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The Omnibus Budget Reconciliation Act of 2021 (OBBBA) introduces significant changes to the rules governing charitable contributions in 2026. One prominent adjustment is the implementation of a 0.5% of Adjusted Gross Income (AGI) contribution floor for taxpayers who elect to itemize their deductions. This means that itemizing taxpayers will only be able to deduct charitable …
It’s tax time, and if you are like most taxpayers, you are probably facing the ominous chore of compiling records in preparation for your tax return. The task is never easy, but the effort usually pays off in the extra taxes you save! When you are fully prepared for your appointment—whether in person, by videoconference …
Generally, individuals are required to file a tax return for a year if their income exceeds the standard deduction for their filing status for that year. But even if they are not required to file, it may be beneficial to do so. They could be missing out on huge refundable tax credits and carryovers of …
Are you familiar with what a Form 1099-K is? In recent years, the financial landscape has seen tremendous shifts. An example is rising participation in the gig economy and increased online sales activities. Accompanying these changes is the heightened need for transparent income reporting. One tool designed to aid in this pursuit is Form 1099-K, …
With tax season upon us, taxpayers across the nation are trying to grasp the many tax changes for 2025. Central to these transformations is the One Big Beautiful Bill Act (OBBBA), a comprehensive tax reform. This pivotal legislation introduces a range of changes that will directly impact virtually everyone’s tax return. From adjustments in child …
In the intricate landscape of taxation, the concept of Modified Adjusted Gross Income (MAGI) often emerges as a silent yet powerful factor that can dramatically influence a taxpayer’s financial outcomes. While many focus on standard deductions, itemized expenses, and various tax credits, the anticipated benefits of these tax strategies can be unexpectedly derailed by the …
Tax benefits for teachers can make a meaningful difference when managing classroom expenses and personal finances. This guide explains the key tax deductions available to K–12 educators, including teachers, instructors, counselors, principals, aides, and athletic administrators. The Basics of Tax Benefits for Teachers Beginning in 2026, educators can again itemize qualified unreimbursed expenses while still …
It’s a weekday afternoon. You’re answering work emails. A college-related form is open in another browser tab. Your phone buzzes with a text from a parent who needs help with something again. Later tonight, you’ll try to squeeze in a workout, review bills, and maybe—finally—look at retirement accounts you haven’t checked in a while. If …
The IRS has released the inflation-adjusted 2026 mileage reimbursement rate, used to calculate deductible vehicle expenses for business, medical, charitable, and limited moving purposes. Beginning on Jan. 1, 2026, the standard mileage rates for the use of a car (or a van, pickup or panel truck) are: The business mileage rate reflects both fixed and …
