Spring is a natural checkpoint for payroll tax compliance. Overlooking key considerations can create mistakes that compound through the year and potentially result in penalties, interest, or administrative headaches that can divert your energy from running your business.
Innocent spouse relief can protect you from being held responsible for a tax bill caused by your spouse’s or ex-spouse’s mistakes. This article explains how the IRS evaluates these claims, the types of relief available, and what to expect if you apply. If you’ve received a notice or suspect something was wrong with past returns, it may be time to talk to a CPA.
The IRS has introduced a new federal income tax deduction for qualified overtime compensation, effective for tax years 2025 through 2028. Eligible workers can deduct up to $12,500 (or $25,000 on joint returns) of the overtime premium they earn above their regular rate of pay. This deduction reduces is available to FLSA-covered employees who meet specific eligibility requirements, including valid Social Security numbers and certain filing status conditions.
Revocable living trusts are widely used and widely misunderstood. This article explains what revocable trusts actually do, what they don’t do, and why proper design, funding, and coordination matter. Understanding these nuances can help prevent surprises and improve estate planning outcomes.
S-corporations are one of the most frequently discussed (but often misunderstood) tax structures for small business owners. While they can offer real savings on self-employment taxes, the benefits aren’t automatic – they depend on your income level, involvement in the business, and whether you’re ready to manage the added compliance responsibilities. Here’s what you need to know about how S-corps work, who they’re right for, and what’s required to maintain one.
This February issue of Smart Tips is all about clarity and opportunity. From helping parents understand new savings tools for children to exploring tax-smart gifting and retirement strategies, we’re covering topics that can make a meaningful difference over time. Whether you’re laying a financial foundation for the next generation or fine-tuning your own plans, these insights are designed to help you move forward with purpose and confidence.
For high-income professionals locked out of traditional Roth contributions, mega Roth conversions offer a powerful alternative. By contributing after-tax dollars to fill unused space under the $72,000 annual 401(k) limit and immediately converting them to Roth, eligible savers can funnel tens of thousands annually into tax-free growth.
When we talk about gifting as part of a tax strategy, many people assume it’s something only the ultra-wealthy need to worry about. But gifting is actually one of the simplest and most powerful financial planning tools available – and a thoughtful gifting strategy can make a meaningful difference for your family, both now and in the long run.
For many parents, providing financial security for their children is a top priority. But building that security involves more than funding college or opening a savings account. The real goal isn’t just to transfer wealth – it’s to prepare the next generation to manage, grow, and protect it.
Trump Accounts are a new type of tax-advantaged retirement account for children, created under 2025 legislation and clarified by recent IRS guidance. While contributions can’t begin until mid-2026, families can begin preparing now. This article explains what is currently known, what remains uncertain, and how Trump Accounts compare to other common savings tools like Roth IRAs and 529 plans.