Is Your Spouse a Non-U.S. Citizen? Estate Planning Matters

If you or your spouse isn’t a U.S. citizen and your estate is larger than the current $15 million estate tax exemption (or could appreciate in value to exceed it), you might want to consider a qualified domestic trust (QDOT). Married couples who are both citizens can take advantage of the marital deduction, which defers […]

Think You Can Deduct Your Home Office? Think Again

A common tax-related question is whether an employee working remotely from home qualifies for a home office tax deduction. The answer is “no.” But business owners, self-employed individuals and people with home-based side gigs may qualify. To be eligible, generally you must use part of your home regularly and exclusively as your principal place of […]

Driving for Business? Your Mileage Deduction Just Increased

The IRS has increased the 2026 cents-per-mile rates for calculating tax-deductible vehicle operating costs due to rising fuel costs. Effective July 1, 2026, the standard mileage rate for the business use of a car, van, pickup truck or panel truck is 76 cents per mile, up from 72.5 cents per mile for the first half […]

Limited Partnership? Don’t Let Tax Rules Catch You Off Guard

Limited partner status in a business generally offers valuable benefits, including liability protection and self-employment tax advantages. But it may also limit your ability to deduct partnership losses under the passive activity loss rules. Passive losses are usually deductible only against passive income unless you materially participate in the business. Limited partners face a tougher […]

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 […]