Tax documents can accumulate quickly. While clearing out old files can feel productive, it’s important not to discard anything until you’ve reviewed some record-retention guidelines.
Continue readingBefore You Shred: Know Which Tax Records to Keep
How Hiring Your Child This Summer Can Reduce Taxes
The wages you pay your child are generally deductible as a business expense. For your child’s income tax purposes, wages received will be at least partially protected from federal income tax by his or her standard deduction.
Continue readingPlan Carefully to Minimize Taxes on Your Inheritance
Getting a large inheritance can create new financial opportunities. But it’s important to handle inherited assets carefully, especially when it comes to taxes and planning.
Continue readingTurn a Real Estate Sale Into a Tax-Smart Strategy
Selling investment or commercial real estate can result in a substantial tax bill if the property has appreciated significantly. One strategy to help ease your tax burden is an installment sale.
Continue readingReview Your Withholding After Filing
If you filed your 2025 return on time, you may now have valuable information that can help you fine-tune your 2026 withholding. A big refund indicates you withheld too much in 2025.
Continue readingMore Entities Gain Access to IRS Business Tax Account
The IRS has announced an expansion of its Business Tax Account (BTA), making the self-service platform available to partnerships; tax-exempt organizations; federal, state and local governments; and Indian tribal governments.
Continue readingAre College Scholarships Really Tax-Free?
Generally, scholarships received by degree candidates are tax-free to the extent they’re used for qualified tuition and related expenses.
Continue readingWhat to Know If You Receive an IRS Notice
Notices from the IRS are more common than you may realize. Each year, the IRS mails millions of letters to clarify information, confirm changes or request additional documentation.
Continue readingThe IRS Criteria for Distinguishing Hobbies From Businesses
Turning a favorite pastime into income can be rewarding, but it raises an important tax question: Is the activity a hobby or a business? The answer matters because different tax rules apply to each.
Continue readingWhy You May Want a Roth Account in Your Retirement Plan
If you already contribute pre-tax dollars to a traditional 401(k) plan or IRA, you may also want to contribute to a Roth version.
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