The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look. FICA tax 101 The Federal Insurance Contributions Act (FICA) imposes two payroll taxes on wages and self-employment income — one for Old-Age, Survivors, and Disability Insurance, commonly known as the Social Security tax, […]
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For many taxpayers, receiving a letter from the IRS can feel intimidating. The envelope arrives with the IRS seal, and immediately, worry sets in: Did I make a mistake? Am I in trouble? The truth is, IRS notices aren’t uncommon, and most of them can be resolved fairly easily once you understand what they mean. […]
The One Big Beautiful Bill Act (OBBBA) introduced or updated numerous business-related tax provisions. The changes that are likely to have a major impact on employers and payroll management companies include new information return and payroll tax reporting rules. Let’s take a closer look at what’s new beginning in 2026 — and what businesses need […]
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If you’re considering opening an investment account for your minor child or grandchild to help him or her save for the future, a custodial account can be a useful option. Indeed, for many families, a custodial account strikes the right balance between gifting assets to a child and maintaining oversight until the child is legally […]
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Approximately 1.3 million Americans live in nursing homes, according to the National Center for Health Statistics. If you have a parent moving into one, taxes are probably not on your mind. But there may be tax implications. Here are five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing […]
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2026 Forecast: The “Hangover” Year (And Why The IRS Is Smiling) The One Big Beautiful Bill Act (OBBB) is “old news.” The champagne corks popped in July, the ink is dry, and we all patted ourselves on the back for dodging the sunset. But here is the deal: 2026 isn’t about legislation; it’s about implementation. […]
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Holy Cannoli: Why 2026 Will Be the Most Chaotic Filing Season (And What It Means for You) Friends, grab your espresso—because we need to have a serious conversation about what’s actually happening with the IRS right now. And I’m going to be straight with you: the system that processes your taxes is literally falling apart. […]
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The Quiet Revolution in Tax Strategy: What Forward-Thinking Advisors Are Building Friends, there’s a shift happening in tax advisory that nobody’s really talking about yet. It’s not as sexy as the latest tax law changes—no bombastic headlines, no congressional drama. But if you’re thinking about the future of your business, it matters more than you’d […]
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The NIL Tax Game Just Got Real—What College Athletes (And Their Parents) Need to Know Right Now Friends, we need to talk. If you’ve been following college sports at all over the past four years, you know the game has fundamentally changed. And I’m not just talking about who’s winning the College Football Playoff—I’m talking […]
The One Big Beautiful Bill Act (OBBBA) creates a new type of tax-advantaged account for eligible children. Section 530A accounts, also known as “Trump accounts,” can be established for children under age 18 who have a Social Security Number (SSN). Contributions to properly established accounts can begin on July 4, 2026. The IRS has released guidance that sheds more […]
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