Business owners love two things: making money and not giving more to the IRS than necessary. A properly structured “working vacation” can help with both.
If you plan it correctly, a personal trip that includes real business activity can qualify as business travel.
That means a significant portion of the cost can become tax-deductible under current 2026 rules.
Each year there's typically an open enrollment for many benefit programs from your employer.
Here are some tips to consider.
For years, the tax code trend was to reduce the amount of interest that may be deducted on your tax return.
Until recently, it really only allowed interest deductions as an itemized deduction on qualified residences and vacation property.
That is changing now with the passage of the OBBB Act and the introduction of a new car interest tax break.
Here is what you need to know:
Your granddaughter needs a car, but cannot afford the payments. As a favor, you provide the $25,000 to purchase the car. You tell your granddaughter to pay you back when she can, but there is no loan document. The IRS sees this payment during an audit and asks where your interest income is for this loan. Should this happen, you will quickly understand the meaning of AFRs.
Do you want to jump start your child's retirement with a million dollar tax-free account?
Consider this.
The Social Security Administration announced a 2.8% boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2026, another rate drop versus last year's increase of 3.2%. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2025.
Before taking action, talk to your tax adviser.
How many times have you seen this legal disclaimer?
Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill.
Here are some of the most common situations that can save you money by seeking advice before you act:
In late September, the Treasury Department presented a list of preliminarily-approved occupations that will qualify for the new federal tax-free tip income provision on 2025 tax returns.
Here is what you need to know.
As part of the One Big Beautiful Bill Act (OBBBA), qualifying tip income will not be subject to federal income tax from 2025 through 2028. The benefit is limited to $25,000. There is an income limit of $150,000 for single filers and $300,000 for joint filers. (This income limit is modified adjusted gross income, including the tips.) The deduction amount is reduced (but not lower than zero) by $100 for each $1,000 in excess of these amounts.
Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.
Source: IRS Publication 561
This definition is the standard the IRS uses to determine if an item sold or donated by you is valued properly for income tax purposes. It's also a definition that's open to interpretation. If the IRS decides your FMV opinion is incorrect, you're not only subject to more taxes, but also penalties to boot.
Here are some tips to help defend your FMV in case of an audit.
With the passage of the One Big Beautiful Bill Act (OBBB Act) many who took a standard deduction may now need to consider a potential change to itemizing. If this could be you, it is better to know this now, when you can still take tax advantage of your situation.
In 2024 you could only take a maximum of $10,000 as an itemized deduction on Schedule A for taxes of any kind. To make matters worse, this limit was the same for single filers and married filing joint taxpayers, making it one of the most severe marriage penalties in the tax code. So many taxpayers who typically itemized deductions, often found themselves taking the standard deduction.
But effective for tax years 2025 thru 2029, this limit of tax deductions is increasing to $40,000. This will result in many individuals once again itemizing their deductions.
As of October 2025, The One Big Beautiful Bill Act (OBBBA) didn’t just keep Opportunity Zones alive. It made the program permanent, tightened zone eligibility, and changes investor incentives starting January 1, 2027.
Below is the upgraded, client-ready explainer with a now-vs-later comparison, a timeline, and the fine print sophisticated readers expect.
As of October 2025, if you’re age 70½ or older, you can transfer money directly from an IRA to qualifying charities. Those transfers are Qualified Charitable Distributions (QCDs).
Thanks to the One Big Beautiful Bill Act (OBBBA), QCDs now protect even more tax benefits by keeping AGI/MAGI low while still satisfying charitable goals.
Below is the upgraded, precise version:
Missed your quarterly estimates this year?
You’re not alone.
The IRS underpayment charge is nondeductible, compounds daily, and snowballs fast.
Writing a big check today will stop new penalty accrual from this point forward, but it won’t erase the penalties tied to the quarters you already missed.
There is, however, a lawful way to make it as if you paid each quarter on time. It relies on how the tax code treats withholding from retirement distributions.
California has expanded its retirement mandate to the smallest employers. If you have even one W-2 employee (other than the owner or owner’s spouse) and do not sponsor a qualified plan, you must either (a) adopt a private plan (e.g., 401(k), SIMPLE IRA) or (b) register for CalSavers by December 31, 2025.
Penalties for non-compliance: $250 per eligible employee if you remain non-compliant 90+ days after notice, plus an additional $500 per eligible employee at 180+ days. Those add up quickly.
The IRS doesn’t care how exciting your rodeo belt buckle is… they care whether you’re engaged in the activity with the actual intent to make a profit.
If it’s a business, losses are deductible.
If it’s a hobby, deductions are limited and can’t create a net loss against other income.
After filing your taxes, you may start wondering...
The answer depends on how you filed your return:
You can check on the status of your refund by clicking on the links below.
