IRS Makes Penalty Relief Easier

The IRS is replacing the First Time Abate penalty waiver, which taxpayers had to request, with Automatic Exemption from Penalty (AEP), which automatically grants penalty relief to eligible taxpayers. You may qualify if you’ve filed returns and paid taxes on time for the past three years (or 12 consecutive quarters if you file quarterly). AEP […]

Wedding Donations Can Make a Difference—and May Offer Tax Benefits

Weddings can be exceptionally expensive. But if you’re getting married and planning a reception with food, you may be eligible for a tax deduction by donating the leftovers to a local food bank. Coordinate with your caterer and a vetted food pantry. You may also want to consider donating your wedding dress, bridesmaid dresses, decorations […]

Proposed Tax Relief for Fraud Victims

Recently, the U.S. House Ways and Means Committee unanimously passed the Tax Relief for Fraud Victims Act. Currently, federal tax deductions for personal casualty and theft losses are limited to federally declared disaster losses. Under the bill, victims of Ponzi schemes, cryptocurrency scams, identity theft and other fraud would be able to deduct their financial […]

Running a Business with Your Spouse? Know the Tax Rules

If you and your spouse operate a profitable, unincorporated small business, you face some unique tax issues. The IRS will generally classify your business as a partnership for federal tax purposes. So, you’ll have to file an annual partnership return and both you and your spouse must receive Schedules K-1, which allocate taxable income, deductions […]

Make the Most of the 2026 Gift Tax Exclusion

If you want to transfer some of your wealth to your adult children or other family members, one of the simplest tools available is the gift tax annual exclusion. For 2026, the exclusion is $19,000 per recipient. If you’re married and your spouse consents to a joint gift, also called a “split gift,” the exclusion […]

Could an Installment Sale Reduce Your Tax Bill?

Selling investment or commercial real estate can trigger a hefty tax bill, but an installment sale may help soften the impact. If you’ve owned the property for more than one year, your gain may qualify for favorable long-term capital gains tax rates of 15% or 20%, depending on your taxable income. Receiving payments over multiple […]

Is Your Business Protected from Tax Identity Theft?

Tax identity theft can victimize businesses as well as individuals. Perpetrators might file fraudulent returns using your organization’s employer identification number. Or they may impersonate your executives to steal employee W-2 data and create new, “synthetic” identities to file returns and apply for credit. To help prevent financial losses and the inconvenience of repairing your […]

A Smarter Way to Give to Charity

Qualified charitable distributions (QCDs) let traditional IRA owners age 70½ and older make tax-free distributions directly to eligible charities. QCDs also can count toward required minimum distributions (RMDs). Because QCDs don’t increase reportable income, they can reduce or eliminate the risk that RMDs will trigger income-based reductions of various tax breaks. For example, the $6,000 […]

Hiring Seasonal Employees? Don’t Overlook These Tax Rules

Hiring seasonal employees can help businesses meet peak demand, but it also comes with important tax responsibilities. Employers must verify work eligibility, properly classify workers as employees (not independent contractors), withhold payroll taxes and report wages on the appropriate tax forms. Seasonal employees are generally subject to the same federal payroll tax rules as year-round […]

The Augusta Rule: A Little-Known Tax Break for Homeowners

If you rent out your primary or secondary residence for no more than 14 days this year, you may be eligible for a tax break known as the “Augusta rule.” The rule allows eligible homeowners to temporarily rent out their homes without reporting the rental income on their personal tax returns. Homeowners typically take advantage […]