Your 2025 W-2 Is Coming—Here’s When

When should employees expect to receive their 2025 Form W-2? Most years, employers must either directly provide or mail W-2s by Jan. 31. But Jan. 31 falls on a Saturday in 2026, so the deadline this year is Monday, Feb. 2. If your employer mails your W-2, you should receive it within a week of […]

Got a CP24 Notice From the IRS? We Can Help

You’ll receive a CP24 notice if the IRS reviews your tax return and determines you’re due a refund that differs from what you originally claimed. This often happens because the IRS corrected a math error, applied a payment or credit differently, or offset a refund to pay another tax liability. The notice explains what changed […]

IRS Updates FAQs on Premium Tax Credits After ACA Enhancements Expire

The Affordable Care Act’s enhanced premium tax credits (PTCs) have now expired. The IRS recently updated its FAQs on PTCs. In a nutshell, a taxpayer can elect to have the federal government pay an advanced PTC directly to the insurer based on his or her estimated annual income. The advanced PTC is then reconciled with […]

New Car Loan? You May Be Able to Deduct the Interest

Have you taken out a new car loan? The IRS has unveiled proposed regulations on the car loan interest deduction provision under the One Big Beautiful Bill Act. For loans taken out after Dec. 31, 2024, on new, U.S.-assembled vehicles used primarily for personal purposes, taxpayers may be able to deduct up to $10,000 annually […]

Should I claim Head of Household?

When you file your 2025 tax return, should you do so as a head of household? Assuming you qualify, it could be more favorable than filing as single. To be eligible as head of household, you must be single and maintain a home that for more than half the year is also occupied by a […]

Guidance coming soon

The IRS has announced that it will soon provide guidance on a new refund process for federal excise taxes paid on certain dyed fuel. Under the One Big Beautiful Bill Act, taxpayers may be able to recover excise taxes paid on clear diesel fuel or kerosene if the fuel is later removed from a terminal […]

Sold Farmland? The IRS May Waive Estimated-Tax Penalties

The IRS has issued estimated-tax penalty relief for taxpayers who properly elect under Sec. 1062 to pay tax on qualifying farmland sale or exchange gains in four annual installments. Under Notice 2026-3, you may exclude 75% of the applicable net tax liability from your estimated tax payment calculations for the year of sale or exchange, […]

Over 65? This New Tax Deduction Could Make a Big Difference

Are you age 65 or older? If so, for tax years 2025 through 2028, a provision of the One Big Beautiful Bill Act may allow you to claim an additional deduction of up to $6,000. And you can potentially double that amount if you’re married filing jointly and both you and your spouse are 65 […]

Taxes on travel

If you traveled for the holidays, you probably also payed additional federal taxes and fees. For example, the price of airline tickets typically includes a 7.5% excise tax, a $5.60 September 11 Security Fee and a Passenger Facility Charge of up to $4.50 for travel through certain airports. Depending on your destination, you might also […]

Holiday sales have impact on government tax collections

Most people know that holiday retail sales are important to state and local governments that rely on the collection and remittance of sales tax in their jurisdictions. But the success of the holiday shopping season also impacts federal tax collections, albeit indirectly. When businesses enjoy a profitable period, they generally owe more income tax. Plus, […]