Tax documents can accumulate quickly. While clearing out old files can feel productive, it’s important not to discard anything until you’ve reviewed some record-retention guidelines.
Before You Shred: Know Which Tax Records to Keep
read more
Posts by Caras & Shulman
Turn a Real Estate Sale Into a Tax-Smart Strategy
Selling investment or commercial real estate can result in a substantial tax bill if the property has appreciated significantly. One strategy to help ease your tax burden is an installment sale.
Tax Tips for April 2026
Click on the links below to jump to each section in this article: Are College Scholarships Really Tax-Free? 2026 Business Mileage Rate Gets a Boost Why You May Want a Roth Account in Your Retirement Plan Are College Scholarships Really Tax-Free? Generally, scholarships received by degree candidates are tax-free to the extent they’re used for qualified tuition and related expenses. These include tuition, mandatory fees and required books, supplies and equipment. Amounts used for...
Common Growth Mistakes Small Businesses Make
A recent survey found that 45% of small businesses reported growth, but 78% wanted to grow. This January 2026 data from Intuit QuickBooks Small Business Insights suggests that many small businesses are struggling to achieve their expansion goals. Small businesses usually don’t have extra cash, people or time to absorb mistakes. One wrong move can strain cash flow, overwhelm staff or stall momentum. The good news? Many growth missteps are predictable and preventable.
The IRS Criteria for Distinguishing Hobbies From Businesses
Turning a favorite pastime into income can be rewarding, but it raises an important tax question: Is the activity a hobby or a business? The answer matters because different tax rules apply to each.
All income must be reported on your tax return, regardless of whether it’s from a hobby or a business. But related expenses (and losses) are deductible only if the activity is a business.
What to Know If You Receive an IRS Notice
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.
Tax Tips for March 2026
Click on the links below to jump to each section in this article: Don't Let the AMT Catch You Off Guard 2025 IRA Contribution Deadline Is Coming Up Understand the Tax Details When Starting a Business 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...
IRS Expands Digital Asset Reporting with New Form 1099-DA
If you buy, sell or trade digital assets, such as cryptocurrency or certain nonfungible tokens (NFTs), new reporting requirements will likely affect how your transactions are reported to and reviewed by the IRS. While these rules don’t change how digital assets are taxed, they significantly impact information reporting, increasing transparency and scrutiny.
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.
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.
