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 […]

Tax essentials for sole proprietors

Many small businesses start out as sole proprietorships. This structure is simple and inexpensive to establish and maintain — and it gives the owner direct access to profits without having to take formal distributions. But it also makes your taxes more complicated than when you were a W-2 employee. Here are some federal tax issues […]

Retirement Doesn’t Mean Your Income Is Tax-Free

Some new retirees are surprised to learn their retirement income — for example, from Social Security and tax-deferred retirement plans — is taxed. Withdrawals from traditional (but not Roth) IRAs and 401(k) plans, and pension and annuity benefits (depending on how the accounts were funded), are generally taxable. How much of your Social Security benefits […]

Tax Planning Shouldn’t Wait Until Tax Season

Tax planning should be a year-round activity, not something to think about only when preparing to file your tax return. The IRS offers tips and resources in its recently issued Publication 5349-A, Year-Round Tax Planning Is for Everyone. Among other things, the IRS recommends reviewing your tax withholding and estimated tax payments, particularly after major […]

Tax planning for real estate investors

Many individuals invest in real estate to help diversify their portfolio, create an income stream for themselves from rental income and build net worth over time. Often, this is a side activity to a career in another field or running another type of business — not the individual’s primary source of income. Holdings might range […]

New IRS Rules Address IRA Errors and Missed Rollover Deadlines

Under Revenue Procedure 2026-33, the IRS has established a new program to help IRA owners and custodians correct certain IRA errors. The IRA Compliance Resolution System (ICRS) allows eligible errors to be corrected through requests to the IRS. Self-correction of IRA errors currently isn’t available under the ICRS. The program also provides a process for […]