Year-end tax planning ideas for individuals
Your 2026 tax return isn’t due for months, but actions to reduce your tax liability generally must be taken by December 31. Here are eight tax planning ideas to [...]
A Charitable Remainder Trust Can Provide Tax Benefits and More
If you’re thinking about making a large gift to charity before year end, options besides an outright gift of cash are worth considering. One alternative is a charitable remainder [...]
Payroll Tax Compliance: New Social Security Wage Base for 2027
If your small business has employees, you may need to budget for higher payroll costs next year, especially if you employ many high earners. The Social Security Administration recently [...]
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 income. Eligible expenses can include payments for [...]
The Benefits of Increasing Your 401(k) Contributions Before the Year Runs Out
As 2026 draws to a close, your employer’s 401(k) plan may offer an opportunity to reduce your current income taxes while building your retirement savings — or to boost [...]
What Happens to Your IRA in a Divorce?
Divorce can have important IRA tax consequences. If you're divorced or legally separated by year end, you generally can't deduct contributions you make to your former spouse's traditional IRA. [...]
New Scam Targets Crypto Holders
Cryptocurrency holders: Be alert for a new IRS impersonation scam. Fraudsters are mailing fake IRS letters directing recipients to a bogus "Digital Asset Compliance Portal." The letters instruct recipients [...]
Separating or Divorcing This Year? Consider These Tax Issues before Year End
Dissolving a marriage involves numerous financial and nonfinancial decisions, and tax considerations can easily fall by the wayside. But decisions made before your divorce is finalized can affect your current-year [...]
Follow Detailed Recordkeeping Rules for Vehicle Expense Deductions
Many business owners fail to follow the strict tax rules for substantiating vehicle expenses. But if your business is audited, the IRS will most likely ask for mileage logs if [...]
Can Partners Deduct Expenses They Pay?
If you own a business taxed as a partnership, you may occasionally pay work-related expenses out of pocket. This raises a common question: Can you deduct those payments on your [...]
Working Teens Can Maximize the Power of Tax Deferred — or Tax-Free — Compounding With an IRA
Retirement is far from most teenagers’ minds when they get their first jobs. Most young people are more interested in spending their earnings or saving for a shorter-term goal. But [...]
Consider an Installment Sale to Optimize Taxes When Selling Your Business
Over the years, you’ve invested blood, sweat and tears into building a successful small business. Now it’s time to sell and move on to the next chapter of your life. [...]
Evaluate the Effects of Selling a Subsidiary or Division
During the best and worst of times, your company may be tempted to sell a division or subsidiary. This can make sense for a number of reasons, including: The [...]
Medical Costs: Can I Really Get a Tax Break for That?
It's difficult for many people to write off medical expenses because of the limits imposed under the tax laws. But you may qualify by including every expense allowed. Some [...]
What Employers Should Kow About Business-Related Frequent Flyer Miles
Fall has arrived — and, with it, one of the more active seasons for business travel. Perhaps your organization has employees heading to conventions, conferences, client meetings or other [...]