Proposed EV And Hybrid Annual Fees Aim To Replenish The Highway Trust Fund

Owners of electric vehicles (EVs) and plug-in hybrid vehicles may be assessed an annual fee to bolster the Highway Trust Fund and to offset declining gas tax revenue. A bipartisan bill (dubbed the BUILD America 250 Act) currently being proposed in the House of Representatives calls for an annual fee starting at $135 for EV […]

Empowering Your Right To Be Informed: Understanding The IRS Taxpayer Bill Of Rights

Ten fundamental rights make up the IRS’s Taxpayer Bill of Rights. One of the most important is the right to be informed. In a recently issued Tax Tip, the IRS provides a detailed look at what this right means. Among other things, it means that the IRS will include within certain notices any amount of […]

Business deductions for four-legged coworkers

Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: Dogs […]

Small Landlords: Don’t Overlook This Tax Deduction

Small landlords: You may be eligible for a valuable tax break. Unless you’re a “real estate professional” for tax purposes, rental losses are typically treated as passive and can’t offset nonpassive income, such as wages or business income. But some landlords may deduct up to $25,000 in rental real estate losses against other income each […]

Hobby or Business? Why the Difference Matters for Your Taxes

Earning income from a personal interest raises a key tax question: Is it a hobby or a business? This distinction is important because different tax rules apply. All income must be reported, but expenses and losses are deductible only if the activity qualifies as a business. If it’s considered a hobby, you can’t deduct related […]

Unlock the full potential of QuickBooks software

Many small and midsize businesses rely on QuickBooks® for day-to-day bookkeeping. But the platform also offers tools designed to improve efficiency and strengthen financial oversight. In recent years, QuickBooks has expanded its automation, reporting and integration capabilities, making it even more useful for growing businesses. Tapping into these capabilities can help you get more value […]

IRS Reinstates Private Letter Rulings for Key Corporate Tax Issues

In May 2026, the IRS reinstated a previously discarded policy that allows taxpayers to request private letter rulings (PLRs) from the IRS, but only for “significant issues” arising in corporate transactions. In the past, the IRS would, when requested, review entire proposed transactions. This could be time consuming and costly. Now, the agency will issue […]

The top federal income tax rate has historically been higher — much higher

Debt Forgiveness Could Create a Tax Bill

Debt forgiveness may result in taxes owed. Under federal tax law, gross income generally includes cancellation of debt income when a lender forgives all or part of a debt. However, there are exceptions. Debt discharged as part of a Chapter 7 or Chapter 13 bankruptcy case is generally excluded from income. Also, it may be […]

An IRS Letter Doesn’t Always Mean Bad News — But You Should Read It

If you receive a letter from the IRS, don’t discard it! Most IRS letters or notices relate to federal tax returns or tax accounts. A letter may reference changes to your account, taxes owed, a payment request, or a specific issue or credit on a tax return. You don’t need to respond unless the notice […]