If your parent or another elderly family member is moving into a nursing home there may be tax implications. For example, long-term care expenses may qualify as an itemized deduction
Continue readingCan You Deduct Elder Care Costs?
How Renting Out Your Vacation Home Affects Your Taxes
When you’re not using your vacation home, renting it out can generate extra income. But it can also affect your taxes, depending on how often you rent and use the property personally.
Continue readingMidyear Tax Review: Get Ahead of Next Tax Season
Life changes can affect your tax picture more than you might expect. Taking time now to review key areas can reduce the risk of certain penalties and uncover tax savings opportunities.
Continue readingEmployers Face New Limits on Meal Expense Deductions
Does your business provide complimentary on-site food and beverages for employees?
Continue readingHow 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 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.
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