Families looking for another way to save for a child’s future may want to consider Section 530A accounts. Created by the 2025 tax legislation commonly referred to as the One Big Beautiful Bill Act, these tax-advantaged savings accounts, also known as Trump Accounts, are designed to help children build long-term assets. The ability to contribute became available on July 4, 2026. And some children may be eligible for a $1,000 government-funded deposit. The Basics A 530A account

If you use your vehicle for business purposes, you may be able to deduct some of the costs associated with operating it. These deductions can help lower your taxable income and reduce the amount you owe at tax time. Educating yourself on vehicle expense deductions can help you take advantage of valuable tax-saving opportunities while staying compliant with tax regulations. Understanding Business Vehicle Use Before claiming a deduction, it is important to understand what qua

Tax season can feel stressful, but a little preparation can make your tax appointment much more productive. Whether you are filing a simple return or managing multiple sources of income, arriving organized helps you get the most value from your meeting. It also allows your accountant to identify potential deductions, answer important financial questions, and help you plan for the future. Gather Your Financial Documents Before your appointment, take time to collect all the d

When business owners think about risk, they often focus on market pressures or operational challenges. An IRS audit usually isn’t top of mind — but it can be costly, disruptive and time-consuming. Although some taxpayers are randomly selected for an audit, many audits occur because the IRS has identified certain patterns or inconsistencies. Understanding where these risks typically arise can help you limit your business’s exposure. 5 Key Audit Risk Areas The following risk ar

When you think about what makes your business valuable, you might picture loyal customers, strong branding, or innovative products. While those factors certainly matter, your financial records play an equally important role. Bookkeeping is the foundation that supports accurate business valuation. Without it, determining the true worth of your business becomes a guessing game. Whether you plan to sell, bring on investors, or simply understand your company’s financial health, t

Getting a large inheritance can create new financial opportunities. But it’s important to handle inherited assets carefully, especially when it comes to taxes and planning. Understanding relevant tax rules can help you avoid surprises and make informed decisions. Know the Basic Tax Rules Usually, the value of property you inherit isn’t included in your gross income for federal income tax purposes. This means you generally don’t owe income tax simply for receiving an inheritan

When you start or grow a business, choosing the right structure is one of the most impactful decisions you will make. Your business structure directly determines how your taxes are filed, what forms you must submit, and how your income is reported. Many business owners underestimate how much this decision can influence their ongoing financial responsibilities. Selecting the wrong structure can lead to unnecessary complexity or missed opportunities for tax efficiency. Understa

Notices from the IRS are more common than you may realize. Each year, the IRS mails millions of letters to clarify information, confirm changes or request additional documentation. Receiving a notice may seem intimidating, but most notices can be addressed quickly with the right information and guidance. 5 Common IRS Notices Explained Each IRS notice includes a reference number, such as CP49 or CP14. It identifies the issue and helps determine the appropriate response. Below

If you’re planning to grow your business, consistent and accurate bookkeeping should be one of your top priorities. While it may seem like a routine administrative task, bookkeeping plays a foundational role in helping your business expand with stability and control. Effective scalability is about growing in a way that remains efficient and financially sustainable. Without organized financial records, you may find yourself making decisions based on guesswork rather than data.

Until recently, much tax uncertainty surrounded estate planning. The Tax Cuts and Jobs Act doubled the federal gift and estate tax exemption to an inflation-adjusted $10 million, but only for 2018 through 2025. Fortunately for those with larger estates, in 2025, legislation was signed into law that increases the exemption to $15 million for 2026, with annual inflation adjustments going forward — and no expiration date. This provides more estate planning certainty, but not com

Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might be able to deduct your car loan interest. But various rules and limits apply. The Specifics The OBBBA allows eligible individuals, including those who don’t itemize deductions, to deduct some or all the interest

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