D&L Financial Services

05/29/2026

National 529 Day – Did You Know?

If you put money into a 529 education savings plan, earnings may be withdrawn federal income tax-free when used for qualified education expenses. Qualified expenses can include tuition, fees, books, supplies, computers, and for students enrolled at least half-time, certain room and board costs.

While 529 contributions are not deductible for federal income tax purposes, many states offer a full or partial state income tax deduction or credit for contributions. Some states and plan sponsors may also offer special incentives around National 529 Day.

Recent law changes expanded the use of 529 plans. In 2026, up to $20,000 per year, per student, may be used for qualified K–12 education expenses at public, private, or religious schools. Prior years were generally limited to $10,000 annually.

05/20/2026

Qualifying Dependents – Did You Know?

In addition to your children and parents, a number of other individuals may qualify as your dependents for tax purposes. Important factors can include the person's income, how much support you provide, and how much of the year the person lives with you. In some limited cases, even a non-relative who lives with you year round as a member of your household may qualify as a dependent.

05/12/2026

Health Savings Accounts - Did You Know?

Changing jobs? If you have a health savings account (HSA), you can take it with you. Unlike flexible spending accounts (FSAs), which are usually tied to your employer, your HSA belongs to you. You can continue using your HSA funds after leaving the job where you opened the account. However, you may make new HSA contributions only if you remain eligible to contribute. To remain eligible, you generally must be covered by an HSA-eligible high-deductible health plan (HDHP) and have no disqualifying coverage.

05/08/2026

Receiving Online Payments - Did You Know?

If you are self-employed and receive payments through online payment processing platforms, take care to separate business and personal transactions. You can do this by setting up separate business accounts on the platforms, or by using features that allow you to specify the purpose of payments. Otherwise, the platforms may overreport your income.

04/30/2026

Updated Withholding Estimator Available for 2026

Having the right amount of tax withheld from your pay protects you against unpleasant spring surprises, while ensuring that you do not unnecessarily sacrifice take-home pay. The IRS recently made important updates to its Withholding Estimator tool (link below), to account for tax law changes enacted in 2025. Those changes include the "No Tax on Tips" and "No Tax on Overtime" deductions, the car loan interest deduction and special deduction for seniors, and the new deduction rules for charitable donations.

Verifying the accuracy of your withholding a couple of times a year is especially important if you and your spouse both work, or if you owed tax this spring, work multiple jobs, or have self-employment or investment income. It is also a good idea to complete a withholding checkup anytime you experience a major life change like marriage, or the birth or adoption of a child. Using the Withholding Estimator typically takes 25 minutes or less, and you do not have to log in or provide any personally identifying information. If an adjustment to your withholding is needed, the tool can help you complete a new W-4 form to submit to your employer.

IRS Withholding Estimator Tool: https://www.irs.gov/individuals/tax-withholding-estimator

04/21/2026

IRS Impersonation Scams – Did You Know?

Criminals continue to use IRS impersonation scams to steal money and personal information. Understanding how the IRS actually communicates can help you recognize and avoid these schemes.

The IRS generally initiates contact by sending a letter through the mail on official letterhead. If you have an IRS online account, you can log in to verify whether a notice is legitimate. If you are unsure, you can contact the IRS directly at 800-829-1040.

Scammers, however, often pose as the IRS in several ways:

By mail: Fake letters may look official but include incorrect contact details or suspicious language such as “in relation to your unclaimed refund.”

By email or text: The IRS does not initiate contact this way. Messages promising refunds, credits or urgent fixes often contain links to fraudulent websites designed to steal your information.

By phone: Scammers may leave threatening messages or demand immediate payment using gift cards or other unusual methods—tactics the IRS does not use.

In person: Unannounced visits are extremely rare. Most legitimate IRS appointments are scheduled in advance by letter.

If you suspect a scam, do not respond, click links or share information. Instead, contact the IRS using an official phone number to verify the situation.

04/20/2026

For those who owe, the IRS wants to work with you. Check out these tools.

To make tax compliance less intimidating, the new Tax Debt tool is designed to be easy to use and accessible to a wide range of people. It doesn't require specialized knowledge and can be used at any time.

Get more information at: https://ow.ly/Qzon50YKyWx

04/17/2026

IRS Online Business Accounts Now Available to Partnerships & Tax-Exempt Entities

The IRS has expanded its Business Tax Account (BTA) service, which enables businesses to handle many federal tax matters online. Previously, only sole proprietors, S corporations and C corporations could use the BTA platform. Now, partnerships (including LLCs that file taxes as partnerships), along with many tax-exempt organizations, can benefit from the convenience of a BTA as well.

Tasks that can be readily completed through the BTA system include checking tax balances, making payments, viewing payment histories and downloading digital IRS notices. In addition, BTA users can access payroll and income tax return transcripts, seek help with compliance concerns, or verify the accuracy of a business name or address on file with the IRS.

Many government entities, including tribal governments, also qualify to use the expanded BTA service.

IRS Business Tax Account: https://www.irs.gov/businesses/business-tax-account

04/16/2026

Great advice. Now that your taxes are done, check all your account beneficiary information.

I've watched this exact scenario play out in real life and it is devastating every single time.

Someone spends months working with an attorney to get their will exactly right. Every asset accounted for. Every wish documented. They sign it, feel relieved, and assume their family is protected.

Then they die.

And the ex-spouse they divorced 15 years ago gets the IRA because nobody told them to update the beneficiary form.

The will says one thing. The beneficiary designation says another. The beneficiary designation wins. Every time. Without exception.

The probate court never even sees the IRA. It transfers directly and immediately to whoever is named on that form regardless of what any other legal document says.

This isn't a rare edge case. It's one of the most common and most expensive estate planning mistakes I see.

Think about every life event that should trigger a beneficiary review.

Divorce. Remarriage. The birth of a child. The death of a named beneficiary. A falling out with a family member. A change in your wishes.

Any of these should send you directly to every financial account you own and prompt an immediate review of who is named.

Your IRA. Your 401k. Your life insurance. Your bank accounts with POD designations. Your brokerage accounts with TOD designations.

All of them. Every single one.

A will is not enough. The forms control the assets.

Pull them up this weekend. It takes 20 minutes and it could save your family from a nightmare.

04/14/2026

Tax Filing Extension Options – Did You Know?

The IRS recently posted a reminder that people who cannot complete their tax returns by the April 15 deadline have options to avoid late filing penalties. The vast majority of people qualify for an automatic 6-month filing extension until October 15, which can be requested through the IRS website or by filing Form 4868. Because the extension is automatic, you do not need to get IRS approval.

Just remember that the standard 6-month extension only applies to filing a return, not to paying taxes. Before requesting the extension, estimate how much tax you will owe for 2025, then subtract away the amount of tax you have already paid. (Most people can determine how much tax they have paid by checking their W-2 forms.) Paying the remaining balance with your extension request will help prevent or minimize late payment fees and interest charges.

Note that U.S. citizens and resident aliens who are currently living outside the country automatically have until June 15, 2026 to file their returns. People affected by federally declared disasters like storms, floods or wildfires may also qualify for extended filing or payment deadlines.