Mileage Deduction Gets Boost for Second Half of 2026
Mileage Deduction Gets Boost for Second Half of 2026 Just when many business owners thought they had the mileage rate memorized, the IRS changed it. Effective July 1, 2026, the standard business mileage rate increases, making this one of the rare years you’ll need to use two different rates when calculating your deduction. The new […]
Understand the Tax Details of Life Events
Understand the Tax Details of Life Events Most life events have tax consequences attached to them. Some of them, though are not obvious. Here are six situations to consider. Selling your home isn’t always tax-free. Most homeowners who sell their principle residence qualify to exclude up to $250,000 of gain, or $500,000 for married couples […]
2026 Health Savings Account Limits
2026 Health Savings Account Limits Contribution limits for the ever-popular health savings account (HSA) are outlined here for 2026. Now is a great time to review your contribution levels and make adjustments as appropriate while there is still plenty of time left for 2026. HSA defined An HSA is a tax-advantaged savings account whose funds […]
Hidden Back to School Tax Deductions
Hidden Back to School Tax Deductions Summer is coming to a close next month and the back-to-school advertising blitz is underway. Hidden in some of those school expenses are tax deductions you can take advantage of. Here are some ways you can save: Watch for tax deductions on the supply list. Schools often send a list […]
Great Charitable Deduction Ideas
Great Charitable Deduction Ideas Even though the higher standard deduction limits make charitable deductions harder to find, there are still great options to find tax breaks within your charitable giving. Here are five tips to use charitable tax breaks: Qualified charitable distributions. If you’re age 70½ or older, you can transfer up to $111,000 (or a […]
A Gift of Stock
A Mid-Year Checklist for Small Business Owners You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax consequences to consider. Value of the gift When you gift stock […]
The Tax Impact as Your Children Grow Up
The Tax Impact as Your Children Grow Up As your children grow older, you can easily be surprised by a larger tax bill. To help plan for the tax impact of these changes, consider these tax implications as your dependent children age. A higher tax bill in your future At age 13: Loss of […]
A Mid-Year Checklist for Small Business Owners
A Mid-Year Checklist for Small Business Owners Summer reveals what January planning can’t – which goals survived contact with customers, cash flow, and capacity. A mid-year review helps turn these lessons into better decisions for the months ahead. Here are several areas to consider evaluating before the second half of the year begins. Financial performance […]
Common Tax Questions
Common Tax Questions Here are several common tax questions and their answers. But like most things, there can be exceptions, so if in doubt always ask for help. Is money earned through Venmo, PayPal, or Cash App taxable? It depends on why you received the money. Payments from friends for splitting dinner or reimbursing expenses […]
Avoid the Tax Pitfalls of Adding Extra Income
To Amend or Not Amend? Earning extra income feels great until tax season arrives. A second job, freelance project, or growing side hustle can change how you’re taxed in ways many people don’t expect. Here are several rules to understand that will help you avoid the tax pitfalls of adding extra income. Know whether you’re […]