Qualified Charitable Distributions (QCDs) are a powerful tax planning tool for individuals who wish to support charitable organizations while managing their tax obligations. For those with required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs), QCDs can help reduce taxable income and provide a way to make meaningful contributions to qualified charities. This article explains what QCDs […]
Can You Deduct IVF or Fertility Treatments?
Fertility treatments like in vitro fertilization (IVF) can be life-changing for couples and individuals struggling with infertility, but they often come with substantial financial costs. Understanding whether these expenses are deductible, the IRS rules, the requirement for medical necessity, and the latest 2026 updates is essential for anyone planning to claim these costs. This guide breaks down […]
Itemized Deductions vs. Standard Deductions: Which Saves More?
Choosing between itemized deductions vs standard deduction is one of the most important decisions taxpayers make each year. With recent changes from the One Big Beautiful Bill (OBBB), including enhanced standard deductions, a new senior deduction, and expanded SALT limits, it’s more important than ever to understand not just how deductions work but which set of rules […]
Tax Deductions for Therapists
Therapists spend years mastering clinical skills, yet most receive little training in tax strategy. That gap can cost thousands of dollars annually and create unnecessary financial stress. Understanding tax deductions for therapists is not about aggressive tactics or loopholes. It is about applying the tax code correctly, so you are taxed on profit rather than total revenue. When therapists […]
Are Incarcerated Individuals Required to File Taxes?
Many people believe that incarceration automatically removes a person’s obligation to file taxes. This assumption is understandable, but it is incorrect. The IRS does not exempt individuals from federal tax responsibilities simply because they are incarcerated. Instead, tax filing requirements depend on income, filing status, and the specific tax year in question, just as they […]
Tax Benefits of Health Savings Accounts
As healthcare costs continue to rise, more taxpayers are looking for ways to manage medical expenses without undermining their long-term financial goals. One of the most effective yet often misunderstood tools available is the Health Savings Account (HSA). While HSAs are commonly associated with paying for out-of-pocket medical costs, their true value lies in the significant tax […]