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529 College Savings Plan To Minimize TaxesA 529 college savings plan* is a popular way for families to save for higher education expenses while enjoying significant tax advantages.
Start Your College Grad's Financial Wellness PathYou may be able to do this utilizing any unused funds in the student's 529 Plan. The IRS now allows rollovers of these funds to a Roth IRA in the child's name.
Savvy New Car Shopping TipsMemorial Day weekend kicks off summer—and some of the year's best car deals! Dealerships clear out older inventory to make way for new models, offering rebates, low APR financing, and lease specials.
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MAY 2026 Q & AQ: How do I file an amended tax return? A: If you already filed your 2025 tax return but later realize you missed some information, you can amend it by submitting Form 1040-X.
Taxable Fringe BenefitsGenerally, employers must report the value of fringe benefits provided to employees as taxable income, unless the IRS explicitly excludes them. Excludable (non-taxable) examples include:
More substantial benefits — such as personal use of a company car or country club memberships — must be included in taxable income. Starting in 2026, most moving expense reimbursements and bicycle commuting reimbursements are now fully taxable and must be reported as employee income. Business Exit PlanningPotential taxes can greatly affect the proceeds from selling your business. One way to reduce the tax burden is to perform an installment sale, especially if the buyer doesn't have enough cash or will pay a contingent amount based on the company's performance. Installment sales spread the gain over the contract's duration, which may help avoid triggering the Net Investment Income Tax or short-term capital gains. However, there are drawbacks, such as the recapture of depreciation in the year of sale or higher tax rates in future years. If you're gifting your business to family members during your lifetime, you'll need to file a gift-tax return. You can choose to pay an immediate gift tax or use your lifetime gift and estatetax exemption (currently $15 million). Unless the value of your business exceeds this exemption, you typically won't owe any tax on the gift. GIFT-TAX EXCLUSION You have another option if you plan to eventually pass your business to a family successor, but the business's value exceeds the exemption. You can use the annual gift-tax exclusion ($19,000 in 2026) to gradually give an ownership interest each year without incurring taxes. SMART MOVE Consider the entire picture when planning to sell your business. Tax consequences are only one of many important considerations.
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