If your accountant could make a 2026 wish list, it would probably be simple: stop creating avoidable tax problems. Most year-end tax stress is not caused by obscure Internal Revenue Code issues. It is caused by poor records, mixed-use spending, late documents, missing basis information, payroll mistakes, and preventable reporting errors. IRS guidance consistently emphasizes...
Who Qualifies for the Child Tax Credit in 2026? The Child Tax Credit (CTC) remains one of the most valuable tax benefits available to families in 2026. Eligible taxpayers may claim up to $2,200 per qualifying child, with up to $1,700 potentially refundable through the Additional Child Tax Credit (ACTC). However, not every...
Clean books help businesses get loans faster because lenders rely on accurate financial records to evaluate cash flow, debt capacity, profitability, and overall repayment risk. From a tax and recordkeeping standpoint, IRS guidance consistently emphasizes that businesses need records that clearly show income and expenses, support items reported on returns, and allow preparation of accurate...
For federal tax purposes, the cheaper option is not always the one with the lowest bookkeeping fee. Monthly bookkeeping usually costs more during the year, but it often reduces missed deductions, year-end cleanup costs, payroll and information return errors, and tax return preparation friction. Annual bookkeeping may look cheaper upfront, but it can become more...
For 2026, the choice between hiring a tax professional and using do-it-yourself software depends less on preference alone and more on the complexity of your return, the kinds of income and deductions involved, and your tolerance for compliance risk. IRS sources make clear that taxpayers remain responsible for the accuracy of the return either way,...
For federal tax purposes in 2026, cryptocurrency is generally treated as property, not cash. That means many crypto transactions trigger tax consequences under the same broad income principles that apply to other property transactions. If you sell crypto for dollars, trade one token for another, use crypto to buy goods or services, receive crypto for...
If a taxpayer cannot pay a federal tax debt in full, the two most common IRS resolution paths are an installment agreement and an offer in compromise. An installment agreement allows the taxpayer to pay the liability over time, generally in monthly payments. An offer in compromise allows the taxpayer to settle for less than...
For 2026, federal and state tax filing duties are related but not identical. A taxpayer may have to file a federal return, a state return, both, or in some cases neither, depending on filing status, gross income, age, residency, source of income, and whether special filing triggers apply. Federal filing duties are governed primarily by...
A properly structured exchange can defer recognition of gain when a taxpayer exchanges qualifying real property held for productive use in a trade or business or for investment for other qualifying real property of like kind. In 2026, that means the taxpayer generally does not currently recognize capital gain on the exchanged real estate,...
Most tax returns are accepted as filed. But some returns are selected for examination based on mismatches, risk scoring, related-party issues, or specific compliance priorities. If you want to reduce audit risk, the key is not guessing at “secret red flags.” It is understanding the IRS’s legal authority, how returns are selected, and which reporting...
Copyright by Accu-Tax, Inc. All Rights Reserved.
Copyright by Accu-Tax, Inc. All Rights Reserved.
