Our Financial Blog
Succession Planning for Business Owners; Protecting Your Company, Your Family and the Tax Outcome
For many business owners, succession planning is one of the most important decisions they will ever make, yet it is often delayed until the owner is nearing retirement, facing health problems, or reacting to a crisis. That is usually too late. A good succession plan...
Unlocking the HSA; A Rare Triple Tax Break for Medical and Retirement Planning
A Health Savings Account, or HSA, is one of the most tax-efficient accounts in the Internal Revenue Code. Its basic purpose is simple: help people with high-deductible health plans save for current and future medical costs with favorable tax treatment. But the HSA is...
Maximizing Educational Savings: A Comprehensive Guide to Section 529 Plans
The rising cost of higher education presents a significant financial challenge for families across the United States. As parents and students grapple with this growing expense, Section 529 plans have emerged as a powerful financial tool designed to encourage saving...
Important Change for Premium Tax Credit Repayments in 2026; What Taxpayers Need to Know
If you get help paying health insurance premiums through the Affordable Care Act’s premium tax credit (PTC), a major repayment rule changes for tax year 2026 that could sharply increase your tax bill if you don’t plan ahead. Beginning with tax year 2026, taxpayers who...
Domicile What It Means Why It Matters and How To Protect Your Tax Position
If you’re planning a move—or you already split time between two states—you should understand the term domicile. Domicile is one of those legal concepts that can quietly change your tax picture in big ways. It helps decide which state can tax you on all your income,...
No Direct Deposit? Your IRS Refund Could Be Delayed for More Than Two Months
For many taxpayers, receiving a tax refund is the final step of filing season. Once the IRS accepts the return, most people assume their money will arrive within a few weeks. That assumption may no longer be safe. During the most recent filing season, many taxpayers...
Reasonable Compensation Is Not a One-Time Decision
For many business owners, compensation starts as a practical question: what is the right amount to pay myself, and how do I keep the business running efficiently? That is a reasonable place to begin. The mistake is assuming the answer, once set, should stay the same...
If You Owe the IRS Money, Here’s What You Should Know About the Statue of Limitations on Collections
The Internal Revenue Code (IRC) Section 6502 provides that the IRS has a maximum of ten years from the date of assessment to collect tax debts from taxpayers. This period is a crucial timeframe for anyone dealing with tax liabilities, as it essentially defines the...
Choosing Between an S Corporation and a C Corporation: It’s About More Than Tax Rates
The right entity is rarely obvious on day one. It often becomes clear only after you look at the business as a whole. Many business owners dismiss C corporations almost immediately because they have heard about “double taxation.”That concern is real. It is part of the...
IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase
With gas prices soaring it has been expected the IRS would increase the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses. Sure enough, the IRS recently announced a 3.5-cent increase in the optional mileage...
Just Starting a New Business? Don’t Overlook Start-Up and Organizational Costs Deductions
Starting a new business can be expensive, but the tax rules offer relief: certain start up and organizational expenses, like market research, advertising, training, professional fees and filing costs to form a company can be deducted instead of waiting until you sell...
What Tip-Earning Taxpayers Need to Know under the Tips Deduction Final Regulations
A new, temporary federal tax break for tip earners went into law for tax years beginning in 2025 and runs through 2028. The change creates a below-the-line deduction for “qualified tips,” but it comes with a number of eligibility rules, reporting requirements, and...
Converting a Rental into Your Home: What You Need to Know About Taxes
Converting a rental into your primary home can be a smart move — both for your living situation and for taxes — but it’s not as simple as “move in, sell, and keep the profit.” There are a few traps (most importantly depreciation taken while the place was a rental) and...
Why an IRS Online Account Matters — And How to Create One
For many taxpayers, dealing with the IRS can feel slow, confusing, and paper-heavy. An IRS online account offers a faster, more convenient way to manage many tax tasks from your computer or phone — from checking your refund to viewing tax transcripts to setting up...
Weddings, Childcare, Children’s Summer Employment, and Travel: Navigating Summer’s Tax Minefield
Summer brings weddings, camps, teen paychecks, weekend trips and sometimes the chance to rent your home for a short-term event. Those warm-weather plans make memories — and they can also change the way you file your taxes. This guide explains, the most common summer...
Trump Accounts Scam Alerts: How to Protect Your Child’s Savings
Trump Accounts are a new type of tax-advantaged savings account designed for children under 18, with a government seed contribution available for certain children born between January 1, 2025, and December 31, 2028. Starting January 1, 2026, parents have been able to...
Eldercare Can Be a Substantial Medical Deduction
Because people are living longer now than ever before, many individuals are serving as care providers for elderly loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions regarding the tax ramifications associated...
The IRS Is Paying Attention Again: Why More Taxpayers Are Getting Notices
For a period of time, IRS activity felt quieter. Response times were longer. Enforcement felt less visible. Fewer taxpayers were hearing from the IRS directly. Many people got used to that environment. Now things are shifting. Not all at once, but steadily. More...
The Tax Issues Those TV Ads Don’t Tell You About Selling Your Life Insurance Policy
When watching television, you've probably seen those advertisements promising quick cash for unneeded life insurance policies. These commercials often target those who might not see the need for policies anymore, offering substantial financial returns. While these...
Medically Related Home Improvements May Have Tax Benefits
The year 2025 marked a significant milestone in the United States. Why? Because a record number of people reached the age of 65. On average about 11,400 Americans turned 65 every day of the year 2025. This demographic shift, largely driven by the baby boomer...