Student Athletes: NIL Income Comes With Tax Responsibilities

Student athletes will soon head back to school, and some will earn income from the use of their name, image, and likeness (NIL). This form of compensation is fairly new. Many student athletes don’t realize that it’s considered self-employment income, subject to Social Security and Medicare tax, federal and possibly state income tax. This applies […]

Paying Friends on Venmo? You Might Get a Tax Form If You’re Not Careful

Do you use a cash app for nonbusiness payments? It could be Venmo, PayPal or another cash payment app. If so, pay attention. Nonbusiness payments, such as reimbursing a friend for your share of dinner, should be marked as personal at the time of payment. Otherwise, you could receive a Form 1099-K (Payment Card and […]

Tax Tip: Don’t Miss Out on This Medical Expense Deduction!

Did you know that you may qualify for a tax deduction if you’ve incurred unreimbursed medical expenses that exceed 7.5% of your adjusted gross income? To qualify for the deduction, the expenses must be paid specifically for medical or dental services, prescription drugs, insulin, medical equipment and supplies, medical insurance premiums, transportation needed to get […]

Important Tax Reminder for Heavy Vehicle Operators

If your business operates vehicles with a gross weight of 55,000 pounds or more on public highways, it’s important to understand the Heavy Highway Vehicle Use Tax. It’s an annual federal excise tax. The deadline to file Form 2290, Heavy Highway Vehicle Use Tax Return, is based on the month a taxpayer first used the […]

The Fine Print of the OBBBA: Some Households Will Pay More Than Others

The nonpartisan Congressional Budget Office (CBO) has crunched the numbers regarding the distributional effects of the One Big Beautiful Bill Act (OBBBA). The CBO found that the lowest-income earners will lose an average of $1,200 in overall household resources annually. Other taxpayers will see increases, including families in the middle and top percentiles. The director […]

Tax-Related Identity Theft Is on the Rise: What You Can Do

Tax-related identity theft happens when a thief steals your Social Security number and uses it to file a tax return and claim a fraudulent refund in your name. According to an interim report by the Treasury Inspector General for Tax Administration, 58,276 fraudulent tax returns were identified in the 2025 filing season. How can taxpayers […]

Teachers, You Might Be Leaving Money on the Table—Here’s How to Claim It

A new school year is ramping up, which means teachers and other educators have been working hard to prepare their classrooms before classes begin. Qualified educators can claim an above-the-line tax deduction for unreimbursed expenses. The deduction is $300 for 2025 and will be adjusted for inflation in the future. Married educators who file a […]

IRS Whistleblower Tip Denied—Here’s Why It Didn’t Count

Taxpayers who give the IRS Whistleblower Office (WBO) credible, specific tips about unpaid taxes may qualify for cash awards. But certain conditions must be met. The IRS must act on the tip and the WBO must collect proceeds from that action. In one new case, a tipster alleged transfer pricing violations by a multinational corporation. […]

Big Tariff Money Means Big Rebates? Here’s What Lawmakers Are Proposing

Even before the new tariffs on foreign goods kicked in on Aug. 7, 2025, tariffs were generating a lot of cash. According to the U.S. Treasury, the federal government received $152 billion in tariff revenue for the year through July. That’s double the $78 billion collected over the same period last year. President Trump said […]

No More Cap? New Bill Could Make High Incomes Pay More into Social Security

Two lawmakers, Senator Mazie Hirono (D-HI) and Representative Jill Tokuda (D-HI), have reintroduced the Protecting and Preserving Social Security Act. It would affect how payroll taxes apply to people with high incomes. Currently, Social Security taxes are applied to wages and self-employment income up to a certain annual limit ($176,100 in 2025). Earnings above this […]