Tanya Tax & Business Service

08/07/2026

Time to plan for new contribution levels for your health savings account. Find the 2026 limits here.

Contribution limits for the ever-popular health savings account (HSA) are outlined for 2026. Now is a great time to review your situation and make adjustments as appropriate.

08/05/2026

Tax savings come in all shapes and sizes. Here are some life events that require your attention if you do not wish to have a tax surprise latter on during the year.

Sometimes the biggest financial opportunities come from paying attention to the details. In this issue, we highlight the details of several tax rules that can impact many of your life's important milestones. You'll also find an overview of the increased business mileage rates for the second half of....

08/03/2026

New IRS Automatic Exemption from Penalty Program

Beginning in summer 2026, the IRS is implementing a new system that will waive certain failure-to-file, failure-to-pay and failure-to-deposit penalties for eligible taxpayers with a strong compliance history. To qualify for the Automatic Exemption from Penalty (AEP) program, a taxpayer generally must have met all filing and payment deadlines for the previous three years, or 12 consecutive quarters for quarterly filers.

Unlike First Time Abate, eligible taxpayers will not need to request AEP relief. The IRS will apply it automatically and send a notice. For eligible returns due on or after January 1, 2027, AEP will replace First Time Abate, although reasonable-cause relief will remain available.

Not all IRS penalties qualify for automatic relief. For example, information-return penalties and accuracy-related penalties generally will not qualify. AEP applies only to eligible penalties, not to the underlying tax or interest due.

07/31/2026

Before school gets going this fall, check out these school expenses that might help you decrease your tax bill.

Time to buy school supplies? Pay for field trips? Is any of this tax deductible? Here are some ideas to find a tax break in the back-to-school rush.

07/27/2026

Charitable Cash Donation Deductions

Historically, only people who itemized deductions on their tax returns could deduct contributions to charities. However, beginning this year, taxpayers may now qualify to deduct up to $1,000 in cash donations (up to $2,000 for joint filers), regardless of whether they itemize or use a standard deduction.

Only contributions to qualified, tax-exempt charitable organizations (not individuals) are deductible. You can check the official IRS list of tax-exempt charities (link below) to verify an organization's eligibility to receive tax-deductible donations. For monetary contributions, save bank records, canceled checks and/or receipts showing each organization's name, along with the date and amount of each donation. The IRS requires a written acknowledgement from the charity for each individual contribution of $250 or more, showing both the donation amount and the value of anything you receive in return (such as tee shirts, totes, etc.).

You still need to itemize in order to deduct contributions of property, and must have detailed records showing how you determined reasonable dollar values for the donations. For valuable items like collectibles or artwork, you may need a professional appraisal.

Tax Exempt Organization Search: https://www.irs.gov/charities-non-profits/search-for-tax-exempt-organizations

07/24/2026

If you're age 70 or older, you can transfer up to $100,000 (or a total of $200,000 for joint filers) directly from your IRA to a qualified charitable organization without paying any tax.

Even though the higher standard deduction limits make charitable deductions harder to find, there are still great options to find tax breaks within your charitable giving. Here are some great tips.

07/20/2026

Form 1099-K – Did You Know?

If you receive a Form 1099-K, review it for payments that may not be taxable, such as reimbursements from friends or family. If these payments were mistakenly included, ask the payment processor to issue a corrected form. Keep in mind that some transactions involving personal items may still have tax consequences, particularly if you sold an item for more than you paid for it.

07/17/2026

Providing a gift of stock can make sense if handled properly. Read more.

Providing a gift of stock (or other property) to a friend or loved one can be a powerful tax planning tool. However, it is not without its complications.

07/14/2026

Increased Standard Mileage Rates Starting July 1, 2026

Due to higher fuel prices, the IRS has increased the standard mileage rate for business driving to 76 cents per mile for mileage incurred on or after July 1, 2026. The rates for medical travel and eligible moving expenses have also increased to 23.5 cents per mile.

The charitable mileage rate remains unchanged at 14 cents per mile, while the previously announced 2026 rates continue to apply to mileage incurred before July 1.

07/10/2026

Pass-through entities such as S corporations and certain partnerships offer legal protections and avoid double taxation. Does it make sense for your business?

Given the popularity of this business format, it continues to drive tax policy. Here is what you need to know.