BEFORE YOU SPEND YOUR WINNINGS, UNDERSTAND THE TAX RULES It’s natural to get caught up in the thrill of a big win. But under federal tax law, lottery prizes, gambling winnings, and most other awardsRead More »Gambling Winnings Tax Guide 2026: Rules & Estimated Payments
With home values rising across the country, many homeowners are seeing significant profits when they sell. While a large gain is usually welcome, it can also bring tax consequences. Depending on your profit, how longRead More »Home Sale Taxes: When Gains Are Taxed and When They Aren’t
Intangible assets play a major role in today’s business world. From goodwill and trademarks to customer lists, these assets often come into focus when a company is sold, ownership changes, or intellectual property is transferred.Read More »How the IRS Taxes Self-Created Intangible Assets
Many small business owners skip Roth IRAs, assuming their income disqualifies them or that current tax deductions outweigh future tax-free withdrawals. But overlooking this option could mean missing out on significant long-term tax benefits. RulesRead More »Maximizing Retirement Savings with a Roth IRA
Donating artwork to charity can be rewarding, but the tax deduction you receive depends on several factors. From the type of organization to how the artwork will be used, understanding the rules can help youRead More »How Donating Art Impacts Your Tax Deduction
As the year comes to a close, it’s important to check whether you’ve used up your 2025 flexible spending account (FSA) funds. FSAs are a great way to save on taxes, but they typically requireRead More »How to Maximize Your 2025 FSA Before Year-End
Whether you’re selling your business or acquiring another company, taxes can significantly influence the success of the transaction. Understanding the tax consequences before negotiating is essential to avoid costly surprises. Asset Sale vs. Stock SaleRead More »Asset Sale vs. Stock Sale: Tax Implications Explained
Are you planning to make financial gifts to family members or loved ones? If you’re also looking to reduce your capital gains tax, consider gifting appreciated stock instead of cash. This strategy could eliminate orRead More »Smart Gifting: Reduce Taxes with the 0% Long-Term Capital Gains Strategy
Thoughtful business gifts are a powerful way to express appreciation to clients, partners, and employees. When managed properly, they can also offer valuable tax deductions. However, the IRS generally limits business gift deductions to $25 perRead More »IRS Rules for Deducting Business Gifts Explained
The Social Security Administration has announced the 2026 wage base: $184,500, up from $176,100 in 2025. This change directly impacts how much payroll tax employees and self-employed individuals will owe. Here’s what you need to know. FICA TaxRead More »Social Security Wage Base 2026: Tax Implications Explained
Health care costs continue to rise, prompting many to explore more cost-effective insurance options. One increasingly popular approach is combining a high-deductible health plan (HDHP) with a Health Savings Account (HSA). This pairing can lowerRead More »Save on Health Care in 2026 with an HDHP and HSA Combo
As 2025 winds down, now is the ideal time to assess your business expenses for potential tax deductions. Accelerating deductible costs into this year can reduce your 2025 tax liability—and in some cases, lead toRead More »Year-End Business Expense Review: What’s Still Deductible in 2025?