Trump proposes temporary suspension of gas tax

As the cost of gasoline continues to rise, President Trump is calling for a temporary suspension of the federal gas tax. Currently, the national tax is 18.4 cents per gallon for gas and 24.4 cents per gallon for diesel. An average of 51 cents in taxes and fees is added to every gallon of gas, […]

The Hidden Tax Challenge Many Surviving Spouses Face

When a husband or wife dies, the surviving spouse may eventually face a higher income tax bill. Why? Filing status shifts from married filing jointly to single or head of household, triggering higher tax rates at lower income levels. So, if income remains relatively steady, the survivor can be pushed into a higher bracket. In […]

Summer Jobs Mean Summer Tax Responsibilities for Teens

A summer job is a great way for teens to earn extra cash, but it also comes with tax responsibilities. Anyone with self-employed income over $400, such as earnings from mowing lawns or babysitting, must file an income tax return and may owe self-employment tax. If a teen works for an employer that withholds payroll […]

Moving a Loved One Into a Nursing Home? Don’t Overlook the Tax Implications

Is your parent or another elderly family member moving into a nursing home? There may be tax implications. For example, long-term care expenses may qualify as an itemized deduction if they, along with other medical expenses, exceed 7.5% of adjusted gross income (only the amount over 7.5% is deductible). As long as your relative is […]

IRS Expands Crackdown on Abusive Conservation Easement Deals

The IRS has expanded its guidance on abusive conservation easement transactions. It says promoter-driven conservation easement arrangements often rely on inflated property valuations, generating improper charitable deductions. A conservation easement is an agreement, usually with a government agency or land trust, to permanently restrict the use of real property. If an easement meets certain conservation […]

Volunteer Work May Come With Valuable Tax Deductions

Volunteering for a qualified charity can benefit more than your community — it may also provide tax savings. The time you spend volunteering for charity isn’t tax-deductible. However, some of your unreimbursed expenses directly related to volunteer work may qualify, including travel expenses (such as airfare, auto mileage, tolls, parking, lodging and meals), uniforms and […]

COVID-Era IRS Penalties May Be Refundable — But You Must Act

It may be a good time to access your IRS tax transcripts. Millions of taxpayers may qualify for refunds of COVID-era IRS penalties and interest — but these refunds aren’t automatic. Reviewing your IRS transcripts can reveal key details about your account activity. Focus on dates and transaction entries such as tax assessments, payments, penalties, […]

IRS CP53E Scams Are on the Rise — Here’s What Taxpayers Need to Know

Confusion about IRS CP53E notices is growing — and scammers are taking advantage. CP53E is an official IRS notice related to tax refunds and bank account information. As the IRS shifts from paper checks to direct deposit, it’s mailing these notices to taxpayers who may need to add or update their banking details. The IRS […]

Too Good to Be True? It Could Be a Tax Scam

One of the many scams currently targeting taxpayers is fake online tax deduction calculators. These digital tools are intended to steal personal information and money from unsuspecting users. They’re often accompanied by false promises about new or expanded tax credits and deductions available under the One Big Beautiful Bill Act. The IRS says you should […]

Operating Across Borders? Don’t Overlook Transfer Pricing Rules

When related business entities operate across state or national borders, they must follow transfer pricing rules. These rules require intercompany prices for goods, services or intellectual property to be comparable to prices that unrelated parties would use in arm’s-length transactions. Taxing authorities may scrutinize pricing that shifts profits to lower-tax jurisdictions. Noncompliance can lead to […]