A vacation home can be a great escape. It can also come with tax benefits, such as deductions for mortgage interest and property taxes (subject to the normal limits). But what if you want to support a charity by donating the use of your vacation home—like offering a weekend stay as an auction item? Many […]

When mortgage rates fall, refinancing can seem like an easy way to lower your monthly payment. But a lower payment doesn’t necessarily mean you’ll save money over the life of the loan. Before refinancing, it’s important to look beyond the new interest rate and consider closing costs, loan term, your remaining mortgage balance, tax considerations […]

Raising a child is a major financial commitment. From child care and extracurricular activities to education and college, the expenses can add up quickly. In fact, a 2026 LendingTree analysis estimates that raising a child through age 18 costs an average of $303,418. While tax planning can’t eliminate those costs, it can help families take […]

Divorce involves more than dividing property and determining support payments. The tax consequences of your settlement can have a significant impact on how much you ultimately keep. Retirement accounts deserve particular attention. A $500,000 retirement account doesn’t necessarily have the same after-tax value as $500,000 in cash or a Roth IRA. And transferring retirement assets […]

Leaving a job or retiring often means making an important decision about your retirement savings: What should you do with the money in your former employer’s 401(k) or other qualified retirement plan? Rolling those funds into an IRA can give you greater control over your retirement savings while allowing the money to continue growing tax-deferred. […]

If your business was preparing to file Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA), here’s the key update: On August 11, 2026, FinCEN issued a final rule that eliminates BOI reporting requirements for U.S.-created businesses and U.S. individuals. However, the CTA has not been repealed. Certain foreign entities registered to do business in the U.S. may still […]

Tax rules and IRS guidance change quickly. Below are five timely updates for individuals—written in plain English, with a quick “what to do next” for each item. 1) Are your medical expenses deductible? You may be able to claim a tax deduction for unreimbursed medical and dental expenses that exceed 7.5% of your adjusted gross […]

College is expensive, but the sticker price isn’t what most families actually pay. Your final cost depends on the school, housing, and how much aid your student receives. Here are the most practical ways to reduce the total. 1) Apply for financial aid every year Start with the FAFSA, even if you think you won’t qualify. […]

A new savings account for kids is now available. It’s called a Trump Account (also known as an IRC §530A account). Parents, grandparents, and others can start contributing July 4, 2026. Think of it as a long-term savings account for a child that can grow without yearly taxes on the earnings while the money stays in the account. It has special […]

The IRS just raised the amount you can deduct for business miles for the second half of 2026. In plain English: if you drive for work, each business mile is worth more as a deduction starting July 1, 2026. That means you’ll use two different mileage rates this year—one rate for miles driven from January through June, and a higher […]

When people think about estate planning, they often focus on a will or living trust. But many assets pass outside those documents—through beneficiary designations. If those forms are outdated, your assets may go to the wrong person, even if your will says otherwise. A quick annual review can help prevent unintended outcomes, reduce delays, and make things easier for […]

Limited partnerships (LPs) are a common way to bring investors into a business or real estate venture. If you invest as a limited partner, you generally get two attractive benefits: Liability protection: your personal liability is typically limited to your investment (your capital contribution plus any additional required contributions). Potential self-employment tax advantage: your share of partnership income […]

If you stepped away from work to raise kids, care for a family member, or take time for personal priorities, retirement saving may still be on your mind. The good news: you may still be able to contribute to an IRA—even if you don’t have wages—if your spouse has earned income and you file a […]

Selling on credit is normal. Still, A/R can get out of hand fast. If receivables grow faster than collections, cash gets tight. Bad-debt risk also rises. The goal is simple: support sales and keep cash steady. To do that, track receivables and write-offs on a set schedule (monthly is best). Then compare the upside of credit (more […]

Fraud risk changes as technology and business practices change. As a result, fraudsters keep finding new ways to exploit weak spots. For business owners, the goal is to stay alert without overcomplicating controls. The Association of Certified Fraud Examiners (ACFE) helps by publishing Occupational Fraud 2026: A Report to the Nations. The report summarizes how fraud happens, who […]

Summer is a great time to step back and do a quick tax check-in. A few seasonal choices—travel, home use, and charitable giving—can affect your tax bill more than you might expect. Here are six summer-related tax opportunities to consider. 1) Rent out your home for 14 days or less If you rent out your […]

If you run a business as a sole proprietor, single-member LLC, partnership, S corporation, or an LLC taxed as a partnership or S corp, your business income usually flows to your personal tax return. Because of that, your personal tax bracket matters. Midyear is a good time to check your numbers. You still have time to adjust income, expenses, and key decisions […]

Capital gains can be a good problem to have. However, selling an investment can trigger tax. As a result, your tax bill can rise with your sale proceeds. With the right planning, you may reduce capital gains tax and avoid surprises. Below is a simple overview of the rules. Then, you’ll find four practical strategies to consider for 2026. […]

If you plan to travel abroad, unpaid federal tax debt can cause a surprise. In some cases, the IRS can certify you as having a “seriously delinquent tax debt.” Next, the U.S. State Department can deny a new passport or renewal. In limited cases, it can also revoke an existing passport. Congress created this rule in a […]

Small expenses can quietly drain profitability over time. The good news: you don’t always need a major overhaul to improve your bottom line. A handful of targeted changes—especially around cash flow, waste, and billing—can create measurable gains. Here are 10 practical ideas to help boost profits by cutting costs and tightening operations. 1) Improve cash […]

Several provisions of the One, Big, Beautiful Bill Act (OBBBA), signed into law on July 4, will affect homeowners starting in 2025. These changes are important as you plan for the current tax year, because they may impact whether you itemize or claim the standard deduction. In addition, tax credits for certain energy-efficient home improvements […]

Introduction Getting married affects much more than just your filing status. Combining incomes, assets, and financial accounts can impact your tax liability and overall financial planning in ways that often surprise newlyweds. To avoid hidden costs and issues, here’s a comprehensive guide to key tax and financial considerations before and after you tie the knot. […]

Choosing the right accounting method is a key business decision. The way you track income and expenses affects your tax bill, cash flow, and reporting. For 2026 and beyond, recent tax law changes mean more businesses qualify for the cash method. Here’s what you need to know to make the best choice for your company. […]

Understanding the New Landscape: College Athletes & NIL College athletics are changing rapidly. Since 2021, the NCAA has allowed student-athletes to profit from their Name, Image, and Likeness (NIL) while retaining their eligibility. Now, top recruits and elite transfer prospects can earn significant sums, sometimes reaching millions, through sponsorships, endorsements, and more. With this opportunity, […]

Why Business Valuations Matter In today’s complex and fast-changing economy, you need every tool to keep your business competitive. Business valuations aren’t just for buying or selling a company. They can help you secure financing, assess risks, and identify growth opportunities. Gain Actionable Insights A business valuation is a deep analysis to estimate your company’s […]

Will you cruise on your boat or camp in your RV this year? Your personal property can give you more than just enjoyment. You might qualify for valuable tax breaks if you follow certain rules. Here are four ways to maximize your tax savings. 1. Charter Your Boat as a Business Some boat owners rent […]

Home improvements can be expensive, but they also offer tax-saving opportunities. Many homeowners miss out on these savings because tax rules can feel complicated. This article will show you where you can save and what you need to know before you start your next project. Claim Mortgage Interest on Renovations If you itemize deductions, you […]

Are you a teacher or other educator who often pays for classroom supplies out of your own pocket? Your main objective is to improve the learning experience of the kids, but there may be a residual side benefit. If you qualify, you can claim a special deduction — the educator expense tax deduction — of up […]

Under U.S. Generally Accepted Accounting Principles, comprehensive financial statements include three reports: the balance sheet, income statement and statement of cash flows. Each report offers a different perspective on your business’s financial health. When reviewed together — along with footnotes that provide important context behind the numbers — your financials can highlight cash flow pressures, […]

For 2026, the federal gift and estate tax exemption is $15 million. That’s effectively $30 million for a married couple, assuming both spouses’ exemptions are available. (For 2027 and beyond, the exemption will be adjusted annually for inflation.) If the dollar value of your taxable estate exceeds the exemption, your estate will get hit with a federal […]

In a landmark decision, the Supreme Court found that some tariffs applied to certain imported goods were not lawful under the IEEPA. As a result, U.S. Customs and Border Protection (CBP) is now offering refunds for eligible companies through a new process. According to federal sources, more than 300,000 importers paid approximately $166 billion in […]

With tax season behind you, it’s natural to wonder how to keep tax records and what you can safely toss. Different documents have different retention rules. Keeping records too long — or not long enough — can create unnecessary risk or clutter. Understanding what to retain, and for how long, helps you stay organized and […]

When you owe back taxes, the IRS does not require you to spend all your income toward repayment. Instead, the IRS uses a system called Collection Financial Standards to determine how much you can reasonably afford to pay each month. These standards define the allowable living expenses the IRS will permit while you repay tax […]

When leaving a job, most people are told to roll their 401(k) into an IRA. And in many cases, that’s the right move—it keeps your money growing tax-deferred and gives you more control. But if your 401(k) includes company stock, there’s an alternative strategy worth considering—one that could significantly reduce your long-term tax burden. A […]

Introduction As businesses grow, so do the financial complexities behind them. What starts as basic bookkeeping quickly turns into questions about cash flow, profitability, forecasting, and long-term strategy. That’s where outsourced accounting and CFO services—often referred to as Client Accounting Advisory Services (CAAS)—come in. Instead of hiring a full in-house team, businesses can access experienced […]

Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC), found in Internal Revenue Code […]