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.
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.
The IRS recently issued new guidance clarifying how the permanent 100% bonus depreciation deduction will work moving forward. This allows businesses to fully deduct the cost of qualified property in the year it’s placed in service, rather than depreciating it over several years.
Stay informed about the latest federal tax changes affecting individuals and families. From expanded Trump Account eligibility and new scholarship tax credits to critical tip reporting deadlines and IRS notice improvements, these updates could impact your financial planning and tax obligations in the coming years
The FAFSA application for 2026-2027 is now available with significant enhancements. Recent legislation has simplified the process, expanded eligibility, and introduced new exemptions for family-owned business assets. Understanding these changes could help your family access more financial aid for college expenses.
Continuing care retirement communities offer varying levels of care but come with substantial costs. Learn how taxpayers who itemize may be able to deduct a portion of CCRC entry fees and monthly expenses as qualified medical expenses, potentially making these communities more affordable.
Divorce raises critical questions about who can claim valuable child-related tax breaks. Understanding custodial parent rules, the noncustodial parent release option, and which benefits can be shared is essential for maximizing tax advantages and avoiding costly mistakes during negotiations.
Starting in 2026, higher-income earners will be required to make catch-up contributions to retirement plans as after-tax Roth contributions. This SECURE 2.0 change impacts both employees and employers, who must update their plans to comply with new IRS regulations.
Recent tax legislation brings favorable changes to business interest deduction limits. By reverting to pre-2022 calculation methods that add back depreciation, amortization, and depletion, the One Big Beautiful Bill Act allows many businesses to deduct significantly more interest expense starting in 2025.
The IRS has intensified its focus on executive compensation and fringe benefits, expanding audits from large corporations to smaller companies. Perks like corporate credit cards, club memberships, and private jet use can trigger tax complications if not properly reported, putting both executives and employers at risk.