Tax Planning

Don’t overlook these tax issues after a job loss

A job loss can create tax consequences that aren’t always obvious. Reviewing your options before making decisions about severance, health coverage and retirement accounts may help you avoid unnecessary taxes and penalties.
June 16, 2026
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Even with a relatively low unemployment rate (averaging around 4.4% over the past year), layoffs and terminations continue to affect workers across many industries. If you’ve recently lost your job, you’re likely focused on replacing income and evaluating your next steps. But some tax implications related to a job loss also may require attention. Here […]
#FinancialWellness, #JobLossPlanning, #TaxPlanning
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Tax Planning

The “kiddie tax” can apply long after childhood

The “kiddie tax” can increase a family’s overall tax liability if investment income is generated in a child’s name — even if the child is a young adult. But you may be able to minimize its impact.
June 9, 2026
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Many parents don’t know that the so-called “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, most of the child’s unearned income may be taxed at the parent’s higher tax rate. The purpose of […]
#FamilyWealthPlanning, #KiddieTax, #TaxPlanning
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Tax Planning

Self-employed? Don’t overlook valuable tax deductions

Self-employed individuals often miss legitimate tax savings. Don’t let this happen to you. Learn the basics of claiming business expense deductions, including those for your home office, meals, vehicle and more.
June 8, 2026
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If you’re self-employed, you probably have questions about deducting business expenses on your federal income tax return. Here’s a quick overview of the filing requirements for sole proprietors and independent contractors, and five examples of expense deductions that are commonly overlooked or misunderstood. Filing basics Sole proprietors and independent contractors must report their business activity […]
#SelfEmployed, #SmallBusinessTaxes, #TaxDeductions
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Tax Planning

Beware of potential tax issues when selling self-created intangibles

Not all intangible assets are created equal in the eyes of the IRS. Learn the federal income tax treatment for capital vs. noncapital self-created intangibles — and why the distinction matters to small business owners.
June 1, 2026
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Many modern businesses rely on intangible assets, such as goodwill, trademarks and customer lists. But the IRS doesn’t treat all intangibles the same way. Questions about how these assets are taxed often arise when a business is sold, ownership changes hands, or intellectual property is licensed or transferred. Generally, intangibles qualify as capital assets that generate capital […]
#BusinessValuation, #IntangibleAssets, #TaxPlanning
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Tax Planning

Consider your potential charitable deduction before donating artwork

Thinking about donating a painting, sculpture or other work of art to charity? Read this first to help ensure your tax deduction will be what you expect.
May 19, 2026
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If you give artwork to charity, the deduction you can claim depends on several factors, including the type of organization receiving the piece and how it will be used. Special substantiation and appraisal rules may apply as well. Relation to charitable function Your deduction for a donation of art will generally be reduced if the […]
#ArtDonations, #CharitableGiving, #TaxPlanning
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Tax Planning

Moving to a new state? Review the tax implications first

A change in state residency has tax implications beyond income taxes. Find out what tax factors to look at before relocating.
May 13, 2026
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Whether you’re relocating for work, retirement, family or lifestyle reasons, state taxes can have a significant financial impact. Taxes vary widely from state to state. And establishing residency for tax purposes may be more complicated than you expect. Before moving, be sure you understand how changing states could affect your overall tax situation. A variety […]
#EstatePlanning, #RetirementLifestyle, #TaxPlanning
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Tax Planning

Fine-tune your tax withholding after filing your return

Keeping your withholding aligned with your expected tax liability can help you enjoy better cash flow during the year and avoid unwelcome surprises at filing time. Learn how to fine-tune it.
May 6, 2026
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Many taxpayers discover at filing time that their tax payments during the year didn’t align with their actual liability — either too much or too little was withheld from their paychecks. A small difference is to be expected, but withholding that’s significantly off target can have negative consequences. Overwithholding reduces the amount available to you […]
#TaxPlanning, #TaxTips, #Withholding
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