Tax forms don’t usually make exciting reading, but the 2026 Form 1040 has some changes worth knowing about. Several new deductions and tax provisions will affect the way certain taxpayers report their information on their 2026 federal tax returns. The IRS has released a draft of the 2026 Form 1040, and while the form is not yet
🗞️What’s New on the 2026 Form 1040? Read More »
If you like being able to handle things from your phone, the IRS has some good news: IRS2Go has been replaced by a new IRS mobile app, giving taxpayers access to more tax-related services right from their phones. The new app officially launched on September 25, 2026, and it keeps many of the familiar IRS2Go
🗞️The IRS Has a New Mobile App — Here’s What Taxpayers Should Know Read More »
A taxpayer identification number—or TIN—is the number the IRS uses to associate income with the correct taxpayer. Depending on the payee, it may be:– Social Security number (SSN)– Employer identification number (EIN)– Individual taxpayer identification number (ITIN) The IRS TIN Matching program allows eligible payers to confirm that a payee’s legal name and TIN combination matches IRS records
🗞️TIN Matching: A Critical Compliance Step Before Filing Forms 1099 Read More »
The final quarter of 2026 begins in October, but effective year-end planning should start now. Waiting until December can eliminate valuable opportunities to adjust taxes, cash flow, payroll, and business decisions. Business owners should review:– Year-to-date revenue and profitability– Accounts receivable and outstanding obligations– Estimated federal tax payments– Washington B&O and sales-tax reporting– Owner compensation
🗞️September Is the Right Time for a Year-End Business Review Read More »
The One Big Beautiful Bill Act (OBBBA) introduced several provisions that will affect 2026 income tax returns filed during the 2027 tax season. Although filing may feel far away, the decisions and documentation required begin now. Key changes include:– Qualified Tips Deduction: Eligible employees and self-employed individuals may deduct up to $25,000 of qualified tips, subject to income and
🗞️OBBBA Updates: Prepare Now for the 2027 Tax Season Read More »
For years, taxpayers who qualified for First Time Abate (FTA) relief generally needed to contact the IRS and request that certain penalties be removed. While many eligible taxpayers ultimately received relief, the process often required lengthy phone calls, written correspondence, and significant processing time. The IRS has now begun implementing a new administrative process known
✅ IRS Introduces Automatic Penalty Relief Process Read More »
One of the newest savings opportunities available to families is the Trump Account program, created under recent federal legislation. These accounts are designed to encourage long-term savings for eligible children through tax-advantaged investment accounts, with additional guidance continuing to be released by the Treasury Department and the IRS. Eligible children born between January 1, 2025, and
👶 Trump Accounts: Early Rollout Brings New Opportunities—and Some Challenges Read More »
As we reach the halfway point of 2026, now is an excellent time to review your tax withholding and estimated tax payments. Taking a few minutes to evaluate your current tax situation can help you avoid surprises at tax time and keep you on track for the rest of the year. For Individuals: Many life
Mid-Year Tax Withholding Check: Avoid Surprises Next Tax Season Read More »
The second quarter estimated tax payment for tax year 2026 is due on June 15, 2026. Estimated tax payments are generally required for individuals who expect to owe at least $1,000 in federal income tax after withholding and credits. This commonly includes: – Self-employed individuals– Independent contractors– Gig workers– Rental property owners– Investors with significant income not subject to
Reminder: Q2 2026 Estimated Tax Payments Due June 15 Read More »
The U.S. Department of the Treasury recently launched the new Trump Accounts mobile app, giving families a centralized way to enroll in, activate, and manage Trump Accounts for eligible children. The app became available nationwide in late May 2026 and serves as the primary interface for the program ahead of its full rollout on July
New for 2026: The Trumps Account App is Now Available Read More »
