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 medical and dental care, prescription medications,…
If you're the parent of a college-aged child, you already know how pricey higher education has become. According to EducationData.org's Education Data Initiative (EDI), the average annual cost of college in the United States in 2026 is $38,270, which means…
Launching a start-up involves many decisions. Among the most important is choosing the right business structure for federal tax purposes. Last year's One Big Beautiful Bill Act (OBBBA) made permanent and modified several provisions of the Tax Cuts and Jobs…
Capitalizing Intangible Asset Costs Does your business hold intangible assets? Intangibles are nonphysical, long-term resources that can add significant value to a business. Examples include copyrights, licenses and customer lists. The tax implications can be complex. IRS regulations require the…
Summer may feel far removed from tax-filing season. But for strategic taxpayers, it's a great time to gather information and plot moves that may pay off when they file their 2026 return. Here are some midyear tax planning tips to…
IRS Warns of CP53E Scams Confusion about IRS CP53E notices is growing — and scammers are taking advantage. CP53E is an official IRS notice related to tax refunds and bank account information. As the IRS shifts from paper checks to…
Fertility Benefits Could Expand in 2027 The IRS and other federal agencies have proposed new rules that could expand employers' ability to provide fertility benefits to employees as early as plan years starting Jan. 1, 2027. If finalized, the rules…
With tax season in the rearview mirror, many individuals and business owners wonder how long they should hold on to tax-related records — and what can safely be discarded. Different types of documents have different retention recommendations and requirements, and…
Is Your Child's Financial Aid Taxable? If you're currently evaluating financial aid awards for your college-bound child, it's important to understand what types of assistance are taxable. In general, free-money scholarships, fellowships, grants and tuition "discounts" are nontaxable. However, they…
A Roth option is now almost universally offered by 401(k) plans, according to the Plan Sponsor Council of America's 68th annual survey, which covers the 2024 plan year. If you participate in your employer's 401(k) and have access to this…
