Medical expenses can create meaningful tax deductions, but the rules are narrower than many taxpayers expect. For 2026, individuals who itemize deductions may deduct only the portion of qualifying medical and dental expenses that exceeds 7.5% of adjusted gross income (AGI). That threshold is the starting point, not the whole rule. To claim the deduction...
Starting a side hustle can be a smart way to earn extra income, test a business idea, or build toward full-time self-employment. It also creates tax obligations that many first-time business owners do not expect. In general, if you operate your own business or have other self-employment income, such as from babysitting or selling crafts,...
If you filed a joint federal income tax return and later learned there was additional tax due because of your spouse’s or former spouse’s mistake, you may be able to ask the IRS for innocent spouse relief. This relief can, in some cases, remove all or part of your responsibility for tax, interest, and penalties...
If you want to avoid an unpleasant surprise when you file your 2026 return, the goal is simple: make your withholding match your actual 2026 tax liability as closely as possible. Too little withholding can leave you with a balance due and possible penalties. Too much withholding can mean a large refund, but it also...
An IRS letter does not automatically mean you are being audited or that the IRS is about to levy your bank account. Many notices are routine. Some advise that you have a balance due, some say the IRS changed your return, some ask for more information, and some notify you of processing delays. The key...
Tax Considerations When Selling Property in 2025: What Taxpayers Need to Know in 2026 Selling real estate can trigger significant tax consequences, making it essential for taxpayers to understand the rules before filing their returns. Whether you sold a primary residence, rental property, vacation home, farmland, or investment property in 2025, the tax implications can...
Understanding the Alternative Minimum Tax (AMT) in 2026 The Alternative Minimum Tax (AMT) remains one of the most misunderstood areas of the federal tax system. While legislative changes over the past decade have significantly reduced the number of taxpayers affected, AMT continues to impact certain high-income individuals, investors, executives, business owners, and taxpayers with...
Gift Tax Rules for Parents in 2026: What You Need to Know Many parents want to help their children financially, whether by providing cash gifts, assisting with a home purchase, funding education, transferring investments, or implementing long-term estate planning strategies. Fortunately, federal gift tax rules allow families to transfer substantial wealth without immediately triggering...
IRS Fines in 2026: How They Work and How to Lower Your Risk No taxpayer wants to receive an IRS notice—especially one that includes penalties and interest. While many people assume IRS fines are reserved for intentional tax violations, most penalties are actually triggered by common compliance mistakes such as filing late, paying taxes...
For many taxpayers, retirement accounts are supposed to be long-term savings for basic living expenses later in life. But under federal tax collection law, retirement accounts are not automatically protected from IRS levy. The IRS’s levy power under Internal Revenue Code is broad and generally reaches all property and rights to property unless a specific...
Copyright by Accu-Tax, Inc. All Rights Reserved.
Copyright by Accu-Tax, Inc. All Rights Reserved.
