Divorce is one of life’s most challenging transitions, bringing emotional and financial changes that can have lasting consequences. While dividing assets and planning for the future often take center stage, many people overlook how divorce or legal separation can affect their taxes.
Plan Now for Deferring Tax on Advance Payments
With year-end approaching, now is a good time to review strategies that could affect your business’s 2026 tax liability. One area that may deserve attention is the tax treatment of advance payments. Some accrual-basis businesses may be able to defer recognizing a portion of that income.
When an Employee’s Form W-4 Raises Red Flags
Your employees use Form W-4, “Employee’s Withholding Certificate,” to tell you how much federal income tax to withhold from their pay. Most forms are routine, but an altered certificate, unusual accompanying statement, or IRS lock-in letter may require special handling.
Knowing how to respond can help your business meet its withholding obligations without becoming involved in an employee’s personal tax dispute.
Could the New Markets Tax Credit Benefit Your Business?
Businesses in economically distressed communities often have difficulty obtaining capital for expansion, equipment, facilities, and other investments. The New Markets Tax Credit (NMTC) encourages private investment in these underserved areas by offering federal income tax credits to qualifying investors.
Lending to Family or Friends? Know the Tax Rules
Making a personal loan to a family member or friend can create unexpected tax issues. If the loan carries little or no interest, the IRS might treat all or part of it as a taxable gift under the below-market loan rules.
Choosing the Right Business Funding Solution
Access to capital helps small businesses succeed and grow. Whether you need to cover cash flow gaps, fund expansion plans, or invest in long-term assets, it’s important to understand all your financing options. This will help you make informed decisions and select funding that aligns with your goals.
Higher IRS Mileage Rates Take Effect
Due to rising fuel costs, the IRS has increased the 2026 cents-per-mile rates for calculating certain vehicle deductions. Effective July 1, 2026, the standard mileage rate for the business use of a car, SUV, van, pickup truck, or panel truck is 76 cents per mile, up from 72.5 cents per mile for the first half of the year.
A New Type of Tax-Advantaged Account for Children
Families looking for another way to save for a child’s future may want to consider Section 530A accounts. Created by the 2025 tax legislation commonly referred to as the One Big Beautiful Bill Act, these tax-advantaged savings accounts, also known as Trump Accounts, are designed to help children build long-term assets. The ability to contribute became available on July 4, 2026. And some children may be eligible for a $1,000 government-funded deposit.
Single? You Still Need an Estate Plan
If you’re single with no children, an estate plan can help ensure your wishes are carried out, and important decisions remain in trusted hands.
What to Do If You’re Faced with an IRS Audit (8 Tips)
“I hoped this day wouldn’t come…but I need help with an IRS audit.”
Picture this: you own a small business. You just sent out invoices a week ago, and the checks are rolling in. As you walk to the mailbox, you have a smile on your face. You pull out the mail and see a half dozen checks…and an envelope from the IRS?