To close loopholes, Congress added Section 170(f)(8)(A) to the Internal Revenue Code to create strict substantiation rules for charitable contribution deductions. Click through for the specifics, so you don’t get caught without proper substantiation for your charitable donations.
January 1 ushered in a new set of provisions resulting from the One Big Beautiful Act that will influence what 2026 looks like. You will want to pay attention now, before the year gets too far along.
The US tax system requires taxpayers to pay tax on income as it is received during the year—paying estimated taxes through the year helps you avoid some potentially significant IRS penalties and interest. Click for what you need to know.
States can create their own tax laws—and that adds complexity for taxpayers who must file both federal and state tax returns. Click for more information and some specifics for Arizona.
January 1 ushered in a new set of provisions resulting from the One Big Beautiful Act that will influence what 2026 looks like. You will want to pay attention now, before the year gets too far along.
The One Big Beautiful Bill Act passed in July 2025 established the 530A account, a new type of tax-advantaged IRA designed specifically for children. Better known as Trump accounts, these IRAs are designed to help children enter adulthood with greater financial security. A Trump account is subject to certain special rules on contributions, investments, distributions,…
Qualified tuition programs, also called 529 plans, are tax-advantaged plans designed to encourage saving for future education costs. These plans are sponsored by states, state agencies, or educational institutions and are authorized by Section 529 of the Internal Revenue Code (surprise!). Speaking of surprises, 2025 research shows that 52 percent of Americans don’t know what…
The federal government encourages individuals to save for retirement by providing tax incentives for those who make contributions to personal retirement accounts. The goal is to help people achieve financial independence in retirement and lessen the burden on public assistance programs for older Americans. The government offers these tax incentives as a trade-off, foregoing tax…
It has begun! The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the 2026 filing season. Taxpayers have until Wednesday, April 15, 2026, to file their 2025 tax returns and pay any tax due. (Filing a six-month extension will give taxpayers until October 15, 2026, to file their tax returns but…
We generally assume that children aren’t required to pay taxes. But if your child has unearned income-such as interest and dividends from investments-the IRS may require them to file a return. There are two main situations to consider. Their unearned income exceeds $2,700 for 2025 Your child will fall under what’s known as the kiddie…