Informative Tax Tips With Guides, IRS Updates And Savings
Expert tax tips, IRS updates, and money saving strategies updated year round.
Below you will find quick tips plus a summary of the topics we get asked about most. If you want more detail on any of them, or have a situation these do not quite cover, reach out and we will point you in the right direction.
IRS Updates & Quick Tax Tips You Can Use Right Now
Adjust Your W-4 After a Big Life Change
Getting married, having a child, or picking up a second job all change what you owe. Update your W-4 with your employer so your paycheck withholding matches reality instead of surprising you in April.
Log Mileage by Date, Not Just Total
The business mileage rate for 2026 split mid year, 72.5 cents through June and 76 cents from July going forward. A quick note of the date on each trip now saves you from reconstructing your log later.
Fund the HSA Before Extra 401(k) Dollars
If you have access to both, an HSA gives you a deduction going in, tax free growth, and tax free withdrawals for medical costs. No other account offers all three at once.
Bundle Charitable Giving Into One Year
If your itemized deductions usually fall just short of the standard deduction, donating two years worth of gifts in a single calendar year can push you over the line, and let you claim the deduction.
Keep a Separate Business Bank Account
Mixing personal and business spending is the fastest way to lose deductions during a review, simply because you cannot cleanly prove which charges were for the business, and which for your personal use.
Set Aside a Cut of Every Payment
Freelancers commonly hold back 25 to 30 percent of each payment received for taxes. Building that habit from your very first invoice beats scrambling to find the money at filing time. This also usually gives you a little bit of extra breathing room and might also put some extra cash back into your pocket.
File Even If You Cannot Pay in Full
The penalty for not filing runs steeper than the penalty for not paying. File on time, then set up a payment plan. It costs far less than skipping the return altogether.
Mark Your RMD Deadline If You Are 73
Once you turn 73, required minimum distributions kick in, and missing the December 31st deadline triggers a real penalty. Put the date on your calendar the year you turn 73, not the year it is due.
Save Receipts for Home Improvements
Money spent improving your home adds to its cost basis. Keep those receipts, since they can lower the capital gains you owe when you eventually sell.
The One Big Beautiful Bill Act: What It Actually Changes on Your 2025 Return
Tax Law Updates
Signed into law on July 4, 2025, the OBBBA raised the 2025 standard deduction beyond the usual inflation adjustment, to $15,750 for single filers, $31,500 for married couples filing jointly, and $23,625 for head of household. It also created a new $6,000 bonus deduction for taxpayers 65 and older, available through 2028 and phasing out above $75,000 in income for single filers or $150,000 for joint filers. On top of that, it added temporary deductions for qualified tips and qualified overtime pay, along with a deduction for interest on certain new car loans. Most of these provisions are temporary, so filers who qualify should take advantage of them while they last.
Tax Software Reviews: Which Should You Use in 2026?
Tax Software Reviews
FreeTaxUSA is the cheapest option for a straightforward return, charging nothing for federal filing and a small flat fee for state. TurboTax and H&R Block cost more, but include live help from a tax professional and stronger guidance for investments, rental income, and small business returns. If your return is simple, W-2 income, standard deduction, no side business, the free option handles it just as accurately. Once your situation gets more complex, the extra support from a paid product tends to pay for itself in fewer mistakes and more deductions found.
How to Set Up an IRS Payment Plan Online, Step by Step
IRS Help
If you owe $50,000 or less in combined tax, penalties, and interest, you can set up a payment plan through the IRS Online Payment Agreement tool at IRS.gov without submitting any financial paperwork. You will need your most recent return, your balance amount, and bank details if you choose direct debit, which also carries a lower setup fee than paying by check or card. Short term plans give you up to 180 days to pay in full, while long term plans stretch payments out monthly. Setting the agreement up before the IRS sends a formal notice keeps the penalty rate on your unpaid balance lower.
Quarterly Estimated Taxes for Freelancers and Gig Workers: The Complete Guide
Self Employment Taxes
Quarterly payments for the 2026 tax year are due April 15, June 15, September 15, and January 15, 2027. To avoid an underpayment penalty, most filers need to pay either 90 percent of what they owe for the current year or 100 percent of what they owed the prior year, 110 percent if last year’s income topped $150,000. A rough starting point is setting aside 25 to 30 percent of net self employment income to cover both income tax and the 15.3 percent self employment tax. Form 1040-ES walks through the full calculation, and adjusting your estimate each quarter as income changes keeps you from overpaying or underpaying by a wide margin.
The Complete Small Business Tax Deduction Checklist for 2025 Filers
Small Business Taxes
For small business tax, the most commonly missed deductions include the home office deduction, a simplified $5 per square foot up to 300 square feet, vehicle mileage for business driving, health insurance premiums for self employed owners, and retirement contributions through a Solo 401(k) or SEP IRA. Section 179 lets you deduct the full cost of qualifying equipment in the year you buy it instead of spreading it out over several years. Most pass through business owners can also claim the Qualified Business Income deduction, worth up to 20 percent of qualified business income, subject to limits that vary by business type. Software subscriptions, business insurance, and fees paid to an accountant or attorney are deductible too, and get overlooked often simply because they do not feel like typical business expenses.
Crypto Taxes Explained: What Every Investor Needs to Report
Investment Taxes
The IRS treats cryptocurrency as property, not currency, so selling it, trading one coin for another, or spending it on goods and services all count as taxable events. Gains held one year or less are taxed as ordinary income; gains held longer qualify for the lower long term capital gains rates. Earning crypto through staking or mining counts as ordinary income at its value the day you receive it, separate from any later gain or loss when you sell it. Form 1040 now includes a direct yes or no question about digital asset transactions, and trades get reported on Form 8949 and Schedule D, so keeping a running log of cost basis for each purchase makes filing far less painful.
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