From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com This year the new individual charitable contribution rules change with a new pre-AGI super charity deduction of up to $1,000 single/$2,000 joint. Or, for itemizers there is a new ½% floor that will apply to all itemized charitable deductions.

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com As the year closes, there are several things we need you to do now rather than in the spring, because they cannot be reconstructed later. The most important one is new this year. If any of your employees received tips or were paid overtime in 2026, their Forms W-2 must separately report those amounts, using new codes. Please read the payroll section below first – even if an outside service runs your payroll. P

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com Every other year I give you a list of things AMERICANS don’t PAY Federal income tax on when received. There are exceptions to everything, but here is a pretty comprehensive list for 2026: Withdrawals of Roth contribution money (earnings exempt under additional rules) Minister’s housing allowance (but subject to SE) Combat pay & most VA benefits & service-related disability Peace Corps living allowance Long ter

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com Over the years I have strongly urged our class attendees to run, not walk away from clients investing their IRA or 401k in a new business or franchise. Why? Although some of these investments are legal, many fail basic formation tests, and most fail IRS continuing compliance tests during business operation. What happens if the investment is not legal or does not comply with the formation or compliance rules? S

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com On August 20th, the IRS released the draft version of new Form 1040, Schedule 3-A. It will be used to claim the earned income credit, the additional child tax credit, the refundable American Opportunity Credit and the refundable portion of the adoption credit.

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com The 2026 Doug LaMalfa Federal Disaster Tax Relief Certainty Act signed into law on September 11th 2026 changes qualified disaster tax treatment to Federally declared disasters if the incident period of the disaster with respect to which such declaration is made begins on or after December 28th, 2019, and before January 1st, 2027. The Act also excludes wildfire relief payment from income if declared after 12/31

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com Donor advised funds (IRC Sec. 4966) A donor-advised fund (“DAF”) is a charitable vehicle housed within a 501(c)(3) public charity that allows a donor to make a gift, take an immediate charitable deduction, and recommend, typically with strong persuasive authority, future grants made from funds in the DAF. Unlike private foundations that require a minimum annual distribution, a DAF has no distribution requireme

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com

From Bob Jennings at TaxSpeaker. Check out more at taxspeaker.com