One of the more common tax questions is whether you need to file a federal tax return this year. The answer is: it depends. But not filing a tax return when you should can cost you plenty, especially with the passage of a major piece of tax legislation like the One Big Beautiful Bill Act. Here are some quick tips to help you determine your answer.
Many employees accumulate company stock inside their retirement plans over the course of their careers. When retirement approaches, that stock may qualify for a little-known tax treatment called Net Unrealized Appreciation (NUA).
When handled correctly, NUA can significantly reduce the tax burden associated with distributing company stock from a retirement plan. When handled incorrectly, the opportunity disappears and the entire distribution may become taxable as ordinary income.
Understanding the mechanics of NUA is therefore important before taking any action with employer stock held inside a retirement account.
If you’ve gotten used to reporting gambling winnings and then “washing them out” with gambling losses on your tax return, 2026 is where that muscle memory can betray you. A federal law change effective for tax years beginning after December 31, 2025 rewrote the wagering-loss rule in IRC §165(d) so the deductible amount is now generally 90% of your wagering losses, and it’s still capped at your wagering gains (winnings). Translation: even a break-even gambling year can create taxable “phantom income” that you’re not accustomed to seeing.
Every year taxpayers are hit with tax surprises that could be avoided if they just knew the rules.
Here are five big ones that are easy to avoid with some simple planning.
For some reason, some believe it's better to receive than to give when it comes to filing taxes.
While that may help your savings account, it's not always a great idea. Here's why: