds rate target range at 3.75%–4% following September’s quarter-point increase. The Fed will continue to assess additional information as it works toward its 2% inflation goal. Benchmark rates can affect borrowing costs. If you’re thinking about applying for a loan or […]

Excess Inventory? Donating It Could Bring Tax Benefits

Year end is a good time for businesses to review inventory that’s unlikely to sell. Donating excess goods to charity could free up space, support a worthy cause and potentially provide a tax break. But special rules apply. The deduction is generally limited to the lesser of the goods’ fair market value (FMV) or tax […]