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  • A New Penny to Celebrate

    President Donald Trump ordered the end of circulating penny production late last year to save taxpayers an estimated $56 million annually.  However, a special "dual-date" penny has returned exclusively for America’s 250th anniversary.   You won't find these in everyday cash transactions. These are a  one-year-only design upgrade.  (The only other time the U.S. has done this on such a widespread scale was during the 1976 bicentennial.) 

    The Mint's new redesigns feature a 1776 to 2026 "dual date," and many of the coins are already in circulation, including:

  • How Long Do You Need to Keep Your Tax Returns?

    One of the most often questions I get from clients is how long to keep their tax returns and records.  Most people think the proper answer is seven years.  But, it is a little more complicated than that.  That is because those forms, receipts, canceled checks, and other documents could be needed later. The IRS generally has three years after the due date of your return (or the date you file it, if later) to initiate an audit — that hasn't changed.

    In addition, some documents may be kept even longer. For instance, it might be wise to save W-2 forms until you start receiving Social Security benefits so you can verify your income if there's a problem - unless you go to the ssa.gov site and verify that they have the correct information recorded for you.

    Here is some general information on how long you should keep various types of information:

  • Getting Your Withholding Right

    One of the common problems I face helping people with there taxes is helping them get their withholding correct so they don't end up owning the IRS at the end of the year.  So how can you fine-tune your withholding and estimated tax payments for 2026?

    The IRS now has a withholding estimator on its website to help you figure out whether you are having the right amount of federal income tax withheld from wages, pensions, IRS distributions, etc. This tool asks about various sources of income, gives tips on credits and deductions, and estimates how much withholding to request.

  • The Types of Gifts the IRS Won’t Tax

    One of the questions I tend to get every year is, 'How much tax will I have to pay if someone gives me a lot of money as a gift'.   The answer is nothing.  The facts are that the person giving you the money is the one that may be subject to something called the gift tax.  And while there are a lot of exclusions to the tax, filing the paperwork to exclude yourself is really a pain in the....

    That said, there is some good news: most people will never come close to exceeding the lifetime estate and gift tax exemption, which, due to the new 2025 Trump/GOP tax law, will remain extraordinarily high for the average household.

  • My New Book Was Reviewed!

    Great News Today!  I received a review on my newest publication, Mastering Business Basics, from the Readers's Favorite Book Review website.  Here's what they had to say: 

    Review #1: Review by Stephen Christopher

    Reviewed by:

    Stephen Christopher

    Review Rating:

    5 Stars - Congratulations on your 5-star review!

    Reviewed by Stephen Christopher for Readers’ Favorite

  • The New No Taxes on Tips Regulations

    The “No Tax on Tips” deduction, known as the Qualified Tip Deduction, was introduced through One Big Beautiful BIll Act (OBBBA). This deduction allows employees and self-employed individuals to deduct up to $25,000 in qualified tips received during the year, per tax return. It is available to qualifying taxpayers regardless of whether they itemize deductions or use the standard deduction.