Tax News

Keeping home improvement records is one of the simplest ways to cut the tax you owe when you sell your house. Every qualifying improvement adds to your home’s cost basis. A higher basis means a smaller taxable gain. Without receipts, invoices, and proof of payment, you cannot claim those costs,…

A living trust is right for you if you own real estate, want your family to skip probate, or need someone to manage your assets if you become unable to. It is a legal arrangement that holds your property while you are alive and passes it to your heirs when…

The tax deductions for 2026 look very different from just a few years ago. The One Big Beautiful Bill Act (OBBBA), signed on July 4, 2025, raised the SALT cap and brought back the mortgage insurance deduction. It also created new write-offs for tips, overtime, car loan interest, and seniors.…

Hiring your children in the family business is one of the simplest legal ways to cut your family’s tax bill in 2026. The wages you pay are a deductible business expense. Your child can earn up to $16,100 this year and owe no federal income tax. If you run a…

Tax preparation during a government shutdown raises one question above all others. If the IRS sends half its staff home, does your return still get filed, and does your refund still arrive? The short answer is yes for most people, provided you file electronically and choose direct deposit. Filing deadlines,…

Trying to short-change the IRS is far riskier today than most taxpayers assume. If your tax return leaves out income or claims deductions you never paid for, the IRS can hit you with back taxes, interest, accuracy penalties, a 75 percent civil fraud penalty, and in willful cases, criminal charges.…

Household employee payroll tax applies when you hire someone to work in or around your home and you control both what they do and how they do it. Nannies, housekeepers, and in home caregivers are employees under IRS rules. That makes you a household employer, responsible for withholding, tax payments,…

A Spousal IRA lets a working spouse fund a retirement account in the name of a spouse who has little or no earned income, and for 2026 that means a married couple can set aside up to $15,000, or $17,200 if both spouses are age 50 or older. The IRS…