Deborah Ann Fox, CPA

07/21/2026

“Now is no time to think of what you do not have.
Think of what you can do with that there is”
― Ernest Hemingway, The Old Man and the Sea

Happy Birthday, Earnest Hemingway, born 7/21/1899
in Oak Park, Illinois

07/19/2026

Federal Tax returns such as the Individual Form 1040 are Filled/Paid before April 15th 20XX. If extended, the revised filing due date is 10/15/20XX. A good Rule of Thumb is to review beneficiaries every year when you file your personal tax return. This is a good habit to have; it helps to prevent unexpected errors.

Six kinds of accounts skip your will completely and go straight to whoever is named on the form.

A 401(k) or 403(b) goes to your named beneficiary, though ERISA-covered plans generally require your spouse unless they sign a waiver, a rule that often doesn't apply to government and church plans.

A traditional or Roth IRA transfers the same way. The beneficiary form at the brokerage controls, not your will.

Life insurance proceeds go directly to the named beneficiary and are generally income tax-free to them.

A bank account with a payable-on-death designation transfers with nothing more than a death certificate.

A brokerage account with transfer-on-death registration, recognized in nearly every state, sends the securities straight to the named person.

A joint account with right of survivorship passes to the surviving owner automatically the moment the other owner dies.

The catch is that none of these forms know your will exists. An outdated beneficiary, like an ex-spouse or a 401(k) from a job you left, can still inherit unless you review it after every major life change.

When did you last check who's named on these accounts?



*The content shared here is for educational and informational purposes only. It is not personalized investment, tax, legal, or financial advice. Consult a licensed professional before making decisions based on your specific situation.*

07/18/2026

"If Your Business Is Growing, Do Not Let Surprise You: Growth is a good problem to have, but it can still become a cash flow problem if does not keep up. A stronger year can lead to higher taxable income, larger estimated tax payments, and a bigger year-end tax bill than expected." -

The economy is uneven. Learn tax planning strategies for growing and slowing businesses, including cash flow, expenses, and 2026 tax-saving opportunities

07/18/2026

Odometer Check is needed multiple times in 2026 if you use mileage as an IRS deductible expense:
January 1 -June 30th and July 1st - December 31, 2026.
Start a new log for 12/31/2027.

"The IRS is increasing its standard mileage rates midyear, citing recent increases in fuel prices.
Beginning July 1, 2026, the optional standard mileage rates are:
• 76 cents per mile for business use, up from 72.5 cents
• 23.5 cents per mile for medical purposes, up from 20.5 cents
• 23.5 cents per mile for moving purposes for eligible active-duty members of the Armed Forces and certain members of the intelligence community, up from 20.5 cents
• 14 cents per mile for charitable miles, unchanged
That means there are now two sets of standard mileage rates for 2026.
The original rates still apply to eligible expenses paid or incurred from January 1 through June 30. The revised rates apply to eligible expenses paid or incurred on or after July 1. " - taxgirl

Higher fuel prices prompted the IRS to raise the business, medical, and qualified moving rates for mileage on or after July 1, 2026.

07/11/2026

This is a good read by my Houston based friend. asks
"First, what kind of taxpayer are you?
Every taxpayer fits a profile, and the profile decides which strategies are even worth discussing.
A real estate operator, a high-income pass-through owner, a founder heading toward a sale, a high-W-2 earner, and a family doing estate planning all live in different worlds."

07/11/2026

Hi! Status update: My Florida CPA license is valid thru 12/31/2027; it renews every two years. My Texas CPA license is valid through 12/31/2026; it renews each year.
Historically my focus has been upon tax/financial education for individuals and small business. Going forward, I plan to also help with "Elder Care". My technical knowledge and practical experience can help Bridge the Gap between theory and real-world application. Example: Income, expense, and taxes usually change after a spouse/significant other becomes ill or dies. I can help others quantify that to help them make educated financial decisions. Historical tax returns provide a road map. A 3 year review provides a good look back to help plan moving forward financially.

07/10/2026

"I’m adamant that it’s important for people in a relationship to handle the finances together because I’ve seen the end result when the person who handled it is no longer there, either through death, disability, or divorce, and it’s life altering.
I’ve met people who struggled to pay their bills because they weren’t sure how to access the money and which bills needed to be paid.
In all of these situations, it usually takes years of active work to get everything set up properly and feel confident about their finances. If they had been involved in the process while their spouse was alive, it still would have been hard, but it would have been much smoother.
Think about it this way: it’s easier to finish the last few pieces of a puzzle if it’s already started as opposed to having never taken it out of the box." - Elliott Appel CFP

This time, I'm talking about how I primarily handle most of the finances in our marriage, and why I don’t love that arrangement.

07/09/2026

Yesterday I told one on my dads long-term friends that it is a good idea to file a return even if it is not required because:

1. The assessment statute of limitations (ASOL) does not begin until the taxpayer files a valid tax return. Once filed, the ASOL is generally three years from the filing date
2. It helps to protect against fraud
3. His 2026 IRS return can be marked as Final (post-death)

07/07/2026

❤ Do you know someone that qualifies for this? ❤

** "Up to 25 million children age 10 or younger who live in qualifying ZIP codes may receive a $250 charitable gift deposit to their Trump Account from the Michael & Susan Dell Foundation. These children must have been born before January 1, 2025, and are therefore ineligible for the $1,000 government deposit." (check the zip code for eligibility)

** Trump Accounts launched in July 2026
** Any child under 18 with a Social Security number may be eligible for a Trump Account.
**Children born between January 1, 2025, and December 31, 2028, who are U.S. citizens can receive a $1,000 government deposit to their Trump Account.

Trump Accounts launched in July 2026 for certain children under the age of 18. Some newborns may even be eligible for a $1,000 government deposit. Learn how these accounts work and how they compare to other investing options.

07/07/2026

This is a great read because it shows how someone can get hurt financially simply because they did not know how something worked. One move impacts another. Letting someone help you makes a difference. Education is key.
"IRMAA Is Really a Tax Planning Issue, Too
It is tempting to think of IRMAA as a Medicare problem. In practice, it is often a planning issue wearing a Medicare mask. Why? Because the same income items that matter on a tax return can also affect premiums." -

IRMAA can raise Medicare costs for higher-income retirees. Discover planning strategies for Roth conversions, RMDs, and Social Security.