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As important tax records start filling mailboxes, how can you make sure your tax preparation goes smoothly and efficiently this year? Here are some tips.

Hackers and data thieves target personally identifiable information or (PII). They also know their best score can be had by filing information using your tax ID and stealing your withholdings before you are the wiser. But by working together, we can mutually reduce the risk of this happening to you. Here are some tips: Awareness Is Key Your number

As part of your planning for next year, now is the time to review funding your retirement accounts in 2026. Recent cost of living calculations means much higher contribution limits for next year. So plan now to take full advantage of this tax benefit. Here are annual contribution limits for the more popular programs:

Throughout the year, natural disasters can strike unexpectedly, from wildfires to hurricanes, and the aftermath often leaves communities in need of support. While the urge to help is strong, it’s important to ensure that the organizations you donate to are legitimate and not scams. Additionally, while fewer taxpayers are itemizing deductions, those who do want to make sure their charitable contributions are legitimate for tax purposes. Here are some tips on how to research organizations before donating your funds, no matter the time of year.

California has a weird hobby: taking normal business relationships and turning them into legal trivia contests with expensive prizes. If you hire independent contractors (ICs) in California, you’re operating in a world shaped by Dynamex and AB 5 (plus later amendments). The big takeaway is simple: California starts from suspicion, not trust. Your job is to structure the relationship so it can survive scrutiny. This post is a practical, more generic overview of how California looks at ICs, what the main “tests” are, and how the carve-outs work in real life.

Recent tax legislation includes new provisions that allow for the establishment of new investment accounts for children ages 18 or younger. The goal of the account is to have funds available for them when they become adults. While not yet available to create, news out of the IRS in early December makes it important to stay up to date on the rules and benefits as they develop. Here is what you need to know.

Overview Subject: The Hidden Benefits of Filing a Gift Tax Return (Form 709) in 2026 If you’ve made larger gifts to family or others, you may be required to file a federal gift tax return (Form 709), even if you don’t owe any actual gift tax. Filing can feel like extra paperwork, but it also provides important protection and clarity for you and your estate.

The New Child Savings Plan Parents Need to Know (530A / “Invest America”) Congress has officially blessed us with yet another account type. This one is built for children and is commonly being called a “Trump Account” (also referred to as a Section 530A / “Invest America” account). The elevator pitch: it’s a tax-advantaged, long-term investment account for a minor, seeded (in some cases) with government money, and designed to push families toward early investing.

At the end of the year you will be inundated with commercials to donate a vehicle to charity. While it is one of the biggest contributions a taxpayer can make, if not done carefully, the tax deduction of a donated vehicle could be a lot lower than you think.

Each year there's typically an open enrollment for many benefit programs from your employer. Here are some tips to consider.

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.

For years you have put away money from your pay into your employer-provided 401(k) retirement savings account. Your employer may have even matched 50% of your contributions or contributed 3% of your pay to the account as part of a safe harbor program. Now you want to take some of this money out in the form of a loan to help pay your bills or to buy a car. Before you take action, here are some things to consider.

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.

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:

Do you want to jump start your child's retirement with a million dollar tax-free account? Consider this.

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. Background 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.

Most of us go through life without being concerned with, or ever checking on, our Social Security records. We assume the money deducted each payday and an equal amount paid in by our employer is applied properly to this valuable retirement benefit.

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. The Change: 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.