The tax resistance movement

Tax resistance, or the refusal to pay tax as a form of political protest, has a long history in the United States. Some protestors, for example, adjust their payroll withholding so they’re only paying part of what they owe. Others deliberately neglect to file tax returns or remit tax owed. But such actions are generally […]

Be alert for fraud

Artificial intelligence (AI) is changing how almost everything is done, including how fraud is committed. For example, a scammer might use AI to generate “deepfake” voices or “spoof” caller ID information to impersonate IRS agents. AI also makes it easier for perpetrators to establish robocall networks. (The IRS always stresses that it will contact taxpayers […]

Happy Easter

Wishing you all the joys this Easter. Happy Easter!

Buying a New Car? You May Qualify for a Tax Deduction

A temporary federal income tax deduction for interest on qualifying auto loans for 2025 through 2028 was created by the One Big Beautiful Bill Act. The write-off, available even if you don’t itemize, is capped at $10,000 per tax return, subject to income-based phaseouts. It applies only to interest on first-lien loans to buy new, […]

Time Is Running Out to Claim Your 2022 Tax Refund

Federal tax refunds worth approximately $1.2 billion remain unclaimed for the more than 1.3 million taxpayers who haven’t filed their 2022 federal income tax returns. Those individuals have until April 15, 2026, to file their 2022 tax returns and claim their refunds. Taxpayers generally have three years to file a federal tax return and claim […]

Filed, Then Found an Error? You’ve Got Options

Did you know you can amend your tax return if you need to revise information after you filed it? Amended returns let taxpayers fix errors or omissions — such as income, deductions, credits or filing status — and make certain late elections. They can also be used to address tax law changes, claim losses and […]

The Fine Line Between ‘Ordinary’ and ‘Necessary

It’s not always clear what costs businesses can deduct on their federal income tax return. According to the Internal Revenue Code, taxpayers are allowed to write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.” It’s important to stress that an expense must […]

2026 Mileage rates rise

Are you a business owner or self-employed? Do you drive for business purposes? If so, you’ll be happy to know that the IRS’s standard mileage rate for business driving in 2026 is 72.5 cents per mile (up from 70 cents in 2025). Meanwhile, medical and moving mileage rates are 20.5 cents per mile, while the […]

THe ROAD to Housing Act

On March 12, the U.S. Senate passed the bipartisan 21st Century ROAD to Housing Act. Among provisions intended to boost housing availability and affordability is one that would raise the public welfare investment cap from 15% to 20%. The cap dictates how much of a bank’s risk-adjusted capital can be invested in low-income housing projects. […]

IRS issues tip summarizing education credit and deductions

To offset the high costs of continuing education, the federal tax code offers eligible taxpayers several tax benefits, including credits and deductions. The IRS has issued a handy Tax Tip that summarizes a variety of education-related tax relief, beginning with two tax credits: the American Opportunity Tax Credit and the Lifetime Learning Credit. The Tax […]