What records do I actually need to deduct my charitable donations? The IRS requires charitable donation records for every gift you claim — a bank record or written communication for cash, a written acknowledgment for anything $250 or more, and Form 8283 for larger noncash gifts. And beginning in 2026, non-itemizers can also deduct up…
What should newlyweds do about their taxes after the wedding? Follow a short newlywed tax checklist: update your name with the Social Security Administration, file a change of address with the IRS if you moved, give your employer a new Form W-4 within 10 days, pick a filing status, and combine your records — the…
Do seasonal and part-time workers change my payroll tax obligations? No — hiring seasonal employees does not create a lighter set of federal payroll rules. Wages paid to summer, holiday, and part-time help are subject to the same federal income tax withholding, Social Security, and Medicare taxes as wages paid to your full-time staff. The…
What is a Trump Account and how do I open one for my child? A Trump Account is a new federally authorized investment account for children, created by the One Big Beautiful Bill Act as IRC Section 530A. The Trump Accounts guide below walks families through the $1,000 federal seed deposit, $5,000 annual contribution cap,…
What tax steps should newlyweds take after the wedding? Update your name with Social Security, file a fresh Form W-4 with each employer, tell the IRS if you moved, and model your return under both joint and separate filing status. This newlywed tax checklist walks through each step so next spring is calm, not chaotic….
Who qualifies for the new $25,000 federal tip deduction? The tip deduction 2026 is an above-the-line deduction for workers in customarily tipped jobs — waiters, bartenders, stylists, rideshare drivers and roughly 70 other IRS-listed occupations — worth up to $25,000 of qualified tips for tax years 2025 through 2028, subject to income phaseouts. For decades,…
Do you owe tax when you rent out your vacation home? It depends on how many days. Understanding vacation home rental tax starts with one number: 14. Rent the place 14 days or fewer a year and the income is tax-free; rent it more and the income is taxable — but you can deduct expenses,…
