Trump Accounts: A New Employee Benefit Opportunity

Businesses that want to contribute to 530A (also known as Trump) accounts of their employees’ children can set up a written plan called a Trump Account Contribution Program (TACP). To be excludable from employee gross income, TACP contributions are limited to $2,500 per employee per year (no matter how many eligible children individual employees have). […]

Before You Give, Make Sure Your Charity Qualifies

A charity’s tax-exempt status can affect whether your contribution qualifies for a federal income tax deduction. If the IRS revokes an organization’s tax-exempt status, donations generally remain deductible if they were made before the revocation’s effective date and the organization was eligible to receive deductible contributions at the time. Contributions made after that date generally […]

What’s a property tax millage rate?

Test your knowledge: What’s a property tax millage rate?

Getting Paid to Care for Family? Know the Tax Rules

Are you paid to care for a family member? Don’t overlook the tax implications. Depending on the arrangement, a family caregiver may be considered a household employee, which can create employment tax and Form W-2 obligations for the person receiving care. In other situations, the caregiver may not be an employee but still must report […]

Beware of Fake Tax Credits: What Businesses Need to Know

The IRS is warning tribal communities and businesses about promoters selling fake “Tribal Tax Credits,” “Native American Tax Credits” and similarly named credits. No such federal tax credits exist. Promoters may claim you can purchase the credits to reduce your federal tax bill or generate a refund, sometimes pressuring you to act quickly. Other red […]

Federal Surcharge Drives Another Increase in Wireless Taxes and Fees in 2026

Federal Surcharge Drives Another Increase in Wireless Taxes and Fees in 2026 https://bit.ly/472salZ

Your HSA Could Be More Than a Healthcare Account

A Health Savings Account (HSA) isn’t just for today’s medical expenses. It can also help you build additional tax-advantaged retirement savings. If your finances allow, consider paying current qualified medical expenses out of pocket and leaving your HSA funds invested. Earnings grow tax-deferred, unused funds carry forward indefinitely and withdrawals for qualified medical expenses are […]

Could CTA reporting return?

The Corporate Transparency Act (CTA) is intended to help authorities uncover crimes such as tax evasion and money laundering. But the National Small Business Association (NSBA) is asking the U.S. Supreme Court to determine whether the CTA is constitutional. A 2026 U.S. Treasury Dept. rule exempted most domestic entities from CTA reporting requirements. But in […]

Starting a Business? Get Your Tax Compliance Right From the Start

If you’re opening a small business, you’ll need to get up to speed on tax compliance, pronto. Start by separating your personal and business finances (including bank accounts and credit cards) and choosing your business structure, which will determine how your business is taxed. Research small business deductions (https://bit.ly/3VlQ894 ) so you’ll know which items […]

Understanding the Tax Benefits of a Stepped-Up Basis

The stepped-up basis rules can help ease the capital gains tax bite of an inheritance. Under the rules, when your family member inherits an asset, its tax basis is adjusted, or “stepped up,” to its fair market value at your death. If the heir later sells the asset, he or she will owe capital gains […]