September 15: Your Next Estimated Tax Payment Is Due

Is Sept. 15 flagged on your tax calendar? It’s the deadline for individuals to make their third 2026 estimated tax payment. Estimated payments are generally required if you expect to owe at least $1,000 in federal tax for 2026 after withholding and credits, and your withholding won’t equal at least 90% of your 2026 tax […]

Bankruptcy Doesn’t Mean You’re Done With Your Taxes

Chapter 7 (liquidation) bankruptcy is generally available if you’re an individual or business debtor, regardless of how much you owe and whether you’re solvent. Some tax debt may be dischargeable. But even if this debt is eventually erased, you must continue to comply with tax laws during the bankruptcy process. Make estimated tax payments (if […]

When Is a Lemonade Stand More Than Just a Lemonade Stand?

When is a lemonade stand not just a lemonade stand? If your child earns $400 or more annually in profit from a lemonade stand, lawn service or other self-employment, that income may be taxable. Kids may be able to deduct certain business expenses to lower their self-employment income and potential taxes. They also have several […]

Own a Heavy Highway Vehicle? Don’t Miss This Deadline

Businesses operating vehicles with a gross weight of 55,000 pounds or more on public highways may owe the federal Heavy Highway Vehicle Use Tax. The current reporting period for Form 2290, Heavy Highway Vehicle Use Tax Return, is July 1, 2026, to June 30, 2027. The filing deadline is based on the month a taxpayer […]

BOI Reporting: The Rules Have Changed Again

The Financial Crimes Enforcement Network (FinCEN) is making permanent the suspension of the beneficial ownership information (BOI) reporting requirements for U.S. companies and U.S. persons. If these Corporate Transparency Act requirements had gone into effect, millions of U.S. businesses would have faced the administrative burden of an initial BOI filing and subsequent updates for any […]

Retirement Rollovers May Get Easier

The IRS has issued new guidance to simplify and standardize retirement account rollovers for both participants and plan sponsors, as required under the SECURE 2.0 Act of 2022. Notice 2026-49 provides optional sample forms and proposed procedures for rollovers between retirement plans or between a retirement plan and an IRA. The guidance doesn’t apply to […]

Selling Your Business? How You Structure the Deal Matters

If you’re contemplating a business sale or acquisition, it’s important to understand that you’ll need to make multiple tax-related decisions. For example, if you own a corporation, you’ll have to negotiate either an asset or stock sale, which have different tax consequences. And if it’s a stock sale, you may have a choice between a […]

Could Your Medical Bills Lower Your Tax Bill?

You may be able to claim a tax deduction for unreimbursed medical and dental expenses that exceed 7.5% of your adjusted gross income. Eligible expenses can include payments for medical and dental care, prescription medications, insulin, medical equipment and supplies, certain health insurance premiums, and transportation necessary to receive medical care. Expenses paid for yourself, […]

IRS Processing Delays Are Getting Worse

The U.S. Government Accountability Office (GAO) is reporting that the IRS needed nearly a month to process paper tax returns this tax filing season, double the amount of time as last year. The reason: reduced staffing and unavailable processing systems due in part to recent staff losses that delayed programming updates. The IRS sent about […]

A New Tax Break for Retirement Savers

The IRS has issued Notice 2026-48 outlining anticipated rules for the Saver’s Match program. Signed into law as part of the SECURE 2.0 Act of 2022, the program will apply to tax years beginning after Dec. 31, 2026. Eligible low- and moderate-income taxpayers may receive a federal match of up to 50% on the first […]