Article Highlights: What is Domicile? Key Point How Domicile Differs from Other Residency Tests Why Domicile Matters for Taxpayers What Courts and Tax Auditors Look For Special Rules and Common Exceptions Common Audit Issues Practical Tips and Final Thoughts Bottom Line If you’re planning a move—or you already split time between two states—you should understand […]
Article Highlights: Employment Fringe Benefits Group-Term Life Insurance Employer Retirement Contributions Group Health Insurance Pretax Flexible Spending Arrangements: Qualified Transportation Fringe Benefits De Minimis Fringe Benefits Working-Condition Fringe Benefits Educational Assistance Fringe Dependent Care Assistance Employer Adoption Assistance Accountable Plan Reimbursements Wellness Programs Achievement Awards Employee Discounts Employer Responsibilities Employers of all sizes can […]
Article Highlights: Understanding the 10-Year Clock Situations that Toll the Statute of Limitations Avoiding Unnecessary Extensions Strategies for Navigating the 10-Year Collection Period Important Considerations Should An Individual Attempt To Wait Out the 10-Year Statute? Practical Steps to Limit Harm Final Thoughts The Internal Revenue Code (IRC) Section 6502 provides that the IRS has a […]
August 2026 Individual Due Dates August 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer no later than August 10. You can use IRS Form 4070 or your own statement that […]
The economy is sending mixed signals, and many business owners are feeling that unevenness firsthand. Some companies are growing, hiring, investing in technology, and trying to keep up with demand. Others are seeing slower sales, tighter margins, longer collection cycles, or customers who are more cautious about spending. That split matters because tax planning should […]
Weddings, Childcare, Children’s Summer Employment, and Travel: Navigating Summer’s Tax Minefield Article Highlights: Why Summer Matters for Taxes Marriage in Summer Childcare and Summer Camps Summer Jobs for Children Renting Your Home During Summer Travel – Vacation vs. Business, and How to Allocate Records and Documentation Common Mistakes to Avoid Simple Summer Planning to Reduce […]
Article Highlights: What an IRS Online Account Can Do for You Top Benefits What You’ll Need Before You Start How to Create an IRS Online Account If Verification Fails Security and Privacy Tips Common Uses of an Online Account for Everyday Taxpayers How an Online Account Makes Tax Issues Easier to Resolve When Not to […]
Article Highlights: Deductible Expenses: o Start-Up Expenses o Organizational Expenses How Much Can Be Deducted Now vs. Over Time Special Purchase Rule How to Claim Recordkeeping — What to Keep Examples Practical Guidelines Starting a new business can be expensive, but the tax rules offer relief: certain start‑up and organizational expenses, like market research, advertising, training, professional […]
July 2026 Individual Due Dates July 1 – Time for a Mid-Year Tax Check Up Time to review your 2026 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 – Report Tips to Employer If you are an employee who works for tips and received […]
Article Highlights: Trump Accounts Scheduled to Launch July 4 What to Expect from the Treasury and Activation Emails If You Haven’t Signed Up Yet, Simple First Steps Why Form 4547 Filed with Your 2025 Tax Return Simplifies Activation If You Did Not File Form 4547 with Your Tax Return Who Can Open an Account and […]