Category: Tax Insights
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Photo: Wegner CPAs -
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Photo: GoodwillMarch Insights
Dear Client: If you donate clothing or household goods to charity, there’s an IRS trap you need to know about. In a recent Tax Court case, a taxpayer lost a $6,760 charitable deduction—not because the donations were improper, but because his documentation failed to meet strict technical requirements. The court didn’t question his generosity. It…
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Photo: Henderson BrothersFebruary Insights
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: 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…