Living Overseas? Don’t Miss the June 15 Tax Filing Deadline

Reminder for Americans living and working abroad: Your 2025 federal income tax return is due by June 15. Taxpayers whose tax home and main place of business are outside of the United States and Puerto Rico generally get an automatic two-month extension to file their return. But interest is charged on any tax that wasn’t […]

Should your business consider a fiscal year end?

Most businesses close their books for tax and accounting purposes on December 31 because it aligns with the calendar year. But a calendar year isn’t always the best option. For some companies, choosing a fiscal year end that better reflects their business cycle can improve financial reporting and simplify year-end procedures and tax filing. Here’s […]

Considering a Summer Job After 65? Don’t Overlook the Tax Impact

Are you 65 or older and considering a seasonal or part-time job this summer? The extra income can be rewarding, but it may also change your tax picture. Individuals age 65 or older may qualify for a higher standard deduction, which could reduce taxes on modest earnings. But if you’re receiving Social Security benefits, additional […]

IRS Form 990 Changes Ahead: What Nonprofits Need to Know

Recently, the U.S. Treasury Dept. provided some details about the forthcoming revised IRS Form 990 (an information return used by tax-exempt organizations). Among other things, the new form will require clearer reporting on fiscal sponsorships. These occur when nonprofits provide an administrative umbrella for new charitable projects, sparing them the burden of immediately obtaining tax-exempt […]

Turn your income statement into a profit-boosting playbook

When your financial statements arrive, it’s tempting to glance at the bottom line and move on. After all, you’ve got customers to serve and employees to manage. But your income statement is more than a report card. It can be a strategic tool to help you spot growth opportunities, tighten your execution and make smarter […]

Employing Your Child Can Be a Smart Tax Strategy

If you operate a sole proprietorship or a partnership where you and your spouse are the only partners, you might want to consider employing your child this summer. In addition to providing valuable work experience and enabling your child to start contributing to a tax-advantaged IRA, you can save payroll taxes. Wages you pay to […]

Hold on to tax records in the event the IRS audits you

Hold on to tax records in the event the IRS audits you. Test your knowledge with this question.

3 questions to ask before you buy long-term disability insurance

A Missed Estate Tax Election Could Be Costly

For 2026, the federal gift and estate tax exemption is $15 million — effectively $30 million for a married couple. “Portability” allows any unused portion of a deceased spouse’s exemption to be transferred to the surviving spouse. But it isn’t automatic. The executor must timely file a properly completed estate tax return. Even if no […]

IRS Clarifies Long-Term Care Withdrawals From Retirement Plans

The IRS has issued guidance (Notice 2026-33) on qualified long-term care (LTC) distributions from defined contribution retirement plans, such as 401(k)s. If a plan permits, distributions made after Dec. 29, 2025, to pay LTC insurance premiums are exempt from the 10% early withdrawal penalty but included in gross income. Distributions are limited to the lesser […]