Shift income to take advantage of the 0% long-term capital gains rate

Are you thinking about making financial gifts to loved ones? Would you also like to reduce your capital gains tax? If so, consider giving appreciated stock instead of cash. You might be able to eliminate all federal tax liability on the appreciation — or at least significantly reduce it. Leveraging lower rates Investors generally are […]

Are Your Business Records Audit-Ready?

Small businesses don’t always have the human or financial resources to devote to tax recordkeeping. Nevertheless, owners and independent contractors need to ensure their recordkeeping will enable them to substantiate their income and deductions when they file tax returns. A simple, yet comprehensive recordkeeping system will also help you make strategic decisions about budgeting and […]

Scam Alert: Seniors Are Being Targeted by Fake IRS Calls

Americans age 65 and older are disproportionately targeted by tax fraud schemes. The IRS warns seniors about impersonation scams where criminals call and claim to be IRS employees or other government officials. Scammers may tell would-be victims they owe tax and must pay immediately or be arrested. It’s important to know that most legitimate IRS […]

Test your Knowledge on the Wash sale rule

What percentage of Americans have an estate plan?

Are You Ready for the 2026 Catch-Up Contribution Rules?

Beginning in 2026, new rules under SECURE 2.0 will require higher-income participants in 401(k), 403(b) and 457(b) plans to make any catch-up contributions as after-tax Roth contributions. For 2026, this requirement applies to participants with 2025 Social Security wages exceeding $150,000. That threshold will be annually adjusted for inflation. No longer being able to make […]

How the Social Security wage base will affect your payroll taxes in 2026

The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look. FICA tax 101 The Federal Insurance Contributions Act (FICA) imposes two payroll taxes on wages and self-employment income — one for Old-Age, Survivors, and Disability Insurance, commonly known as the Social Security tax, […]

Snow Day

It’s probably safe to say that filing a 2025 tax return currently isn’t at the top of most people’s minds. The good news is there’s time to prepare. To that end, the IRS is providing tips and other information on its website to help taxpayers get organized. With the passage last year of the One […]

IRS Staffing Shortages May Mean Slower Help This Tax Season

According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS lost as much as 19% of staffers from key tax season functions in 2025. It also implemented a hiring freeze. TIGTA and many lawmakers are worried that IRS staffing shortages will negatively affect taxpayers during the upcoming tax season. In recent communications with […]

Your 2025 W-2 Is Coming—Here’s When

When should employees expect to receive their 2025 Form W-2? Most years, employers must either directly provide or mail W-2s by Jan. 31. But Jan. 31 falls on a Saturday in 2026, so the deadline this year is Monday, Feb. 2. If your employer mails your W-2, you should receive it within a week of […]