Natalia Gdovskaia / Getty Images Tax surprises rarely come from a single decision, but can result from many small ones that add up. Before selling investments, withdrawing retirement funds, or filing jointly without a plan, loop in your CPA or financial advisor. Key Takeways Selling investments without considering tax timing can push you into higher brackets. Coordinating financial decisions with your CPA or advisor before acting—rather than after—prevents costly surprises.​ Required minimum distribu ...

Tax Policy Changes - The child tax credit received a $200 boost to the maximum amount for the 2025 tax year [2] - Individuals with tipped income can deduct that on their tax return, effective for 2025 [3] - A new $6,000 deduction per senior is available, subject to income thresholds [5][6] Impact of Tariffs - In 2025, tariffs amount to an estimated $1,100 burden per US household on average [7][8] - If tariffs remain in effect, the burden is projected to grow to about $1,400 per household next year [8] - Customs duties on Christmas lights alone have risen to $45 million this year [9] - Tariffs on holiday items have climbed to upwards of $500 million through the first 9 months of 2025 [11] - Toys and board games are subject to tariffs, increasing their cost [13][15] Offsetting Factors - Tax cuts passed by Congress last year will result in larger refunds [16] - The Treasury Department will adjust withholding tables for lower taxes from each paycheck [16] - Tax cuts in aggregate have a larger revenue impact than the tariff hikes [17]

Tax season feels different when you’re retired. You’re not chasing W-2s from multiple employers or worrying about 401(k) plan contribution limits anymore. But that doesn’t mean you’re done looking for ways to lower your tax bill. Middle-class retirees face unique tax situations that most financial advice glosses over. You might be drawing from multiple income sources, paying Medicare premiums or trying to figure out how charitable donations work now that you’re taking the standard deduction. Here are se ...

Tax season always feels like a scramble. You’re hunting for receipts, trying to remember if that donation counts and wondering if you’re leaving money on the table. Chances are, you probably are. Many taxpayers miss valuable deductions simply because they don’t know they exist or assume they don’t qualify. Here are 10 commonly overlooked tax deductions and credits that could save you hundreds or even thousands in 2026. 1. HSA Contributions If you have a high-deductible health plan, contributing to a he ...

Core Insights - Tax deductions can significantly reduce taxable income, helping individuals lower their overall tax bill. While many claim the standard deduction, there are numerous lesser-known opportunities that can enhance tax savings [1]. Group 1: Common Tax Deductions - Medical Expenses: Individuals with high medical expenses exceeding 7.5% of their adjusted gross income can deduct these costs, including travel expenses for medical appointments and certain home modifications for medical care [3]. - Child and Dependent Care Credit: This federal tax credit assists eligible taxpayers in covering care costs for qualifying individuals, such as children under 13, allowing for deductions up to $3,000 ($6,000 for two or more qualifying persons) [4][5]. - Student Loan Interest: Eligible borrowers can deduct up to $2,500 in interest paid on qualified federal and private student loans each year, applicable to loans for educational expenses for themselves, their spouse, or dependents [5].

While most of these forms should be provided to you by Jan. 31 (and they may also be available online), K-1s aren’t due until the 15th day of the third month after the end of the entity’s tax year. For example, if it uses the calendar year as its tax year, you might not receive a K-1 until March 15.Schedule K-1 for your share of the income and deductions from any pass-through, or flow-through, entity , such as a partnershipIn addition to money from employment, known in tax parlance as “ earned income ,” you ...

A tax refund feels good because it comes in one lump sum, like a sudden windfall. The truth? That was all your money to begin with that you essentially loaned to the IRS. The average refund in 2025 was around $3,000, which means that if you’re getting a refund, you’re likely overpaying the IRS. Christopher Stroup, CFP and owner of Silicon Beach Financial, explained how to stop. Find Out: I Asked ChatGPT What Would Happen If Billionaires Paid Taxes at the Same Rate as the Middle Class Read Next: 9 Low-Effo ...

The rules for deductions on charitable donations are changing, but taxpayers who itemize can still benefit by acting before Dec. 31. Plus other year-end tax moves to consider now. https://t.co/NudI0L8GO8 ...

Core Points - The "One Big Beautiful Bill" introduces new tax provisions that will have immediate effects on taxpayers retroactive to the beginning of the year [1] Group 1: Taxpayer Actions - Taxpayers should update their 2026 tax estimates to reflect new permanent deductions, including breaks for tips and overtime pay, a higher SALT deduction limit, and the return of the 20% small-business deduction [3] - It is advisable for taxpayers to compare the benefits of itemizing deductions against the standard deduction, especially with the new $40,000 cap on SALT deductions, which is adjusted annually for inflation [4][5] Group 2: Small Business Implications - Small-business owners can benefit from the 20% qualified business income deduction as a permanent tax break, allowing them to discount eligible profits [6] - The removal of limits on the pass-through entity tax deduction provides more flexibility for small businesses to reduce state taxes, with retroactive relief opportunities available for those with receipts under $31 million for 2022 and 2023 [7] Group 3: Energy Projects - Taxpayers involved in energy-efficient buildings or renewable energy projects should expedite qualifying projects under sections 45L and 179D before June 30, 2026 [8] - Wind and solar projects must be operational by the end of 2027 to qualify for full benefits, and businesses should carefully time the construction of new industrial facilities to take advantage of permanent 100% bonus depreciation [9]

Tax Policy Updates & Impacts - The 2017 Tax Cuts and Jobs Act has implications for federal income tax brackets, standard deductions, and state and local tax (SALT) deductions [1] - New federal and gift estate tax rates affect clients [1] - Changes to inherited IRA laws require potential heirs to be informed [1] Tax Management Strategies - Strategies for managing tax liability in retirement include withdrawal strategies, Roth conversions, and charitable contributions [1] - Estate planning strategies, such as annual gifts and the lifetime estate tax exemption, can help efficiently transfer wealth [1] - Fidelity suggests considering Roth conversions as a tax management strategy [1] - Tax-efficient withdrawal strategies are available for retirement income [1] - Trusts can be used to help manage taxes [1] Investment & Business Tax Considerations - Special tax considerations exist for small business owners [1] - Strategies can help reduce taxes on investment income [1] - Strategies can help reduce taxes on mutual fund shares [1] - Tax planning should be incorporated into wealth strategy [1]