Notices from the IRS are more common than you may realize. Each year, the IRS mails millions of letters to clarify information, confirm changes, or request additional documentation. Receiving a notice may seem intimidating, but most notices can be addressed quickly with the right information and guidance.
2026 Business Mileage Rate Gets a Boost
Are you a business owner or self-employed? Do you drive for business purposes? If so, you’ll be happy to know that the IRS’s standard mileage rate for business driving in 2026 is 72.5 cents per mile (up from 70 cents in 2025).
April 2026 Tax Due Dates
April 15 Employers: Deposit nonpayroll withheld income tax for March if the monthly deposit rule applies. Employers: Deposit Social Security, Medicare, and withheld income taxes for March if the monthly deposit rule applies. Calendar-year corporations: File a 2025 income tax …
Historic Rehab Tax Credit 2026: Rules & Benefits
If you own — or are considering buying — a historic building, the Historic Rehabilitation Tax Credit can dramatically improve your project’s return on investment.
Unlike deductions, tax credits reduce your tax bill dollar-for-dollar. A $100,000 qualified renovation with a 20% federal credit can reduce your federal tax liability by $20,000.
Vacation Home Rental Tax Rules: Maximize Deductions
Vacation home tax rules can be confusing — especially if you rent the property part of the year and use it personally at other times. The tax treatment depends largely on how many days you rent the home and how many days you use it yourself.
Family Loans and Taxes: Avoid IRS Gift Tax Traps
Lending money to a friend or family member can feel like the right thing to do during difficult times. But without proper planning, a simple personal loan can trigger unexpected tax consequences under Internal Revenue Service rules.
What’s New for Retirement Catch-Up Contributions in 2026
Beginning in 2026, a significant change to retirement plan catch-up contributions takes effect. Part of the 2022 Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, the change affects higher-income taxpayers age 50 and older who contribute to certain types of employer-sponsored retirement plans.
Don’t Let the AMT Catch You Off Guard
Are you subject to the alternative minimum tax (AMT)? In general, this tax applies if your “tentative minimum tax” exceeds your regular income tax liability.
Significant long-term capital gains and dividend income or recently exercised incentive stock options can trigger the AMT.
Businesses Regain Immediate Deduction for R&E Expenses
If your business conducts research or product development, a significant tax law change could unlock tax savings. The 2025 tax legislation, commonly known as the One Big Beautiful Bill Act (OBBBA), reinstated the ability to immediately deduct domestic research and experimental (R&E) expenses.
2025 IRA Contribution Deadline Is Coming Up
It’s not too late to boost your IRA for 2025. You have until April 15, 2026, to make contributions for the 2025 tax year. This deadline applies to both traditional and Roth IRAs and includes catch-up contributions for eligible individuals.