Author: Admin
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Income Tax Treatment of Irrevocable Grantor Trusts
The choice of filing method is up to the trustee, but if you’re already reporting the rental income on Schedule E of the grantor’s 1040 using Optional Method 1, then no Form 1041 is required. When you transfer assets into an irrevocable grantor trust, the grantor remains responsible for all income taxes on the trust’s income,…
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USPS New Rule for Filing Tax Returns
For decades, taxpayers trusted a simple rule: if you mailed a tax return or payment by the deadline, the IRS treated it as timely filed. Recent U.S. Postal Service (USPS) practices have changed that reality and created a serious trap for anyone who relies on last-minute mailing. Today, the USPS often applies postmarks at regional…
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Photo: Complete Payroll2026 SUI Rates for Payroll
2026 SUI rate for Payroll North Carolina’s 2026 State Unemployment Insurance (SUI) rates have already been made available to employers. The official Notice of Unemployment Tax Rate Assignments for 2026 were sent via NCSUITS on November 17, 2025. You should have been mailed the information… please forward a copy of the letter to our office for our…
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Photo: Henderson BrothersJanuary Insights 2026
Expansion of HSA (Health Savings Account) eligibility IR-2025-119, Dec. 9, 2025 The Department of the Treasury and the Internal Revenue Service issued Notice 2026-05 providing guidance on new tax benefits for Health Savings Account participants under the OBBB. Expansion of HSA Eligibility: – Telehealth and Remote Care Services: The OBBB made permanent the ability to receive telehealth and…
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Photo: Optima Tax ReliefMileage Rates for 2025 TY
Mileage rates for 2025 – for taxes filed in 2026 Effective January 1 through Dec. 31, 2025, the standard mileage rates are as follows:
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Photo: City of Essex JunctionREMINDER – Property Tax Listing Requirements for 2025 TY
This is a friendly reminder regarding property tax listing requirements for the upcoming filing season. Important Deadlines: Timely submission of your information is essential to avoid penalties or late filings. If you have questions or need assistance, please contact our office as soon as possible. If you received a property tax listing form, please review…
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Photo: United-Tax-SolutionsDecember Insights
IRS Tax Tip 2025-70, Dec. 9, 2025 The new year is less than a month away which means the 2026 tax filing season is drawing near. The IRS encourages taxpayers to “Get Ready” and start preparing now. Taking a few steps today can save time and help taxpayers ensure they’re filing accurate returns in the…
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Photo: Tull-Financial-GroupNovember Insights
PLANNING FOR RETIREMENT IRS Tax Tip 2025-62, Sept. 16, 2025 Planning for retirement may seem daunting, but it’s important to start early. Individual retirement accounts provide tax incentives for people to make investments towards their financial future. IRAs let earnings grow tax deferred. Individuals pay taxes on investment gains only when they make withdrawals. Depositors…
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Photo: Retirement-Budget-CalendarOctober Insights
SENIOR DEDUCTIONS Overview of the deduction Who qualifies How to claim the deduction
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Photo: William Vaughn CompanySeptember Insights
BUSINESS OR HOBBY? IRS Tax Tip 2025-42, June 24, 2025 Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation. Either way, if they are paid through payment apps for goods and…