Employers, including small businesses, that provide paid family and medical leave to their employees may be eligible for an employer tax credit. Several enhancements have been made to this credit under the Working Families Tax Cuts. Here’s an overview of the employer credit for Paid Family and Medical Leave, including the recent changes. What isRead more about Paid Family and Medical Leave Tax Credit for Employers[…]

There are several kinds of major life events that can affect your income tax requirements, tax benefits and withholding. It could be marriage, welcoming a new child, divorce, or loss of a loved one — all of these can impact your tax situation. Here are some common life events and an overview of their effects.Read more about Major Life Events and Taxes[…]

Mid-summer is usually a quiet time for tax preparation, which makes it a great time to do a quick check and make sure you’re on a smooth track to next filing season. Here are some tips: Keep good tax records. Keep all your important tax records in one place. You can use electronic recordkeeping softwareRead more about Your Mid-Year Tax Check-up[…]

The Internal Revenue Service announced that 27 states have elected to participate in the Federal Scholarship Tax Credit (FSTC) program, which enables eligible taxpayers to claim a federal tax credit for qualified contributions to Scholarship Granting Organizations (SGOs) providing scholarships for qualified elementary and secondary education expenses. In order to claim the tax credit ofRead more about Federal Tax Credits for Contributions to Scholarship Granting Organizations[…]

Many people have hobbies – things they enjoy doing in their spare time – and some even make a little extra money from them. But there’s a difference between a hobby and a business, especially in how each is treated when it comes to filing taxes. Businesses operate to make a profit while hobbies areRead more about Is Your Business a Business or a Hobby?[…]

Even though the tax filing deadline for tax year 2025 passed a couple weeks ago, it’s not too early to start planning for next year so that you can avoid any unpleasant surprises. One easy thing you can do is check for proper tax withholding. What is withholding? Taxpayers need to pay their tax asRead more about Tax Tip: Check Your Withholding[…]

If you missed the April 15 filing deadline, you should submit your federal tax return as soon as possible. If you missed the deadline to file and owe taxes, it is important to file as soon as possible to avoid penalties and interest. Requesting an extension allows for additional time to file but not toRead more about Help! I Missed the Filing Deadline![…]

The Department of the Treasury and the Internal Revenue Service has issued final regulations on the “No Tax on Tips” provision. The One, Big, Beautiful Bill final regulations provide the list of occupations that receive tips and define “qualified tips” that eligible taxpayers may claim as a deduction. The final regulations list more than 70Read more about Tipped Workers Final Regulations[…]

The Department of the Treasury and the IRS have issued proposed regulations providing general requirements for Trump Accounts, certain definitions relating to Trump Accounts, election rules to open an initial Trump Account by an authorized individual for an eligible individual, and rules for who is the responsible party for the initial Trump Account once theRead more about Proposed Regulations Issued for “Trump Accounts”[…]

The Internal Revenue Service published, for tax year 2025, a new schedule that you can use to take advantage of some tax benefits provided the “One, Big, Beautiful Bill” (OBBB), including no tax on tips, no tax on overtime, no tax on car loans, and no tax on seniors. Schedule 1-A and its related instructionsRead more about New Schedule Published for OBBB Provisions[…]