It's tax season, and you're probably in the midst of going through a bunch of paperwork. What better time to create a system to manage all those documents so you can retrieve them later? First: organize, categorize, and digitize. While you might still use physical folders, a digital backup of your documents is more searchable and secure. Here are some…
While your brains (and ours!) might still be thinking about 2025 taxes, here are some new provisions that take effect beginning in 2026: Child and Dependent Care Tax Breaks The maximum child and dependent care credit will now be between $1,050 and $1,500 for one dependent and between $2,100 and $3,000 for two or more dependents, depending on income level…
Required minimum distributions (RMDs) are the minimum amounts you must withdraw from your retirement accounts each year beginning at age 73. In general, you must start taking withdrawals from your traditional IRA, SEP IRA, SIMPLE IRA, and retirement plan accounts when you reach age 73. If you participate in a workplace retirement plan (for example, 401(k) or profit-sharing plan), you…
Trump accounts are a new type of individual retirement account (IRA) for eligible children. The IRS has released Notice 2025-68, which provides a general overview of how Trump Accounts work and addresses certain initial questions. Contributions Contributions to Trump accounts cannot be made before July 5, 2026. After that, there are five types of contributions that can be made: The…
Checking your credit report regularly is one of the simplest and most effective ways to protect your financial health. Your credit report is a detailed record of how you use credit, including loans, credit cards, payment history, and any accounts opened in your name. Lenders, landlords, insurers, and even some employers rely on this information. That means errors or fraud…
The IRS announced on Monday, January 26 that tax season has begun! What's new this year? Form 1099-DA Taxpayers who bought, sold, or received digital assets, including cryptocurrency, stable coins, or NFTs, must report those transactions. Some taxpayers may receive Form 1099-DA from brokers. But even if you don't receive the form, all taxpayers must answer the digital asset question…
The One Big Beautiful Bill Act (OBBBA) made more than 100 changes to tax law - some of them temporary, most of them permanent. Here are four changes you'll see on your 2025 Form 1040: #1: Senior Deduction Between 2025 and 2028, taxpayers 65 or older can claim a $6,000 bonus deduction ($12,000 if both spouses qualify).. This deduction is…
Both SECURE 2.0 and the Big Beautiful Bill Act (OBBBA) include provisions that affect 401(k) contributions, especially for highly compensated employees (HCEs). Here's what's already in place for 2025 and what's coming in 2026 . . . 2026 Dollar Limits Let's start with the inflation-adjusted contribution limits for 2026: The maximum amount that can be contributed by an employee under…
Each year, the dollar limits for various tax items are adjusted for inflation. To see those amounts for 2026, click on the link below: 2026 Dollar Limits Flyer
Who's Affected? Individuals who itemize deductions. If you take the standard deduction, this change doesn't affect you. What's changing in 2026? A provision in the recently passed One Big Beautiful Bill Act (OBBBA) will reduce your charitable deduction by 0.5% of your AGI (not 0.5% of the gift). In 2025, there's no haircut on your charitable deduction. $10,000 Gift for an Itemizer Comparing the Deduction…