Individuals

Discover how 529 plans can now cover a wide range of K–12 education expenses, from tuition and books to tutoring and educational therapies. Families can use these tax-advantaged accounts to pay for public, private, or religious school costs while potentially earning state tax benefits. Starting in 2026, the annual limit for K–12 withdrawals doubles to $20,000 per student, making it easier than ever to plan and save for your child’s education.

Beginning in 2025, the state and local tax (SALT) deduction cap will temporarily rise from $10,000 to $40,000, offering short-term relief for many taxpayers in high-tax states. The higher limit will gradually adjust through 2029 before returning to $10,000 in 2030. However, the benefit phases out for individuals with modified adjusted gross income above $500,000, making income planning essential during this temporary expansion period.

ChatGPT said: A Roth IRA conversion ladder is a powerful strategy for early retirees to access retirement funds before age 59½ without penalties. By converting portions of a traditional IRA into a Roth IRA each year and waiting five years before withdrawing, you can create a steady stream of tax-free, penalty-free income. This method requires careful planning around taxes and timing but offers flexibility and control over your early retirement income strategy.

ChatGPT said: Partners in a partnership often incur business expenses personally, such as travel, mileage, or office costs. When not reimbursed by the partnership, these out-of-pocket costs may qualify as unreimbursed partnership expenses (UPEs), offering potential tax deductions. However, claiming UPEs requires meeting specific IRS conditions and maintaining detailed documentation. Learn how partners can navigate these rules and decide whether reimbursement or deduction is

A cost segregation study is a powerful tax strategy for real estate owners, allowing them to accelerate depreciation on their properties. By reclassifying specific building components into shorter-lived asset categories, investors can boost early-year deductions, reduce taxable income, and improve cash flow. Ideal for newly acquired, constructed, or renovated properties, this method offers significant savings when properly executed with professional guidance.

An accountable plan is a powerful, IRS-compliant tool that allows S and C Corporations to reimburse employees for business expenses—like mileage, home office use, and travel—without creating taxable income. This strategy ensures the corporation gets a full deduction while the recipient avoids extra tax liability. Learn how setting up a formal accountable plan can boost compliance, reduce taxes, and streamline reimbursements.

Short-term rental income is taxed differently based on guest stay length and services provided. Rentals with significant personal services and stays of 30 days or less are reported on Schedule C as active business income, subject to self-employment tax. Rentals with shorter stays and minimal services are reported on Schedule E but may still be non-passive. Understanding these rules helps hosts maximize deductions and avoid tax traps related to passive loss limitations.

Thinking about retiring early or leaving your job in your mid-50s? The IRS Rule of 55 could let you access your 401(k) funds without the usual early withdrawal penalty. In this post, we break down how the rule works, who qualifies, and how it can fit into a smart early retirement strategy.

If you're a high earner looking to save more for retirement in a tax-smart way, the mega backdoor Roth could be a game-changer. This powerful strategy lets you contribute tens of thousands of after-tax dollars to a Roth account—far beyond the usual limits. Learn how it works, what your 401(k) plan must allow, and why timing matters to avoid taxes. It’s a hidden gem for those already maxing out traditional retirement options.

If your 401(k) plan allows in-service distributions, you can convert pre-tax savings to a Roth IRA while still working—giving you a head start on building tax-free retirement income. This strategy lets your money grow tax-free, with no required minimum distributions later. You don’t have to convert everything at once; spreading conversions over several years helps manage taxes. It’s a smart move for high earners or anyone planning long-term retirement growth.

If you use your personal vehicle for business, you may qualify for valuable tax deductions. For 2025, the IRS standard mileage rate is 70 cents per mile—but that’s just the start. Learn the difference between the standard mileage rate and actual expense method, and discover commonly overlooked deductions like loan interest, property taxes, tolls, and parking. Whether you're self-employed or own a small business, these tips can help you maximize your tax savings.

Ever wonder why your paycheck is smaller than your salary suggests? The gap between gross pay and net pay comes down to taxes and deductions—some mandatory, others optional. This guide breaks down each step of the calculation, including income tax, FICA, pre- and post-tax deductions, and even the Social Security wage cap. Learn how benefits like 401(k) and dependent care FSAs affect your take-home pay—and how to read your pay stub with confidence.

Thinking about accessing your retirement savings early? The IRS’s Substantially Equal Periodic Payments (SEPP) rule lets you withdraw funds from your IRA or 401(k) before age 59½ without paying the usual 10% penalty—if you commit to taking equal payments over a set period. Learn how SEPP works, the strict rules you must follow, and why it could be a smart option for early retirees or those needing early access to funds.

How Much Can You Safely Spend in Retirement? Understanding the 4% Rule Turning your nest egg into a reliable income stream is one of the biggest retirement challenges. The 4% rule offers a simple starting point—withdraw 4% of your savings in the first year, then adjust for inflation—to help your money last 30 years. But does it still work today? Learn how the rule works, its limitations, and what alternatives might be better suited for your retirement lifestyle.

Required Minimum Distributions (RMDs) can significantly impact your retirement savings and tax bill. But with smart strategies—like Roth conversions, qualified charitable distributions, and innovative options such as charitable gift annuities and qualified longevity annuity contracts—you can reduce or even avoid RMDs altogether. Discover six effective ways to keep more of your retirement income and plan for a financially secure future.

Leaving a job with an outstanding 401(k) loan? You could be hit with unexpected taxes if you’re not careful. This post breaks down what happens when a plan loan is "offset," what qualifies as a Qualified Plan Loan Offset (QPLO), and how to avoid paying unnecessary taxes by understanding your rollover options. Simple, practical advice—no jargon required.

If you're a farmer, landowner, or interested in rural tax policy, the new One Big Beautiful Bill Act (OBBBA) includes a provision worth noting. Section 70437 introduces a new tax option for those selling farmland to other farmers. Though it's flown under the radar, this change could have significant implications for agricultural land transactions. Here's what you should know.

The U.S. government is phasing out paper checks for most federal payments starting in 2025. A new executive order mandates a shift to electronic methods like direct deposit and digital wallets to reduce fraud, cut costs, and improve efficiency. Learn what this change means for individuals, businesses, and agencies.

Starting in 2024, a new IRS rule allows certain unused funds from 529 plans (Qualified Tuition Programs) to be rolled over into Roth IRAs—providing families with more flexibility in managing education savings. This update can help avoid taxes and penalties on leftover funds while supporting long-term retirement goals. In this post, we break down who qualifies, how the rollover works, and what to consider before making the transfer.

As part of the newly passed One Big Beautiful Bill Act, tipped workers like servers, bartenders, and stylists may now qualify for a major federal tax break. Under the “No Tax on Tips” provision, eligible individuals can deduct up to $25,000 in tip income from their taxes—potentially increasing their take-home pay. Here's what you need to know about who qualifies, how it works, and when it takes effect.