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 readingWhat to Know If You Receive an IRS Notice
The 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.
Continue reading2026 Business Mileage Rate Gets a Boost
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 charitable rate is 14 cents.
You can choose to deduct eligible vehicle expenses based on business use under the actual expense method or by applying the standard mileage rate, which simplifies recordkeeping. Bear in mind, however, that the IRS requires documentation in either case. Contact the office for help determining which approach delivers the greater tax benefit for your situation.
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2025 IRA Contribution Deadline Is Coming Up
It’s not too late to boost your IRA for 2025. You have until April 15, 2026, to make contributions for the 2025 tax year.
Continue readingIRS Expands Digital Asset Reporting with New Form 1099-DA
If you buy, sell or trade digital assets, such as cryptocurrency or certain nonfungible tokens (NFTs), new reporting requirements will likely affect how your transactions are reported to and reviewed by the IRS.
Continue readingDon’t Let the AMT Catch You Off Guard
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.
Continue readingIf You’re Closing Your Business, Don’t Forget These Tax Steps
Closing a business can be overwhelming. But it’s important not to let tax duties fall through the cracks.
Continue readingWhich Parent Gets the Tax Breaks After Divorce?
IRS rules determine who can claim many child-related federal income tax breaks after parents divorce or legally separate.
Continue readingEstate Planning for 2026 and Beyond
Until recently, much tax uncertainty surrounded estate planning. The Tax Cuts and Jobs Act doubled the federal gift and estate tax exemption…
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