IRS Announces Updated 2027 HSA and HDHP Limits

If you’re covered by a high-deductible health plan (HDHP), you can contribute pretax income to a Health Savings Account (HSA). Funds can be withdrawn tax-free to pay qualified medical expenses. The IRS annually adjusts various HSA and HDHP limits for inflation. For 2027, the maximum HSA contribution amount will be $4,500 for individuals (vs. $4,400 […]

IRS Releases New Calculator for Long-Term Contract Reporting

The IRS has released a new calculator to help businesses with multi-year construction and manufacturing contracts. The Excel-based Percentage-of-Completion Method (PCM) Look-Back Interest Calculator is designed to help with completing Form 8697, “Interest Computation Under the Look-Back Method for Completed Long-Term Contracts” (https://bit.ly/4u9m6RM). While the calculator may simplify part of the process, it doesn’t guarantee […]

Fine-tune your tax withholding after filing your return

Many taxpayers discover at filing time that their tax payments during the year didn’t align with their actual liability — either too much or too little was withheld from their paychecks. A small difference is to be expected, but withholding that’s significantly off target can have negative consequences. Overwithholding reduces the amount available to you […]

Teen Tip Earners May Qualify for a Valuable Tax Deduction

Many teens are starting summer jobs and may earn tips. Tips are a nice bonus because they’re extra cash before payday. They can also result in a tax deduction. Employees who earn tips from jobs like waiting tables, delivering food or other eligible occupations may be able to deduct up to $25,000 of qualified tips […]

When the IRS Incorrectly Flags You as Deceased: Next Steps to Take

Imagine getting locked out of your IRS tax account because the IRS incorrectly believes you’ve died. It’s rare, but it can happen due to processing errors or the Social Security Administration (SSA) sending incorrect information to the IRS. If you receive IRS Notice CP01H, “Tax Return Submitted with Locked Social Security Number (SSN),” verify you […]

Debt vs. equity: Classification counts when shareholders put money into their corporations

If you operate your business as a C corporation, how you put money into your company — and how you take it back out — can have a major impact on your tax bill. Payments from shareholders to fund the business can either be classified as capital contributions (equity) or shareholder loans (debt). That might sound […]

Are NIL Contributions Tax-Deductible? Here’s What Donors Should Know

College student-athletes can now be legally paid for the use of their “name, image and likeness” (NIL) without risking NCAA eligibility. But if you support an athlete through NIL contributions, know that payments made directly to student-athletes aren’t tax-deductible. Contributions to organizations commonly called “collectives” may be deductible, but be sure to clear three key […]

Looking for Reliable Tax Updates? Start With Trusted Sources

Using social media platforms is a quick and easy way to glean tax-related information and advice. However, it can be difficult to gauge the accuracy of the information available online. Our firm is one source of trusted information. Another is the IRS. Consider following its official social media accounts (https://bit.ly/4dVN1KP ) and subscribing to its […]

Tax mitigation strategies when rebalancing your investment portfolio

Large stock market gains in recent years, coupled with some significant volatility in 2026, have left many investors with portfolios that are out of balance with their desired asset allocation. If you haven’t rebalanced recently, it may be time to do so. But you also must consider the tax implications. Careful planning can minimize the […]

New IRS “Trump Accounts” Now Available for Eligible Children

Taxpayers can now access their Section 530A accounts (also known as “Trump Accounts”) and submit and view the status of Form 4547, “Trump Account Election(s),” through their IRS individual online accounts. A Sec. 530A account can be set up for any U.S. citizen who’ll be under age 18 at the end of the tax year […]