Kathy J. Wills, CPA

10/27/2026

The IRS is offering some new ways to use your credit card to pay your taxes online. It has made its way through the legislative process. The article was not real clear when this might be live though. Keep a lookout in your IRS.GOV account, it your use that for payments.
https://www.journalofaccountancy.com/news/2026/oct/final-regulations-clear-path-for-direct-irs-card-payments/?utm_source=mnl:cpal&utm_medium=email&utm_campaign=19Oct2026

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

10/13/2026

One important thing to note about the new overtime pay exclusion is that not all of the earnings in the ‘time and one half’ portion qualifies for the exclusion. Just the ‘one half’ portion. See this article for numerous notes about new reporting requirements for wages, tips and 1099 limits.

https://www.cpapracticeadvisor.com/2026/09/01/what-the-new-1099-reporting-rules-mean/189451/?utm_source=CPA+Practice+Advisor&utm_campaign=b102036a86-EMAIL_CAMPAIGN_2026_09_01_06_13&utm_medium=email&utm_term=0_-b102036a86-514379363

10/06/2026

One hard pill to swallow from the OBBB (One Big Beautiful Bill) is the permanent loss of miscellaneous itemized deductions. This is where hobby expenses were deducted, but no longer; the entire category of miscellaneous deductions is gone. Income from hobbies remains FULLY taxable. If you want to deduct expenses, you have to report your ‘hobby’ as a business, follow the rules for businesses and pay the appropriate taxes associated with that reporting.

09/29/2026

Review my post from last week and then look at this article. It outlines another landmine from annuities. Make SURE you plan your estate and financial future carefully before choosing an annuity. Annuities CAN work beautifully, but most people are unaware of backlash.

When inheriting an annuity, a beneficiary who isn't a spouse can face a big tax bill. Choosing annuitization or the "stretch" option lets you soften the blow.

09/22/2026

Annuities can be a great benefit in a portfolio, however, know the intimate details of what you are purchasing. I have seen annuities work very well and I have seen them destroy people’s savings. Just BE CAREFUL.

Guaranteed income can bring retirees peace of mind, but financial advisers disagree about the trade-offs.

09/15/2026

A bit of a different take on financial stability - preventing entitlement in your children.

https://insight.kellogg.northwestern.edu/article/building-wealth-for-your-kids-these-4-habits-can-help-prevent-entitlement

09/08/2026

If you are planning to retire in the next 10 years, here are some things you should think about:
Take advantage of peak earning years to grow income.
Turbocharge retirement savings.
Begin building out an allocation to safe investments.
Start visualizing your in-retirement lifestyle.
Formulate a long-term-care plan.

With a decade to go, zero in on boosting income and savings, plus these other strategies.

09/01/2026

Good news! IRS has implemented a new program available for 2025 returns. They will automatically waive certain penalties for failure to file, failure to pay, and failure to deposit tax IF you have been current with all of your filings and payments for the last 3 years.

08/25/2026

Identity theft is a continuous problem. I’ve made numerous posts about it. Here is another article identifying the states with the highest identity theft.

ConsumerAffairs, an online consumer news and review platform, looked at state-level IRS data covering processing year 2025 and evaluated states across the following two metrics: confirmed identity theft rate and unconfirmed identity theft rate.

08/18/2026

IRS has raised the business mileage rate to $.76 per mile beginning July 1st, 2026, up from $.725 in January 2026. This was done due to the inflated oil prices in second quarter 2026, despite the fact that overall inflation has dropped to 3.5% in June.