Author: Irish

There is a new way to save for your child’s future! The Internal Revenue Service (IRS) just released a guidance on the new “Trump Accounts”, which is a new type of retirement savings account for qualified children. Here is a breakdown of what families need to know. What is a Trump Account and Who Can Have One?  A Trump Account is a new type of traditional… Continue reading The New Trump Accounts for Children: What Families Need to Know 

Saving for retirement gets more flexible in 2026 thanks to the updated retirement plan limits from the Internal Revenue Service (IRS). Here’s a breakdown of the changes:   Higher Contribution Limits  Higher Income Phase-Out Ranges  More people can fully deduct their IRA contributions since the IRS also updated the MAGI (Modified Adjusted Gross Income) phase-out ranges for 2026. These ranges affect whether taxpayers can deduct their traditional IRA contributions.   The IRS also increased the MAGI phase-out… Continue reading IRS Raises the Retirement Limits for 2026: What You Need to Know 

If you took out a car loan in 2025, you could be eligible for a new tax break under the One Big Beautiful Bill (OBBB).  Under Section 70203 of the OBBB, individuals can claim a new “above the line” deduction for interest paid on qualified personal auto loans. This means that you can still claim this… Continue reading How to Save on Taxes with Section 70203 Interest on Vehicle Loan Deduction 

The Internal Revenue Service announced that they are now phasing out paper tax refunds for individual taxpayers starting September 30, 2025. For years, the IRS has encouraged taxpayers to use direct deposits for refunds, and most already do. In fact, during the 2025 tax filing season, 93% or 87 million of the 93.5 million tax… Continue reading IRS Phases Out Paper Refund Checks: What Taxpayers Need to Know 

The Internal Revenue Service has released its annual inflation adjustments for the tax year 2026, reflecting changes under the One Big Beautiful Bill (OBBB). The changes will generally apply to tax returns filed in 2027.  Income Tax Brackets Adjustments  The highest marginal rate of 37% will now apply to income above $384,350 for separate filers,… Continue reading IRS Releases 2026 Tax Inflation Adjustments! 

The One Big Beautiful Act of 2025 introduced a special tax break for seniors which aims to reduce taxable income of retirees and older workers.  How it Works  Starting in tax year 2025 through 2028, under Section 70103 of the law, qualified seniors can claim an additional deduction of up to $6,000.  Income Phase Out … Continue reading The New Deduction for Seniors Under the One Big Beautiful Act of 2025 

The One Big Beautiful Act of 2025 introduces a significant tax change for individuals who receive tips. Section 70201 created a deduction that makes a large portion of the earned tips effectively tax-free.  Qualified Tips Up to $25,000 Can be Deducted  Starting with the tax year 2025, individuals can deduct up to $25,000 per year… Continue reading No Tax on Tips! Section 70201 of the One Big Beautiful Act of 2025 Explained 

Every year, countless professionals head off to conferences or conventions ready to learn, network, and maybe collect more than a few free pens to take home! But along with the insights and connections, many wonder: Can I deduct as business expense the costs of attending these events?  For the Internal Revenue Service (IRS), you can… Continue reading Conference and Convention Costs: Deductible or Not? 

In general, self-employed residents of the state of California (CA) or non-residents that receive income from a source in CA of at least $500 ($250 if married/RDP filing separately) in a year are required to make quarterly estimated CA state taxes.  California Quarterly Estimated Tax Deadlines   The due dates for California state estimated tax payments… Continue reading How to Pay California State Estimated Taxes: A Guide for Self-Employed Individuals  

When you pay yourselves through self-employment—as independent contractors, locum tenens, CRNAs, freelancers, gig workers, or small business owners, you carry the responsibility of managing your tax obligations regardless of whether you opted to run your trade under sole proprietorship, limited liability company (LLC), or S Corporation.   While taxpayers focus on their federal responsibilities, state taxes… Continue reading How to Pay State Taxes: A Guide for Self-Employed Individuals