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Losing a spouse is difficult, and taxes are likely the last thing on your mind. But the tax consequences arrive on a delayed schedule that creates a valuable planning window—one that closes quickly if no one is watching. Here is the timeline: For the year when your spouse dies,...

If you own real property with substantial equity, here is a warning worth taking seriously: never let the government sell it for unpaid taxes. A recent U.S. Supreme Court decision, Pung v. Isabella County, shows why. A Michigan family disputed a property tax bill of $2,241.93. They took the...

The self-employed health insurance deduction is one of the most valuable adjustments available to you. It reduces adjusted gross income dollar for dollar; you get it whether or not you itemize, and the lower adjusted gross income can preserve other benefits that phase out as income rises. It is...

Long-term care insurance protects you against the financial consequences of chronic illness or disability. Medicare covers no more than 100 days of skilled or rehabilitation care, and Medicaid requires low income to qualify. Long-term care premiums are not cheap, but the tax code may let you write off some...

The paid family and medical leave tax credit is now a permanent part of the tax code, and the 2026 rules changed enough that it deserves a fresh look even if you considered it before and passed. Here is what the credit does: If you have a written leave...

If you operate your business as a proprietorship, a partnership, or an S corporation, tax code Section 199A can give you a deduction of up to 20 percent of your qualified business income. And here’s the good news: the deduction is now permanent, and beginning in 2026, the rules...

If you own rental properties, you know the frustration: your losses do you no good until you qualify as a tax law–defined real estate professional and materially participate in the properties. Both of these tests turn on hours, and the real estate professional test alone requires 750 hours. Here...

If you have children and you own a business, here is a strategy worth your attention: hire them. Consider one example: A business owner pays her 13-year-old $16,100 in 2026 to work in her Schedule C business. The child owes zero federal income tax because the 2026 standard deduction...

If you operate as a sole proprietor or single-member LLC, earn a good income, and have no payroll and little depreciable property, you may be losing most of the Section 199A 20 percent deduction. Switching to an S corporation can fix that. Here is the problem: Once your 2026...

If your business sells merchandise, there may be a valuable year-end tax planning opportunity that many small-business owners overlook. Under today’s tax rules, many qualifying small businesses can deduct the cost of inventory when it is purchased and paid for—even if the goods remain on the shelf at year-end....

If you successfully challenge the IRS, you may be able to recover your attorney fees and other professional costs—but only if you meet several strict requirements. One of the biggest hurdles is your net worth. Individuals generally qualify only if their net worth does not exceed $2 million. Married...

The death of a spouse is one of life’s most difficult experiences. Unfortunately, it can also bring unexpected tax and Medicare consequences that catch many surviving spouses by surprise. One of the biggest changes is your filing status. After the year of your spouse’s death, you will generally file...