Tax Law Updates

  Pass-Through Tax Breaks in 2026: What Business Owners Need to Know Pass-through businesses continue to receive valuable federal tax benefits in 2026. Whether you operate as a sole proprietorship, partnership, LLC, or S corporation, understanding these tax incentives can help reduce your overall tax liability and improve cash flow. The most significant benefit remains...

  W-2 vs. 1099: How the IRS Classifies Workers in 2026 Whether a worker should receive a Form W-2 or Form 1099-NEC depends on IRS worker classification rules—not simply what a contract says. Misclassifying workers can lead to payroll tax liabilities, penalties, and interest, making proper classification essential for every business.   The IRS Common-Law...

  Employee vs. Independent Contractor: IRS Rules for 2026 Hiring workers is an exciting step for any business, but classifying them correctly is essential. Whether someone is an employee or an independent contractor affects payroll taxes, reporting requirements, and potential IRS penalties. For 2026, the IRS continues to apply the common-law control test to determine...

    Hiring Employees or Contractors? Avoid Costly IRS Worker Classification Mistakes in 2026 Hiring your first worker is an exciting milestone—but classifying that worker correctly is just as important as making the hire itself. Misclassifying a worker can expose your business to back payroll taxes, penalties, interest, and costly IRS examinations. For 2026, the...

    IRS Worker Classification Rules for 2026: Employee or Independent Contractor? Correctly classifying workers is one of the most important payroll decisions a business can make. A worker’s classification determines whether payroll taxes must be withheld, which tax forms must be filed, and whether the business could face IRS penalties for worker misclassification. For...

      401(k) vs. IRA: Tax Benefits in 2026 Both 401(k) plans and Individual Retirement Accounts (IRAs) offer valuable tax advantages, but they serve different purposes. Choosing the right retirement account depends on your income, employer benefits, contribution goals, and long-term financial strategy. For 2026, 401(k) plans continue to provide significantly higher contribution limits,...

    How the IRS Classifies Workers in 2026: The Common-Law Control Test Explained Properly classifying workers is one of the most important payroll tax responsibilities for any business. Whether a worker is treated as an employee or an independent contractor affects payroll taxes, information reporting, employee benefits, and potential IRS penalties. For 2026, the...

  How Much Can You Put in an IRA in 2026? Contributing to an Individual Retirement Account (IRA) is one of the simplest ways to save for retirement while potentially reducing your tax bill. Whether you contribute to a Traditional IRA, a Roth IRA, or both, understanding the 2026 contribution limits and income restrictions can...

    Retirement Contribution Deadlines for 2026: Don’t Miss These Important Dates Contributing to a retirement account is one of the smartest ways to reduce your taxable income while building long-term financial security. However, knowing how much you can contribute is only part of the equation—you also need to know when those contributions must be...

    Section 163(j) Explained: Business Interest Deduction Limits for 2026 Borrowing money can help a business grow—but it doesn’t always mean all interest is immediately deductible. Under IRC Section 163(j), the IRS limits how much business interest expense many businesses can deduct each year. For 2026, understanding these rules is essential for businesses with...