The Tax Shoppe

07/15/2026

Saving for retirement starts with understanding the rules.

For 2026, you can contribute up to $7,500 to your traditional and Roth IRAs combined ($8,600 if you're age 50 or older), or your taxable compensation for the year, whichever is less.

You may also be eligible to contribute to an IRA even if you're covered by a retirement plan at work or if you're filing jointly with a spouse who has taxable compensation.

Be sure to review contribution limits, deduction rules, and income restrictions before making contributions. The has resources to help you plan for retirement and avoid excess contribution penalties.

Learn more: irs.gov/retirement

07/15/2026

The is simplifying penalty relief. The new Automatic Exemption from Penalty, or AEP, is a systemic administrative relief program that provides penalty relief for taxpayers with a history of filing and paying on time. AEP applies to eligible original returns beginning with tax year 2025 and 2026 quarterly returns, as well as future tax periods. https://ow.ly/1KzR50ZlL2N

07/04/2026