On average, Americans are receiving an 11% larger tax refund ($3,521) this year. That’s according to filing season statistics as of March 27, 2026. The IRS stats also show that the agency has paid 63 million refunds totaling $221.7 billion this tax season. U.S. Treasury Secretary Scott Bessent credits new deductions for qualified tips and […]

Did you know that you can deduct certain types of interest expense? It’s true, though rules and limitations apply. For example, mortgage interest may be deductible if you itemize rather than claim the standard deduction, subject to debt limits. Investment interest can also be deductible, but the deduction is limited to net investment income, which […]

Eligible individuals and their family members with disabilities can use tax-advantaged Achieving a Better Life Experience (ABLE) accounts to fund qualified disability expenses. The beneficiary must have become blind or disabled before age 46 (up from age 26 before 2026). Qualified expenses include housing, education, transportation and basic living expenses. For 2026, the ABLE account […]

The Qualified Opportunity Zone (QOZ) program offers tax breaks on capital gains from eligible long-term investments in designated low-income and rural communities. The One Big Beautiful Bill Act made the QOZ program permanent and established a new 10-year designation cycle. The IRS has issued guidance on how to nominate population census tracts for designation as […]

The IRS has announced an expansion of its Business Tax Account (BTA), making the self-service platform available to partnerships; tax-exempt organizations; federal, state and local governments; and Indian tribal governments. The BTA is a centralized platform that allows eligible users to manage their federal tax responsibilities online. Among other things, BTA users can view tax […]

Sports betting could get a lot more expensive! A new Bipartisan Policy Center brief (https://bit.ly/4vbsKbT  ) outlines how lawmakers might increase the federal excise tax on sports betting, which has exploded in popularity since a 2018 Supreme Court ruling allowed states to legalize it. An excise tax increase from 0.25% to 5% could raise close […]

After filing your 2025 tax return, consider fine-tuning your 2026 withholding. A big refund may be fun, but it indicates you withheld too much. Meanwhile, an unexpectedly high tax bill (and perhaps interest and penalties) means you withheld too little. The truth is, withholding is only an estimate. Changes in income, deductions, credits or life […]

The IRS has finalized regulations expanding the definition of “qualified nonpersonal use vehicles” to include unmarked emergency vehicles used by firefighters, rescue squads and ambulance crews. These vehicles, typically equipped with lights, sirens and emergency gear, are now exempt from the Internal Revenue Code Sec. 274(d) rules that require additional substantiation when claiming certain deductions […]