It's officially Tax Season! This time of year, individuals and businesses turn to tax professionals for assistance. Most people don't realize that all tax professionals are not equal. Among tax professionals, there are varying degrees of expertise. Anyone with $19 can obtain a Preparer Tax ID Number (PTIN) from the IRS. This number allows that individual to prepare and file tax returns and use the designation 'tax professional.' No certification, training, or specialized know

The One Big Beautiful Bill Act (OBBBA) passed by Congress and signed by the President in July of 2025 included the creation of a brand-new type of child investment account called a Trump account. All children under age 18 with a valid Social Security number are eligible for Trump accounts. These accounts have been compared to Health Savings Accounts or 529 Education Savings Plans, but they most closely resemble Individual Retirement Accounts (IRAs). Contributions to the plan

If you’re self-employed or have significant income outside of a regular paycheck, chances are you’ve heard the term “estimated taxes.” But what exactly are they, and why do they matter? Understanding estimated taxes is crucial to avoid penalties, stay financially organized, and ensure you’re not caught off guard come tax season. In this post, we’ll break down everything you need to know — including what estimated taxes are, who must pay them and how to calculate them (includi

Tax season often brings stress and uncertainty, but with the right approach, you can turn it into an opportunity to save money. Planning ahead is key to reducing your tax burden and making the most of your finances. This article shares practical and effective 2026 tax planning strategies that help you keep more of your hard-earned money. Calculator and tax documents on desk, eye-level view Understand Changes in Tax Laws for 2026 Tax laws evolve every year, and 2026 will be n

For many taxpayers, charitable giving isn't just about generosity - it's also about strategy. What if you could strengthen your charitable giving and cut your tax bill at the same time? That's exactly what qualified charitable distributions make possible. For IRA owners, QCDs offer a simple way to turn required withdrawals into meaningful gifts, allowing you to support the causes you care about while potentially reducing your taxable income. Instead of viewing RMDs as just an

Whether you’re hiring your first employee or managing a growing team, understanding the difference between an employee and an independent contractor is essential. Worker classification affects how you handle payroll taxes, benefits, and reporting requirements—and misclassification can result in costly IRS penalties. Many business owners unintentionally get it wrong, often because the rules are complex. The IRS, Department of Labor, and various state agencies each use their ow

Running a business involves more than just selling a product or service—it also includes building relationships, rewarding employees, and expanding your professional network. Meals and entertainment can be part of those efforts, but the rules around what’s deductible can be tricky. Understanding how the IRS treats these expenses can help you stay compliant and reduce your tax bill without crossing any lines. What counts as a Deductible Meal Expense? Meal expenses are only ded

Do you own your home? With Kansas City hosting the World Cup in 2026, you can realize tax-free income by renting all or a part of your...