Checking your credit report regularly is one of the simplest and most effective ways to protect your financial health. Your credit report is a detailed record of how you use credit, including loans, credit cards, payment history, and any accounts opened in your name. Lenders, landlords, insurers, and even some employers rely on this information. That means errors or fraud…
The IRS announced on Monday, January 26 that tax season has begun! What's new this year? Form 1099-DA Taxpayers who bought, sold, or received digital assets, including cryptocurrency, stable coins, or NFTs, must report those transactions. Some taxpayers may receive Form 1099-DA from brokers. But even if you don't receive the form, all taxpayers must answer the digital asset question…
The One Big Beautiful Bill Act (OBBBA) made more than 100 changes to tax law - some of them temporary, most of them permanent. Here are four changes you'll see on your 2025 Form 1040: #1: Senior Deduction Between 2025 and 2028, taxpayers 65 or older can claim a $6,000 bonus deduction ($12,000 if both spouses qualify).. This deduction is…
Both SECURE 2.0 and the Big Beautiful Bill Act (OBBBA) include provisions that affect 401(k) contributions, especially for highly compensated employees (HCEs). Here's what's already in place for 2025 and what's coming in 2026 . . . 2026 Dollar Limits Let's start with the inflation-adjusted contribution limits for 2026: The maximum amount that can be contributed by an employee under…
Each year, the dollar limits for various tax items are adjusted for inflation. To see those amounts for 2026, click on the link below: 2026 Dollar Limits Flyer
Who's Affected? Individuals who itemize deductions. If you take the standard deduction, this change doesn't affect you. What's changing in 2026? A provision in the recently passed One Big Beautiful Bill Act (OBBBA) will reduce your charitable deduction by 0.5% of your AGI (not 0.5% of the gift). In 2025, there's no haircut on your charitable deduction. $10,000 Gift for an Itemizer Comparing the Deduction…
You've probably heard that OBBA eliminates taxes on tips and overtime pay. Here's what you need to know about how this is expected to work: Overtime Pay The general rule is that all compensation is subject to federal taxation. That's true for regular pay, overtime, tips, bonuses, commissions, and any type of money an employee receives from the employer, unless…
An identity protection personal identification number (IP PIN) is a six digit number that prevents someone else from filing a tax return using your Social Security number (SSN) or individual taxpayer identification number (ITIN). The IP PIN is known only to you and the IRS (and your tax preparer, if you share it). It helps the IRS verify your identity…
Please note our new address effective June 1, 2025: 4910 Corporate Centre Drive Suite 210 Lawrence, KS 66047 Our phone numbers and email addresses all remain the same.
Tax season is over now, so how long do you need to keep all those tax-related items? Click below for guidelines: Records Retention for Business Tax