Is the AMT Your Next Tax Surprise?

Are you subject to the alternative minimum tax (AMT)? In general, this tax applies if your “tentative minimum tax” exceeds your regular income tax liability. Significant long-term capital gains and dividend income or recently exercised incentive stock options can trigger the AMT. Although the One Big Beautiful Bill Act (OBBBA) makes higher AMT exemptions permanent, […]

Don’t Face an IRS Notice Alone — You Have Rights

The IRS’s Taxpayer Bill of Rights includes 10 fundamental rights taxpayers are entitled to when interacting with federal tax authorities. It’s written to help make the existing rights in the tax code clear, understandable and accessible. One of these is the “right to challenge the IRS’s position and be heard.” In a nutshell, this allows […]

Income Limits Matter: Understanding the New Senior Deduction

The IRS is providing seniors with information and resources regarding the 2026 tax filing season. For eligible taxpayers age 65 or older, the One Big Beautiful Bill Act created a temporary deduction of up to $6,000 ($12,000 for married couples filing jointly). The deduction begins to phase out when modified adjusted gross income (MAGI) exceeds […]

Starting a Business? Understand Your Federal Tax Obligations First

If you’re thinking about starting a business, make sure you understand your federal tax responsibilities before opening your doors. IRS Publication 583, Starting a Business and Keeping Records, covers the basics. Your business structure (such as a sole proprietorship, partnership, limited liability company or corporation) determines which forms you must file and which taxes apply, […]

Before You Claim That “Secret” Tax Credit, Read This

Scrolling for tax tips? Be careful. The IRS warns that bad advice on social media can mislead taxpayers about refunds and tax credits. Some influencers may falsely claim that the IRS is hiding “secret” credits or encourage taxpayers to bend the truth on their returns. Acting on misinformation can result in audits, penalties and having […]

Immediate Expensing Now Available for U.S. Manufacturing Facilities

The One Big Beautiful Bill Act introduced a 100% deduction for the cost of qualified production property (QPP) whose construction begins after Jan. 19, 2025, and before Jan. 1, 2029, and that’s placed in service before 2031. This break is generally available for nonresidential real property used in manufacturing in the United States. Before the […]

One Hearing Isn’t Enough? Lawmakers Urged to Revisit CDP Rules

National Taxpayer Advocate Erin Collins is asking the U.S. Congress to protect taxpayers following a U.S. Supreme Court ruling on the Collection Due Process (CDP). Congress established the CDP in 1998 to enable taxpayers to contest proposed IRS levies and Notices of Federal Tax Lien. Collins contends that the Court’s recent decision may result in […]

Catch-up contributions can help you…catch up

For 2026, SIMPLE-IRA participants age 50 or older can take advantage of catch-up contributions that allow them to save more for retirement while potentially lowering their tax bills. The standard elective deferral limit is $17,000, with an additional $4,000 catch-up for those age 50 to 59 and 64 or older at the end of 2026. […]

Did I choose my filing status properly?

When it comes to filing your federal tax return, mistakes can happen. The IRS encourages taxpayers to carefully review their return before filing it to make sure it’s correct and complete. A common mistake is choosing the incorrect filing status. To determine your filing status, use the IRS’s “What is my filing status?” online tool […]

Owe tax with no ability to Pay?

It’s tax season, and for some taxpayers, that means facing a balance due. If you can’t pay your full tax bill, an offer in compromise (OIC) could help you settle your debt for less than you owe. The IRS considers your ability to pay, income, expenses and asset equity to determine eligibility. You can’t be […]