The IRS Is Sitting on Your Money—Here’s the Deadline The IRS recently shared that more than 1.3 million people still haven’t claimed their 2022 tax refunds, totaling about $1.2 billion. There’s a deadline, though. If you didn’t file your 2022 return, you have until April 15, 2026, to do it. After that, the money doesn’t …
If you use your vehicle for work, here’s some good news: the IRS just bumped up the standard mileage rate for 2026, and it could mean a bigger deduction when tax time rolls around. Starting January 1, 2026, the business driving rate is 72.5 cents per mile — up 2.5 cents from last year’s 70 …
Trump Accounts are the newest kid on the block in the world of savings accounts for children. They were created under the Working Families Tax Cuts (Section 70204), and yes, they come with a lot of rules, deadlines, and fine print. If you’re looking for the latest on what Trump Accounts are and how to …
Digital Wallets Have Tax Obligations Too If you’ve spent any time in the crypto world lately—buying Bitcoin, experimenting with DeFi, or moving assets between exchanges and cold wallets—you’ve probably had the same moment many investors do during tax season: “Wait… is that crypto taxable?” It’s a good question. The rules around cryptocurrency taxes can feel …
If you’ve ever donated to help a student pay for private or parochial school, a new federal tax credit starting in 2027 might be worth putting on your radar. Congress has created a tax credit — not just a deduction — for certain charitable contributions, and while there are a few moving parts, the basic …
New Charitable Giving Rules Take Effect in 2026 As we approach the busy season, taxpayers making year-end charitable donations face significant changes under the One Big Beautiful Bill Act (OBBBA). This legislation introduces substantial modifications to how both itemizers and non-itemizers can benefit from their charitable contributions. Expanded Standard Deduction and New Above-the-Line Charitable Deduction …
What the New Senior Tax Deduction Means in 2025 Starting in the 2025 tax year, Uncle Sam is throwing seniors a rare bone. A new tax deduction for taxpayers age 65 and older could shave a meaningful chunk off taxable income, thanks to the One Big Beautiful Bill Act passed in 2025. Eligible seniors may …
Welcome to your stress-free tax preparation headquarters! With tax season just around the corner, CPA Nerds is here to simplify the process and make filing your taxes a breeze. Updated 1040 Tax Preparation Checklist for 2025 The 1040 Checklist is not just a list; it’s your tax preparation ally. This comprehensive guide walks you through …
Does the IRS Send Emails? Many taxpayers are surprised to learn that the IRS does not initiate contact by email, text message, or social media. This misconception often leads to confusion, especially for individuals who have set up online IRS accounts and assume electronic notices will arrive in their inbox. Scammers rely on that confusion. …
Few questions matter more in retirement planning than how much your Social Security income will end up in your pocket. For decades, seniors have had to worry about a portion of their benefits being taxed, depending on their overall income. The new law does create meaningful tax relief for many seniors age 65 and older …
