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 […]

Immediate Expensing Now Available for U.S. Manufacturing Facilities

The One Big Beautiful Bill Act introduced a 100% deduction for the cost of qualified production property (QPP) whose construction begins after Jan. 19, 2025, and before Jan. 1, 2029, and that’s placed in service before 2031. This break is generally available for nonresidential real property used in manufacturing in the United States. Before the […]

How auditors evaluate key person risks

From technical know-how to charisma and innovation, the skills and personal attributes of a company’s leaders are often critical to its success. But those same traits can become a source of risk if the business relies too heavily on its founder or another top manager. If a so-called “key person” becomes incapacitated, retires or unexpectedly […]

One Hearing Isn’t Enough? Lawmakers Urged to Revisit CDP Rules

National Taxpayer Advocate Erin Collins is asking the U.S. Congress to protect taxpayers following a U.S. Supreme Court ruling on the Collection Due Process (CDP). Congress established the CDP in 1998 to enable taxpayers to contest proposed IRS levies and Notices of Federal Tax Lien. Collins contends that the Court’s recent decision may result in […]

Disabled access tax credit

Catch-up contributions can help you…catch up

For 2026, SIMPLE-IRA participants age 50 or older can take advantage of catch-up contributions that allow them to save more for retirement while potentially lowering their tax bills. The standard elective deferral limit is $17,000, with an additional $4,000 catch-up for those age 50 to 59 and 64 or older at the end of 2026. […]

Did I choose my filing status properly?

When it comes to filing your federal tax return, mistakes can happen. The IRS encourages taxpayers to carefully review their return before filing it to make sure it’s correct and complete. A common mistake is choosing the incorrect filing status. To determine your filing status, use the IRS’s “What is my filing status?” online tool […]

Owe tax with no ability to Pay?

It’s tax season, and for some taxpayers, that means facing a balance due. If you can’t pay your full tax bill, an offer in compromise (OIC) could help you settle your debt for less than you owe. The IRS considers your ability to pay, income, expenses and asset equity to determine eligibility. You can’t be […]