Teen Tip Earners May Qualify for a Valuable Tax Deduction

Many teens are starting summer jobs and may earn tips. Tips are a nice bonus because they’re extra cash before payday. They can also result in a tax deduction. Employees who earn tips from jobs like waiting tables, delivering food or other eligible occupations may be able to deduct up to $25,000 of qualified tips […]

When the IRS Incorrectly Flags You as Deceased: Next Steps to Take

Imagine getting locked out of your IRS tax account because the IRS incorrectly believes you’ve died. It’s rare, but it can happen due to processing errors or the Social Security Administration (SSA) sending incorrect information to the IRS. If you receive IRS Notice CP01H, “Tax Return Submitted with Locked Social Security Number (SSN),” verify you […]

Debt vs. equity: Classification counts when shareholders put money into their corporations

If you operate your business as a C corporation, how you put money into your company — and how you take it back out — can have a major impact on your tax bill. Payments from shareholders to fund the business can either be classified as capital contributions (equity) or shareholder loans (debt). That might sound […]

Are NIL Contributions Tax-Deductible? Here’s What Donors Should Know

College student-athletes can now be legally paid for the use of their “name, image and likeness” (NIL) without risking NCAA eligibility. But if you support an athlete through NIL contributions, know that payments made directly to student-athletes aren’t tax-deductible. Contributions to organizations commonly called “collectives” may be deductible, but be sure to clear three key […]

Looking for Reliable Tax Updates? Start With Trusted Sources

Using social media platforms is a quick and easy way to glean tax-related information and advice. However, it can be difficult to gauge the accuracy of the information available online. Our firm is one source of trusted information. Another is the IRS. Consider following its official social media accounts (https://bit.ly/4dVN1KP ) and subscribing to its […]

Tax mitigation strategies when rebalancing your investment portfolio

Large stock market gains in recent years, coupled with some significant volatility in 2026, have left many investors with portfolios that are out of balance with their desired asset allocation. If you haven’t rebalanced recently, it may be time to do so. But you also must consider the tax implications. Careful planning can minimize the […]

New IRS “Trump Accounts” Now Available for Eligible Children

Taxpayers can now access their Section 530A accounts (also known as “Trump Accounts”) and submit and view the status of Form 4547, “Trump Account Election(s),” through their IRS individual online accounts. A Sec. 530A account can be set up for any U.S. citizen who’ll be under age 18 at the end of the tax year […]

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 […]