We Do Books™ Blog

529 Plans: The Education Savings Tool Everyone Talks About… But Few Fully Understand Let’s be honest. Saving for education has turned into its own little maze. Tax rules here, contribution limits there, and somewhere in the middle is a well-meaning parent just trying not to get steamrolled by tuition. Enter the 529 plan. The fan favorite. The one everyone’s heard of… and half understand. Let’s fix that. Here is a SIMPLIFIED, easy to understand overview of all you need to know...

IRS Fresh Start: The Reality Check Don't let tax debt keep you in the dark. The IRS Fresh Start initiative offers genuine avenues for relief, but it’s not a magic trick. It requires careful navigation and compliance. Think of it as a well-lit path toward financial stability—if you have the right map. While marketing emails might make it sound like an automatic "get out of debt free" card, the reality is that the program streamlines existing IRS tools, such as Offers in Compromise, Installment Agreements, and tax lien relief. To find your way through, you must meet specific criteria, provide detailed financial information, and stay current on future filings. Success isn't about wishing your debt away; it’s about strategic action and professional guidance. Taking a reality check on your situation is the first step toward a clearer, secure financial horizon. Let WeDoBooks.com help you find the way.

ACA Subsidy Cliff 2026: How Exceeding 400% of Poverty Can Trigger Premium Tax Credit Repayment Why a Small Income Miscalculation Could Trigger a Big Tax Bill For several years, the Affordable Care Act (ACA) marketplace included a safety feature that helped taxpayers avoid catastrophic repayment of health insurance subsidies. That protection is scheduled to expire after 2025, meaning the original ACA rules return beginning in 2026. For taxpayers who carefully manage their income to qualify for premium subsidies, this change matters more than most people realize. And unfortunately, we see the consequences every year in tax season. Clients often receive advance premium credits based on income estimates provided during enrollment. If those estimates turn out to be wrong, the IRS reconciliation process can produce an unexpected tax bill. Starting in 2026, the risk becomes significantly larger.

What Everyone Should Know Wouldn't it be nice to have a source of nontaxable income? You may be more fortunate than you realize. Listed here are a number of income items that the IRS does not tax.

You've got it all planned out. Your retirement savings accounts are full, you have started receiving Social Security benefits and your pension is ready to go. Everything is planned. What could go wrong? Here are five surprises that can turn your plan on a dime.