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Getting This Wrong Can Cost You One of the more common tax questions is whether you need to file a federal tax return this year. The answer is: it depends. But not filing a tax return when you should can cost you plenty, especially with the passage of a major piece of tax legislation like the One Big Beautiful Bill Act. Here are some quick tips to help you determine your answer.

Net Unrealized Appreciation (NUA): A Tax Opportunity Hidden Inside Some Retirement Plans Many employees accumulate company stock inside their retirement plans over the course of their careers. When retirement approaches, that stock may qualify for a little-known tax treatment called Net Unrealized Appreciation (NUA). When handled correctly, NUA can

If you’ve gotten used to reporting gambling winnings and then “washing them out” with gambling losses on your tax return, 2026 is where that muscle memory can betray you. A federal law change effective for tax years beginning after December 31, 2025 rewrote the wagering-loss rule in IRC §165(d) so the deductible amount is now generally 90% of your wagering losses, and it’s still capped at your wagering gains (winnings). Translation: even a break-even gambling year can create taxable “phantom income” that you’re not accustomed to seeing.

Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules. Here are five big ones that are easy to avoid with some simple planning.

For some reason, some believe it's better to receive than to give when it comes to filing taxes. While that may help your savings account, it's not always a great idea. Here's why:

Most income you receive is taxable income that is reported to the federal and state tax authorities. However, renting out your home or vacation property on a short-term basis can be done tax-free if you follow the rules.

Each year the IRS publishes the top dozen tax scams it encounters over the prior year. One of them that makes an all too common appearance on their list is the phishing scam. Here is what you need to know.

Some issues fly under the radar until they trigger an unexpected tax return notice, penalty, or tax bill. What may seem like routine financial activity can quickly turn into a costly mistake if it’s reported incorrectly. Below are seven commonly misunderstood tax situations that deserve careful attention before filing.

The tax term head of household is one of the more misunderstood tax phrases inside the U.S. tax code. However, if your situation warrants head of household status, there are two big tax benefits: First, a higher standard deduction. Second, lower effective tax rates for virtually every income level. This is great, but only if you qualify.

What Everyone Should Know The recently passed One Big Beautiful Bill Act (OBBBA) addresses some tax law uncertainty while creating several benefits impacting your 2025 tax return. One of these benefits is a new $6,000 deduction for seniors. Here is what you need to know.

The IRS is penalizing late filers of S corporation and partnership tax returns. This despite the fact that late filing of the tax returns (Forms 1120S and 1065), due March 15th, often does not impact the receipt of the taxes due on April 15th. Those that are getting this penalty are often couples and other small firms who have formed these business entities to provide legal protection for their shareholders.

Better to Be Surprised Now Than During an Audit Before you file away your tax return and all its related records, now is the time to make a final review of the material. This can be in either paper or digital form as long as you know where it is, it's securely stored, and you feel it will meet the requirements of substantiation. Here are some tips:

It's one thing to be taxed on retirement contributions and their related earnings when you withdraw funds from your IRA or 401(k) during retirement. It's quite another when you pay the tax PLUS a 10% penalty for an early withdrawal. Need funds prior to retirement and want to avoid the early withdrawal penalty? Here is what you need to know.

If you have problems getting to sleep at night and you turn to the IRS tax code for help, you might find some vocabulary that is very foreign to words you use every day. One of the more common words used by the IRS is the term contemporaneous. So what does it mean and why should you care?

If you’re used to getting your tax refund as a paper check, that era is basically over. In March 2025, a presidential executive order directed federal agencies to move federal payments and collections away from paper and into electronic systems “to the extent permitted by law.” That includes IRS refunds and, eventually, payments to the IRS as well. Following that order, the IRS announced that it would begin phasing out paper refund checks for individual taxpayers starting September 30, 2025. For the 2026 filing season and beyond, taxpayers should assume that refunds will normally be paid electronically, with paper checks reserved for a shrinking set of exceptions.

For years, crypto tax reporting has lived in a strange world where taxpayers were expected to self-report everything while the IRS had limited third-party visibility. That era is ending. Starting with 2025 transactions, custodial crypto platforms must begin reporting certain digital asset sales and exchanges on a new IRS information return: Form 1099-DA (Digital Asset Proceeds From Broker Transactions). That means more taxpayers will receive crypto tax forms that look and feel a lot like the brokerage forms we have dealt with for decades. Convenient? Eventually. Pain-free? Do not get carried away.

With the passage of the One Big Beautiful Bill Act (OBBBA) of 2025, there's the ability to receive a deduction for overtime pay from your federal tax obligation. Here's a recap of the rule and several tax tips to ensure you receive the full benefit of the deduction.

New Mileage Rates Announced by the IRS Big news for 2026: Updated mileage rates are here! The way you record your travel could earn you extra cash in your pocket. The standard business mileage rate increases by 2.5 cents to 72.5 cents per mile. The medical and moving mileage rates go down 1/2 cent to 20.5 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile.

The One Big Beautiful Bill Act (OBBBA) makes tip income tax-free. But as with any new tax law, the fine print matters, and some of these details still need clarification. Here is what you should know.

With the pending tariffs and turbulent markets, the last thing on most taxpayers minds is tax planning. But in the midst of all this turmoil is the potential for tax saving activity available to those willing to plan accordingly. Here is what you need to know.