Advices

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...

  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 closely held business owners, one of the more useful planning rules is the so-called “Augusta Rule.” In general terms, it allows a homeowner to rent out a residence for a short period during the year without including the rental income in gross income. When structured properly, that can let a business deduct the...

Section 179 vs. Bonus Depreciation: Which Saves You More in 2026?   For businesses investing in equipment, vehicles, software, or building improvements, one of the most important tax planning decisions is whether to use Section 179 expensing or bonus depreciation. Both provisions can generate substantial first-year deductions, but they operate under different rules and can...

1099-K Changes for 2026: What Small Business Owners Need to Know If you sell through online marketplaces, accept payments through apps like PayPal or Venmo, or process credit card transactions, Form 1099-K remains an important tax document in 2026. The biggest change is that Congress restored the federal reporting threshold for third-party settlement organizations (TPSOs)...

Who Qualifies and How to Apply If you’re struggling with IRS tax debt, the IRS Fresh Start Program may provide options that make resolving your balance more manageable. Despite its name, the Fresh Start Program is not a single tax law or standalone program. Instead, it refers to a collection of IRS initiatives designed to...

S-Corp vs. LLC: A Tax Advisor’s 2026 Breakdown   Choosing the right business structure can have a significant impact on taxes, liability protection, ownership flexibility, and long-term growth. One of the most common questions business owners ask is whether an LLC or an S corporation provides the better tax outcome. The answer depends on your...

  If you owe federal taxes and have not paid after receiving IRS notices, you may face serious collection actions such as a federal tax lien or a levy. Understanding your rights in these situations is crucial to protecting your property and ensuring fair treatment. Here’s what every taxpayer should know about their rights when...