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New IRS Form 4547: What Parents Should KnowThe IRS has announced Form 4547, which will be used to make the election to establish an initial Trump Account for the exclusive benefit of an eligible child. The form will also be used to elect a $1,000 pilot program contribution from the U.S. Treasury for children who qualify. While Form 4547 is not yet available, the government has indicated it will be able to be completed whenever parents choose once released, with online elections expected to begin in mid-2026. For more information, including whether you can make these elections online beginning in the middle of 2026, visit trumpaccounts.gov.
What are "Trump Accounts"?Introduced in the One Big Beautiful Bill Act (OBBBA), these are government funded investment accounts designed to help children build wealth from birth.
Family Tax CreditsIn 2026, there are some changes to the credits related to families and children, most notably the Child Tax Credit and the Child and Dependent Care Tax Credit.
Happy New Year...Consider These Tax Resolution IdeasIf you want a resolution that delivers real, measurable value, focus on something with a built-in reward such as fewer taxes paid over your lifetime. Here are 3 resolutions to consider.
Five Great Money TipsHere are five great money tips to help you build a sound financial foundation for you and your family.
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JANUARY 2026 Q & AQ: What are taxable fringe benefits? A: Generally, you must report the value of benefits you provide to your staff as employees' taxable income — unless explicitly excluded by the IRS. These benefits include employee discounts on goods or services, parking subsidies of up to $340 (as of 2026), and company services offered at cost. They also include modest holiday gifts, minimal personal use of office equipment, and even occasional company parties. The value of more substantial benefits, such as personal use of a company car or a country club membership, must also be included in taxable income. Starting in 2026, most moving expenses and bicycle commuting reimbursements are now taxable.
Business DeductionsOBBBA makes permanent the deduction for qualified business income (QBI) under Section 199A of the Internal Revenue Code as enacted initially by the Tax Cuts and Jobs Act (TCJA) — generally equal to 20% of a non-corporate taxpayer's aggregate QBI, subject to certain adjustments. A new minimum deduction of $400 per year, has been added for any noncorporate taxpayer whose aggregate QBI from all qualified trade or business activities in which the taxpayer materially participates exceeds $1,000. PASS-THROUGH ENTITY TAX (PTET) DEDUCTION Since the TCJA capped SALT deductions for individuals at $10,000, many states adopted PTET workarounds, which allowed pass-through entities to pay state income taxes at the entity level, rather than individual owners paying at the personal level, effectively reducing the pass-through entity's income. Under OBBBA, the PTET deduction essentially remains the same as before. Understanding EBITDAEBITDA, or Earnings Before Interest, Taxes, Depreciation, and Amortization, is a financial metric used to evaluate a company's operating performance. It measures profitability from its core business activities by excluding non-operating expenses, such as interest and taxes, as well as non-cash charges, including depreciation and amortization. This provides a clearer view of a company's cash flow and operational efficiency, making it easier to compare firms across industries. To calculate EBITDA, start with net income, then add back interest, taxes, depreciation, and amortization expenses from the income statement. It's widely used by investors and analysts to assess a company's financial health, especially for businesses with high debt or significant assets. However, EBITDA has limitations. It doesn't account for capital expenditures or changes in working capital, which can impact actual cash flow. Understanding EBITDA is essential for spring financial reviews to gauge business performance and plan strategically.
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