The One Big Beautiful Bill Act of 2025 created a new type of savings account for children known as a Trump account. A Trump account is a special type of individual retirement account (IRA) established under IRC § 530A for eligible children. In general, these accounts operate similarly to traditional IRAs, but they are subject to a unique set of rules before the child reaches adulthood and cannot be designated as Roth IRAs.
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Family businesses are built over years, and often over generations. Naturally, owners spend a lot of time thinking about taxes and how to preserve what they’ve built. However, in our experience, taxes usually aren’t the biggest threat to a family business. A lack of planning is.
Summer is here, and many families are balancing work with the cost of care, including day camps, daycare, and babysitters. If you pay for care so you can work or look for work, you may qualify for the child and dependent care credit on your 2026 tax return.
When thinking about what happens to your assets after you pass away, most people focus only on federal estate taxes; however, many states also have their own estate or inheritance taxes.
The State of Michigan has acknowledged a systemic issue which is resulting in many taxpayers receiving a Notice of Adjustment reflecting reduced overpayments/refunds or increased balances due caused by their system not reflecting estimated payments made.
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After filing your 2025 tax return, a few simple follow-up steps can help you stay organized, avoid issues, and plan ahead for 2026.
Generally, each year you can contribute up to the annual limit to a traditional or Roth IRA (or a combination of the two). But once the contribution deadline has passed, the opportunity to contribute for that year is lost forever.
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