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Many charitably minded individual retirement account (IRA) owners use qualified charitable distributions (QCDs) to satisfy required minimum distributions (RMDs) while avoiding income tax. One simple mistake, however, can turn an otherwise tax-free QCD into fully taxable income.

After age 70 1/2, you may direct up to $111,000 in 2026 from your traditional IRA to a qualified charity; for married couples, each spouse may give that amount from their own IRA.

The QCD can count toward your RMD once you reach age 73, and the QCD stays out of your adjusted gross income. Lower adjusted gross income can help you avoid higher tax brackets, higher Medicare premiums, and taxation of Social Security benefits.

The trouble arises under the strict no-benefit rule.

You must send a QCD directly to a Section 501(c)(3) charity, not to a donor-advised fund. More importantly, you must not receive anything of value in return. If you do,…

The One Big Beautiful Bill Act (OBBBA) introduces a substantial expansion of the tax credits available to businesses that provide childcare support to their employees. Beginning in 2026, the maximum credit for small businesses will increase from $150,000 to $600,000. This change reflects a growing recognition of childcare as a critical component of workforce stability and business growth.

Under these new guidelines, a business does not necessarily need to own an on-site facility to qualify for the credit. Expenses related to contracting with licensed off-site providers, utilizing childcare referral services, or participating in third-party childcare platforms are generally eligible. Furthermore, the OBBBA allows smaller employers to pool their resources, making it easier to provide high-quality childcare options without a prohibitive administrative or financial burden.

As we look toward 2026, it is important for business owners to evaluate their current benefit structures. While these credits can offer significant net tax savings,…

For years, mailing a return by the deadline was enough, but recent USPS processing changes have created a new risk for taxpayers. Because mail is often routed to distant regional centers, a return dropped off on the deadline may not receive a postmark until the following day, which the IRS considers late. We recommend using certified mail or electronic filing to ensure you have legal proof of your filing date. 📌

#TaxPlanning #SmallBusinessTips #BusinessOwners #CFOInsights #FinancialClarity #TaxCompliance #CPAFirm #IRSGuidelines

Many married couples form an LLC to own rental property to obtain liability protection. After they create the LLC, they often ask an important tax question: Does the LLC force them to file a partnership return?

The answer depends largely on where they live and how they own the property.

Federal tax rules treat any unincorporated business with two owners as a partnership by default. When a husband and wife form a two-member LLC, the IRS normally requires a partnership return on Form 1065. Some exceptions exist, but most couples do not qualify for them.

Tax law allows “mere co-ownership” of real estate without creating a partnership. This rule applies only when individuals own property directly as tenants in common and simply maintain and rent it. Once spouses place the property inside a multi-member LLC, they move beyond co-ownership and create a separate tax entity. At that point, the partnership…

Major milestone! 🎉 The Social Security Administration (SSA) just announced that over 100 million Americans have created their "my Social Security" accounts.

This secure online portal is key to SSA's "digital-first transformation," providing you with 24/7 access to:

• Manage your benefits.

• Check your earnings record (great for tax season!).

• Estimate your future benefits.

Set up your free account today to access these services anytime, anywhere: SSA my Social Security

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.