Posts

ABLE (Achieving a Better Life Experience) accounts are tax-advantaged accounts that enable Americans with significant disabilities to save or invest for the future without jeopardizing eligibility for public benefits. As of January 1, 2026, eligibility has expanded to include individuals whose disability began before age 46 (previously, the disability must have begun before age 26). This means that an estimated six million more Americans whose disabilities began later in life, including over one million veterans, may be eligible to open ABLE accounts.

ABLE account eligibility

If you meet the age criteria and have a significant disability, you may be eligible to open an account. If you are already receiving SSI or Social Security Disability Insurance (SSDI), you automatically qualify. You may also qualify if you're not receiving those benefits but meet Social Security's definition of disability and are able to obtain certification from a physician. If you have a family…

Your tax refund will no longer arrive by paper check. The IRS recently announced that it will stop issuing refund checks, with limited exceptions, and will require taxpayers to receive refunds electronically.

Why the Change?

Paper checks cost more, create security risks, and take much longer to process. In addition, the Trump administration directed all federal agencies to eliminate paper check payments.

What Stays the Same?

The IRS has not changed the process for filing your tax return. You will continue to file exactly as you do now.

After four years of work, the IRS has finalized its cryptocurrency regulations, and crypto tax reporting now begins. Starting with the 2025 tax year, custodial crypto platforms must report taxable crypto transactions directly to the IRS.

“Digital asset brokers” must handle this reporting when they take custody of the digital assets their customers sell or exchange. These brokers include

• operators of centralized trading platforms such as Coinbase, Kraken, and Binance; and

• hosted wallet providers (also called “custodial wallets”).

Many IRA and retirement plan limits are indexed for inflation each year. Several of these key numbers have increased once again for 2026.

How much can you save in an IRA?

The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2026 will be $7,500 (or 100% of your earned income, if less), up from $7,000 in 2025. The maximum catch-up contribution for those age 50 or older is $1,100, increased from $1,000 in 2025. You can contribute to both a traditional IRA and a Roth IRA in 2026, but your total contributions cannot exceed these annual limits.

Can you deduct your traditional IRA contributions?

If you (or both you and your spouse, if you're married) are not covered by a work-based retirement plan, your contributions to a traditional IRA are generally fully tax-deductible.

Thinking of prepaying for your 2025 tax prep?

Great news: you can now Pay Later with Affirm — and some lucky clients even qualify for a 0% interest 3-month plan.

Yep. Zero. As in the amount of joy tax season brings any of us. But at least paying for it doesn’t have to hurt.

Here’s the deal:

• You get flexible payments.

We know not every business needs full CFO support, but many still need help staying compliant.

We’re considering a vCFO Lite option — a streamlined package covering:

• Secretary of State filings

• Business tax/license renewals

• Business personal property tax filings

Would this be something you’d use? Let us know below 👇

#BusinessGrowth #FundingOptions #SmallBusinessSupport #MickeleNowdenCPA #VirtualCFO #FinancialPlanning

Starting in 2026, the rules around employer-provided meals are getting a major shake-up under OBBBA — and that “50% deductible lunch” might soon cost you 100%!

Here’s what’s changing ⬇️

🚫 No more deductions for:

• Meals provided for the convenience of the employer (Sec. 119(a))

• Employer-operated cafeterias or snack areas (Sec. 132(e)(2))

Before this? Those were typically 50% deductible, sometimes even fully deductible.

March 2025 Executive Order:

Phase out paper checks to and from the federal government, including IRS.

• Paper checks from Treasury to cease by Sept. 30, 2025

• Payments sent to Treasury (including tax payments) should be processed electronically as soon as practicable

  No guidance has been issued and date has not been set but could be as soon as Sept. 30, 2025