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 […]

The new year has new tax deductions

The IRS is reminding taxpayers of new deductions available this tax season. If you’re 65 or older, you potentially can claim an additional $6,000 deduction. Depending on your occupation, you may be able to deduct up to $25,000 in qualified tips. You may also be able to deduct up to $12,500 in qualified overtime ($25,000 […]

Filing a final tax return

The death of a loved one may require you to file the individual’s final income tax return. Fortunately, this melancholy task is similar to filing your own return. You’ll need to complete a Form 1040, sign your own name (and indicate your relationship to the deceased), write “Deceased” and the date of death on the […]

Not all “business” expenses are tax deductible

With 2025 in the rear view mirror and the tax filing deadline on the road ahead, it’s a good time for businesses to start gathering information about their deductible expenses for 2025. But what’s deductible (and what’s not) might not be as clear-cut as you think. Most business deductions aren’t specifically listed in the Internal […]

Changes to Charitable Contributions in 2026

Last year’s One Big Beautiful Bill Act placed a new floor under the deductibility of charitable contributions. Beginning in 2026, if you itemize, you may deduct only the amount of donations that, in aggregate, exceeds 0.5% of your adjusted gross income. The new rule may make donor-advised funds (DAFs) more attractive. You claim a charitable […]

Direct Deposit Changes for 2026

To help phase out paper checks and issue more refunds via direct deposit, the IRS is encouraging taxpayers to provide banking information on their 2025 tax returns. But what happens to refunds if the direct deposit information is missing or incorrect? The Taxpayer Advocate Service says that when returns are filed without account information, the […]

Business owners: You don’t need a crystal ball to see the future, just your CPA

Financial statements report historical financial performance. But sometimes management or external stakeholders want to evaluate how a business will perform in the future. Forward-looking estimates are critical when evaluating strategic decisions, such as debt and equity financing, capital improvement projects, shareholder buyouts, mergers, and reorganization plans. While company insiders may see the business through rose-colored […]

Two Ways to Open a Trump Account: What Parents Need to Know

Parents now have two options to open a Trump Account (TA): They can file IRS Form 4547 electronically at trumpaccounts.gov or include the form with their 2025 tax returns. TAs offer families a new way to build savings for their children. A TA can be set up for anyone who’ll be under age 18 at […]

Landmark Tax Court Decision Expands R&D Credits to Animal Agriculture

Big news for agriculture innovators: On Feb. 3, the U.S. Tax Court ruled in George v. Commissioner that research to improve poultry health, disease resistance and growth rates qualifies for the research and development (R&D) tax credit under Section 41 of the Internal Revenue Code. This marks the first time animal agriculture has been formally […]