QTax, LLC

08/27/2026

Tax Tip of the Week 4-41

Charitable Deductions — What Changes in 2026? 💵❤️

If you have made—or plan to make—charitable donations this year, keep good records. Organized documentation makes tax preparation easier and helps support your deduction if the IRS ever asks.

A BIG change for 2026:
In the past, you generally needed to itemize deductions on Schedule A to receive a federal tax benefit for charitable contributions.

Starting in 2026, even if you don't itemize, you may be able to deduct qualified CASH contributions of up to:

💵 $1,000 — Single filers
💵 $2,000 — Married Filing Jointly

A few things to remember:

Know what qualifies. Contributions generally must be made to a qualified charitable organization.
Keep proof of all cash donations. Bank records, credit card statements, receipts, or other appropriate documentation can be important.
Contributions of $250 or more generally require a written acknowledgment from the charity.
Non-cash donations have additional recordkeeping rules. Larger non-cash contributions may require a qualified appraisal and additional tax forms.

📁 When in doubt, document it. It's much easier to keep the records now than try to recreate them at tax time.

And, of course, contact your Tax Pro when you have questions.

We know things. 😎

Tax Tip of the Week is for general informational purposes and is not intended as individual tax advice.

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08/19/2026

Tax Tip of the Week 4-40

Remember all the BOI reporting confusion? Here’s an important follow-up.

For those of you with small businesses who were going a little nutty last year trying to file—or actually filing—the Beneficial Ownership Information (BOI) Report, only to find out the requirement was placed on hold, we finally have some closure.

On August 11, 2026, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.

That answered one question, but when I read the announcement last week, I immediately had another:

What happens to all the data that U.S. companies already submitted on their BOI reports?

A tax colleague pointed me to the FAQs accompanying the final rule. FAQ #4 addresses exactly that question.

FinCEN says it is implementing a process to delete previously submitted information about company applicants, beneficial owners, and FinCEN ID recipients that it reasonably believes was provided by a U.S. person.

So, if you spent time last year gathering information, figuring out the rules, and filing a BOI report, at least we now know what FinCEN plans to do with that information.

Bottom line: BOI reporting for U.S. companies and U.S. persons is over, and FinCEN is working on deleting previously submitted information from U.S. persons.

FinCEN Final Rule Announcement:
https://www.fincen.gov/news/news-releases/fincen-permanently-ends-beneficial-ownership-reporting-requirements-millions

FinCEN Final Rule Questions & Answers — see FAQ #4:
https://www.fincen.gov/system/files/2026-08/QAs_BOIFinalRule.pdf

As always, if you have questions about how this applies to your business, talk with your tax or legal professional.

QTax, LLC
We speak tax so you don't have to.

08/14/2026

💰 Tax Tip of the Week 4-39

Life Happens — and It May Affect Your Taxes

💍 Marriage

“Marriage is a wonderful institution...but who wants to live in an institution?” — Groucho Marx

Marriage can change your filing status, withholding, deductions, credits, and other parts of your tax situation.

👶 Birth or Adoption of a Child
A new family member can mean new tax benefits, including potential credits and changes to your withholding.

💔 Divorce or Legal Separation
Divorce can affect filing status, dependents, credits, withholding, and the tax treatment of certain assets.

🕊️ Death of a Spouse or Family Member
The loss of a loved one can bring tax issues involving filing status, inherited assets, retirement accounts, and final tax returns.

📌 The Bottom Line

Major life events often come with tax consequences. Don't wait until tax season to find out what changed.

When life happens, contact your Tax Pro. A quick conversation can help determine whether you need to adjust your withholding, update personal information, change estimated tax payments, or take other steps.

Life changes. Your tax situation may need to change with it.

We speak Tax so you don't have to.

Send a message to learn more

08/06/2026

Tax Tip of the Week 4-38

I had a different topic planned for this week, but something happened that reminded me this is far more important.

Earlier this year, a client lost their home in a devastating fire. They lost everything—including their beloved dogs. This week, they reached out because they are now trying to reconstruct their 2025 tax records.

Backup, baby. It's all about the backup.

When I deliver completed tax returns through our secure client portal, I've always encouraged clients to download their tax package and save it in a secure location that is backed up regularly.

From now on, I'll be adding one more recommendation:

Make sure at least one of your backups is stored in a different physical location.

For those interested, here's my backup routine:

💾 At the end of each workday, I back up to an external 1TB hard drive, which is stored in a fireproof safe.
☁️ I also back up to two separate cloud storage providers every day.
🔄 Once a week, I rotate my external hard drives with another set stored off-site.

You don't have to go to these extremes (although it's probably reassuring to know your tax professional does!), but having secure, redundant backups is one of the least expensive forms of insurance you can buy. It takes very little time and can save countless hours—and heartache—if disaster strikes.

I follow the same process for our personal documents as well, including wills, estate planning documents, insurance policies, and other important records.

Disasters don't give us advance notice. A good backup plan can make the difference between starting over and simply restoring what you already have.

We speak tax so you don't have to.

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07/30/2026

Tax Tip of the Week 4-37

I have said it before, and I'll keep saying it: you need a team to help with your financial affairs.

That team should include:

Your accounting/tax professional
Your financial adviser
Your attorney

Each brings a different area of expertise, and when they work together, you are much more likely to make sound financial decisions while avoiding costly mistakes.

This week's tip is a perfect example.

Your accounting/tax professional working together with your financial adviser can help ensure you don't pay income tax on money that is actually tax-free. It happens more often than you might think. A distribution, rollover, basis issue, or other transaction that isn't properly reported can result in paying tax that you never owed in the first place.

Good communication between your advisers before you make financial decisions can save you money, time, and headaches.

07/23/2026

Tax Tip of the Week 4-36

07/08/2026

07/01/2026

Tax Tip of the Week 4-34

Trump Accounts Update

Last week the IRS issued Revenue Procedure 2026-25, providing welcome guidance on one of the unanswered questions surrounding Trump Accounts.

If you're looking for a cure for insomnia, here is the Revenue Procedure:

https://www.irs.gov/pub/irs-drop/rp-26-25.pdf

For those who prefer the short version, here is the IRS news release:

Treasury, IRS provide safe harbor for certain contributions to Trump Accounts under the Working Families Tax Cuts

Before Revenue Procedure 2026-25, many tax professionals believed that contributions to a Trump Account could require the donor to file a Gift Tax Return (Form 709), even when no gift tax was actually owed.

Revenue Procedure 2026-25 establishes a gift tax reporting safe harbor. If the safe harbor requirements are met, qualifying contributions by individual donors will not require gift tax reporting on Form 709.

My two cents...

If you have a child born between January 1, 2025, and December 31, 2028, I think you should take a serious look at opening a Trump Account. Starting your child's future with a free $1,000 government contribution is a pretty good deal.

That said, Trump Accounts come with a number of rules governing eligibility, contributions, investments, and withdrawals. Before opening or contributing to one, you should consult both your Tax Pro and your Financial Advisor to determine whether it fits your family's financial goals.

Remember, we read and speak Tax, so you don't have to.

06/24/2026

Tax Tip of the Week 4-33

ABLE Savings Accounts – A Brief Overview

People with disabilities may be able to use an Achieving a Better Life Experience (ABLE) account to save for qualified disability expenses while preserving eligibility for certain public benefits.

ABLE accounts are savings accounts. Contributions are not deductible for federal income tax purposes, but qualified distributions are tax-free.

If properly structured, an ABLE account beneficiary may also qualify for the Saver's Credit on their own contributions if they:

Are at least age 18 by 12/31/2026.
Are not a dependent or a full-time student.
Meet the applicable income requirements.

You may also be able to roll over funds from a 529 education savings plan to an ABLE account for the same beneficiary (or an eligible family member), subject to the annual ABLE contribution limit ($20,000 for 2026).

A list of qualified disability expenses can be found in IRS Publication 907:
https://www.irs.gov/pub/irs-pdf/p907.pdf

ABLE accounts can be a great opportunity for individuals with disabilities to save for the future. While there is no federal lifetime limit on an ABLE account balance, each state sets its own maximum account value. In addition, individuals receiving SSI should be aware of the special $100,000 SSI resource rule.

All this is a way of saying that an ABLE account can be another useful tool in your financial planning toolbox. Because the rules contain a lot of important details, it's a good idea to consult both your Financial Advisor and your Tax Pro before making decisions.

We speak and read tax, so you don't have to.

06/18/2026

Tax Tip of the Week 4-32

Disaster Preparedness and Tax Records

It's that time of year again—hurricane season is officially underway, and we already have our first named storm, Arthur. I doubt he's as adorable as Dudley Moore's Arthur (and if you get that reference, congratulations on being of a certain age).

Mother Nature can be unpredictable, so now is a good time to make sure you have a disaster preparedness plan in place. The federal government offers excellent resources at Ready.gov.

Create electronic copies of important documents.

Keep both paper and electronic copies of important records in secure locations. We maintain paper and electronic copies of our important documents, store them in a fireproof safe, maintain off-site backups, and keep copies in the cloud.

Document your valuables.

Take photographs and/or videos of valuable possessions and store those images in a secure location. Having documentation before a disaster can make insurance claims and loss calculations much easier.

Contact your Tax Pro after a disaster.

If you are affected by a disaster, contact your tax professional as soon as practical to determine whether any federal or state disaster-related tax relief is available. Remember to be patient—if the disaster is widespread, your tax professional may be dealing with the same challenges as well..

Helpful Hint: If a fast-moving disaster is headed your way and evacuation is necessary, consider placing portable electronic media (such as USB drives and external hard drives) and copies of important documents inside an empty dishwasher. While a dishwasher is not guaranteed to be waterproof or fireproof, it may provide an additional layer of protection from water, debris, and heat. For best protection, keep important records backed up in multiple locations, including secure cloud storage and an off-site backup.

We speak Tax so you don't have to.