Article Highlights: What is the Purpose of an HSA? Who Qualifies to Contribute? The Tax Benefits of an HSA Maximum Contributions Distribution Issues and Taxation Why an HSA Can also Function as a Retirement Account What Happens When an HSA Owner Dies? Bottom Line A Health Savings Account, or HSA, is one of the most […]
If you filed an extension for your 2025 individual income tax return, remember that the extended due date is October 15, 2026. That is the deadline to file Form 1040 or Form 1040-SR if you requested an automatic 6-month extension. There are no further extensions. Please do not wait until the last minute. Our office […]
Prediction markets have grown rapidly over the past few years, attracting investors, cryptocurrency enthusiasts, and high-net-worth individuals looking for new ways to participate in financial markets. Platforms such as Kalshi have introduced many investors to a different type of trading—one that allows participants to buy and sell contracts based on the likelihood that future events […]
October 2026 Individual Due Dates October 13 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer no later than October 13. You can use IRS Form 4070 or your own statement that […]
For years, the answer seemed straightforward. Interest rates were historically low, stock markets generally rewarded long-term investors, and many financial experts encouraged people to invest extra money rather than aggressively paying down low-interest debt. That advice made sense when mortgages carried interest rates near 3% and savings accounts paid next to nothing. Today’s financial landscape […]
Article Highlights: Sports Expenses As a Childcare Expense Charitable Contributions Volunteering Parents Use of an Asset by a Charity Medical Expense Exception When a Child’s Sport Becomes a Business Recordkeeping and Practical Guidance A child’s and their parent’s sports expenses, from registration fees and travel to equipment and volunteer time, sit at the intersection of […]
When Congress passes a major tax bill, most people assume the hard part is over. In reality, that’s often when the next phase begins. Earlier this month, the U.S. Department of the Treasury and the Internal Revenue Service released their 2026 Priority Guidance Plan, outlining the regulations and administrative guidance they expect to work on […]
Article Highlights: A Simple Example, Finding Money On The Street What Section 61 Is Designed To Do The Basic Idea: Accession To Wealth What Is Usually Taxable? What Is Usually Not Taxable? The General Welfare Exclusion State Tax Refunds Are Not Always Taxable What About Prizes, Awards, and Gambling Winnings? Examples of Expressly Excluded Income […]
Retailers are placing inventory orders. Restaurants are planning for seasonal demand. Contractors are scheduling projects before winter. Professional service firms are setting revenue goals they hope to achieve before year-end. Whether your busy season starts in September or December, one thing is true for almost every business: The decisions you make in September often determine […]
If you make or receive income that is not fully covered by withholding, September 15, 2026 is an important date on the tax calendar. It is the due date for the third installment of 2026 federal estimated tax payments for individuals who are not paying enough through withholding during the year. Why Estimated Tax Payments […]