Category: etra

Getting children on the road to a financially secure future can be a challenge. To help, the One Big Beautiful Bill Act (OBBBA) created Section 530A accounts (also known as “Trump Accounts”), a new type of tax-advantaged savings vehicle for eligible children. Not only can parents and grandparents contribute, but so can businesses as an…

The 2026 tax year is almost over, but you still have time to implement year-end tax planning strategies to reduce your business’s federal income tax liability. Let’s look at a few moves you may be able to make before New Year’s Day to trim your tax bill. 1. Invest in capital assets If you acquire…

Even though tax filing season is still several months away, the decisions you make before January 1, 2027, could have a significant impact on your 2026 federal income tax liability. Year-end tax planning is especially important this year because some new changes under 2025’s One Big Beautiful Bill Act (OBBBA) are taking effect. Plus, you…

With the April 15 tax filing deadline in the rearview mirror, you’re likely to turn your attention to other things. But before you do, it’s in your best interest to tie up a few tax-related loose ends. IRS statute of limitations Generally, the IRS’s statute of limitations for auditing a tax return is three years from the…

Last year, a new income tax deduction for qualified cash tips went into effect under the One Big Beautiful Bill Act (OBBBA). The break is scheduled to expire after 2028. In September 2025, the IRS released proposed regulations to provide guidance for taxpayers. The IRS has now published final regs that largely mirror the proposed regs…

The Qualified Opportunity Zone (QOZ) program provides tax incentives to invest in designated low-income communities across the United States. Tax law changes enacted last year made the program permanent and altered it, with implications for investors under both the original and renewed programs. With proposed, and eventually final, regulations on the way, the IRS has…

The IRS has made a midyear increase in the standard mileage rate for business vehicle use, including for cars, SUVs, vans, pickup trucks and panel trucks. These rates apply to gasoline- and diesel-powered vehicles as well as electric and hybrid ones. But whether the rate increase will impact your business depends on the vehicle expense…

For many, the primary reason for creating an estate plan is to ensure their assets are passed on to family members according to their wishes. But when it comes to estate planning, not all assets are created equal. One asset type that can be tricky to transfer to beneficiaries is firearms. According to a Pew…

The gift tax annual exclusion allows you to transfer up to $19,000 (for 2026) per beneficiary gift-tax-free, without tapping your $15 million (for 2026) lifetime gift and estate tax exemption. You can double the exclusion amount if you elect to split the gifts with your spouse. Gift-splitting in a nutshell Gift-splitting allows married couples to…

Life insurance can provide peace of mind. But if your estate is large enough that estate taxes are a concern, it’s important not to own the policy at death. Why? The policy’s proceeds will be included in your taxable estate. To avoid this result, a common estate planning strategy is to set up an irrevocable…