The IRS standard mileage rates for the second half of 2026 (starting July 1, 2026) have been adjusted for inflation. Business - 76 cents per mile, up from 72.5 cents per mile Medical/Moving - 23.5 cents per mile, up from 20.5 cents per mile Charitable - remains at 14 cents per mile These amounts can be used in computing the…
While full retirement age for Social Security approaches age 67, Medicare benefits are available at age 65. The Initial Enrollment Period for Medicare is the 3 months before and 3 months after the month in which you turn 65. If you miss this enrollment window, you may be subject to premium penalties for the rest of your life. Medicare benefits…
Ever wonder which business travel expenses are tax-deductible and which ones aren't? Check out our handy PDF infographic for an overview of the rules! You can download this document once you've clicked to open it: Business-Travel-Deduction-Worksheet 7-26
It can be easy to get caught up in the negative spiral of the daily newsfeed and think that the country is a divided place. But next weekend we will celebrate the Declaration of Independence that declares these self-evident truths: ". . . that all men are created equal, that they are endowed by their Creator with certain unalienable Rights,…
You're probably aware that federal tax laws and state tax laws don't always agree. As you do your tax planning and prepare for filing season, it's important to know the provisions that differ for your state. State tax conformity is the practice of state governments adopting the federal Internal Revenue Code (IRC) for their own income tax systems. States can…
You may remember that the One Big Beautiful Bill Act (OBBBA) includes a provision commonly called "No Tax on Tips". Last year, the government issued a preliminary list of occupations covered under this provision. Based on feedback from the public, the Treasury Department has now issued final regulations that expand that list of occupations and adds some additional clarification. The…
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…
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…
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…