Pose these 5 questions to your 401(k) fund portfolio

Less Than 3% Scanned: IRS Falls Behind on Zero Paper Goals

A recent report (https://bit.ly/3MoKW0h ) released by the Treasury Inspector General for Tax Administration (TIGTA) warns that the IRS may miss a 2030 deadline to digitize all historical tax records. Contractors had scanned less than 3% of an estimated 1 billion pages of documents. The agency had also fallen behind the Trump administration’s Zero Paper […]

There’s still time to set up a SEP and reduce your 2025 taxes

If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose a Simplified Employee Pension (SEP), you’ll be able make deductible 2025 contributions to it, saving you taxes. Not only is the SEP deadline favorable, but […]

Is the AMT Your Next Tax Surprise?

Are you subject to the alternative minimum tax (AMT)? In general, this tax applies if your “tentative minimum tax” exceeds your regular income tax liability. Significant long-term capital gains and dividend income or recently exercised incentive stock options can trigger the AMT. Although the One Big Beautiful Bill Act (OBBBA) makes higher AMT exemptions permanent, […]

Don’t Face an IRS Notice Alone — You Have Rights

The IRS’s Taxpayer Bill of Rights includes 10 fundamental rights taxpayers are entitled to when interacting with federal tax authorities. It’s written to help make the existing rights in the tax code clear, understandable and accessible. One of these is the “right to challenge the IRS’s position and be heard.” In a nutshell, this allows […]

Tax filing update for pass-through entities

Do you operate a business as a partnership, a limited liability company (LLC) treated as a partnership for tax purposes or an S corporation? In tax lingo, these are called “pass-through” entities because their taxable income items, tax deductions and tax credits are passed through to their owners and taken into account on the owners’ federal […]

Income Limits Matter: Understanding the New Senior Deduction

The IRS is providing seniors with information and resources regarding the 2026 tax filing season. For eligible taxpayers age 65 or older, the One Big Beautiful Bill Act created a temporary deduction of up to $6,000 ($12,000 for married couples filing jointly). The deduction begins to phase out when modified adjusted gross income (MAGI) exceeds […]

Starting a Business? Understand Your Federal Tax Obligations First

If you’re thinking about starting a business, make sure you understand your federal tax responsibilities before opening your doors. IRS Publication 583, Starting a Business and Keeping Records, covers the basics. Your business structure (such as a sole proprietorship, partnership, limited liability company or corporation) determines which forms you must file and which taxes apply, […]

When medical expenses are — and aren’t — tax deductible

If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make it hard to claim the medical expense deduction. At the same time, more types of expenses may be eligible than you might expect. Limits on the […]

Before You Claim That “Secret” Tax Credit, Read This

Scrolling for tax tips? Be careful. The IRS warns that bad advice on social media can mislead taxpayers about refunds and tax credits. Some influencers may falsely claim that the IRS is hiding “secret” credits or encourage taxpayers to bend the truth on their returns. Acting on misinformation can result in audits, penalties and having […]