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Public Law 119-21 changed several federal tax rules affecting business deductions, investments, research costs, employee benefits, and reporting. Many provisions are already effective, but the Treasury and IRS are still issuing guidance on how particular rules should be applied. Small business owners should plan on using the guidance available now, document the assumptions behind important decisions, and schedule a review before filing or completing a major transaction.

nherited IRA rules in 2026 can require very different actions depending on who inherited the account and whether the original owner died before or on or after the owner's required beginning date. For many adult children and other nonspouse beneficiaries, the 10-year rule is only part of the answer. The final required minimum distribution regulations generally apply to calendar years beginning January 1, 2025. Under those rules, some beneficiaries must take annual required

QuickBooks Online changes in 2026 affect more than the look of the software. For some subscribers, the immediate impact is a higher renewal price. For others, the larger change is a new set of AI-assisted tools for bank feeds, invoicing, reporting, and everyday bookkeeping. The important detail is that these updates are not arriving at the same time for every customer, and they are not included in every plan.

Trump Accounts are a new type of traditional individual retirement account (IRA) established under federal law for eligible children. Generally, an initial account can be established for a child who has not turned 18 before the end of the calendar year in which the election is made and who has a valid Social Security number. A parent, guardian, or other authorized individual can make the election using Form 4547, Trump Account Election(s).

Food, veterinary visits, medications, crates, litter, grooming supplies, emergency treatment, and other necessary purchases can add up quickly. Under current federal tax law, however, the ordinary costs of caring for a household pet are treated as personal expenses rather than deductible expenses. New proposals in New Jersey, New York, and Congress have renewed interest in whether taxpayers could eventually receive limited tax relief for certain pet-care costs.

For many small business owners, financial records are easiest to think about at tax time. But good records do much more than support a tax return. They help you understand how the business is performing, identify where cash is going, prepare for financing, and make decisions with better information. The IRS makes the compliance side clear: business records should support the income, expenses, and credits reported on tax returns, and a business may use any recordkeeping sys

For many small business owners, retirement is not a single event. Ownership may be transferred gradually, consulting work may continue, business property may be sold separately, and income can remain unpredictable for several years after day-to-day operations end. Those decisions can affect more than the owner’s income tax return. They may also increase future Medicare premiums through the Income-Related Monthly Adjustment Amount, commonly known as IRMAA.

Health care costs continue to place pressure on many households and business owners. Premiums, deductibles, prescriptions, and out-of-pocket expenses can make it difficult to feel confident about choosing the right health insurance strategy. For some taxpayers, a Health Savings Account, often called an HSA, paired with a qualifying High-Deductible Health Plan, or HDHP, may provide a useful way to manage medical costs while receiving valuable tax benefits.

Many households look financially stable from the outside. They are working, paying bills, keeping up with regular obligations, and trying to make responsible decisions. Yet underneath that routine, many families are operating with very little room for error. One unexpected expense can change the picture quickly. A car repair, medical bill, insurance increase, home repair, or a few difficult months in a row may be enough to push a household from manageable to strained.