Medical costs keep increasing, including insurance. A high-deductible plan, along with a tax-favored health savings account, could be the Rx, especially with the 2027 inflation adjustments.
Trump Accounts were designed to help young people get better returns on savings than the usual child’s piggy bank deposits. The tax-favored investment vehicle also now has its own app for easier access and management.
IRS Taxpayer Assistance Centers that are open on some Saturdays won’t have flashy signs like this. But their services will be available to taxpayers who can’t make weekday meetings. The next special weekend open day is May 30.
Emotions have always run high at spelling bees, as this Norman Rockwell painting shows. While this year’s Scripps National Spelling Bee competitors are facing off, it’s good time to brush up on tax terminology.
It’s graduation season. If you’ve got some high school or college graduates in your life and you don’t know what to get them, don’t despair. Here are seven financial gifts, some with tax benefits that the recipients (and in some cases, you, too) will appreciate.
You and your local property appraiser probably have different views of your home. You can appeal a real estate appraisal you believe is incorrect. Doing so could help lower your final property tax bill.
Gas taxes are a top concern of drivers right now. But if you’re pumping the fuel into a rental vehicle, that’s just one of many taxes you’ll face. Half your rental car bill may be taxes and fees, according to research by a tax policy group.
High gasoline prices have prompted talk of gas tax holidays, at both the federal and state levels. But the suspension of fuel excise taxes likely wouldn’t help drivers that much.
COVID was a major disruption in many parts of our lives, including taxes. Many Americans paid IRS penalties or interest during the 3½-year pandemic period. Now a federal court says those charges weren’t valid, meaning taxpayers could get the money back if they file a claim by July 10.
Children are expensive. So are higher education costs. But often these expenses coincide. Tax breaks can help both parents, students, and parents who are or were students.
May’s merriment may not seem synonymous with taxes, but this month is a great time to make some IRS-inspired moves. These three could get your 2026 tax situation on a money-saving track.
Owners of successful small businesses have to deal with a lot of challenges. Tax scams are a major threat. The latest schemes are again a focus during National Small Business Week 2026.
The Internal Revenue Service has sent more than 830,000 taxpayers a notice asking for their bank information so that their refunds can be directly deposited. But scammers also are sending out a fake IRS notice, seeking people’s bank data for nefarious purposes.
Welcome to the May 2026 collection of Tax Tips. I can’t guarantee they’ll make your tax tasks this month merry, but they could make them a bit easier and save you some money.
May tax moves can make for a merrier filing, and lower tax bill, next year. OK, maybe any merry tax month is a bit of a stretch. But if you made it through Tax Day without too much damage, then May indeed may be a month of happy relief if not downright celebration. To borrow from Thomas Dekker’s poem “The Merry Month of May” — O the month of May, the merry month of May,So frolic, so gay, and so green, so green, so green! Sure, the Elizabethan dramatist and pamphleteer was talking about the flora emerging from winter in his…
May
The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic.
November 4, 2026
Thanks to Nov. 3 midterm election wins Democrats will control both the House and Senate…
TO WRAP UP 2026
It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill.
You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.
Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings.
Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year.
So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)