As the year winds down, it’s the perfect time to get organized for tax season. From documenting non-cash gifts and valuing household items to gathering receipts, estimated tax payment records, and key business info, this quick year-end checklist helps you stay prepared, maximize deductions, and start the new year with confidence.
New tax law from H.R.1 brings major updates to how families save and pay for education. Beginning in 2026, FAFSA rules will exempt family-owned farms and small businesses, federal loan programs will see new limits, and 529 plans will expand to cover more expenses. In this month’s blog, learn how these changes could impact your family’s education and financial planning.
The IRS has announced that paper tax refund checks will be phased out beginning September 30, 2025, marking a major step toward a fully digital refund system. While this change promises faster, more secure refunds, it also means taxpayers will need to review their banking options to prepare for the transition. In this month’s blog, we break down what’s changing, who’s affected, and how to get ready before the 2026 filing season.
H.R.1 introduces new provisions that could reshape how Vermont seniors approach taxes and retirement planning. From enhanced deductions to broader shifts in federal benefits, the law may offer opportunities for some while creating new challenges for others. In our latest blog, we highlight the key changes, what they could mean for older Vermonters, and why it’s important to start planning now.
H.R.1 – the “One Big Beautiful Bill” – is now law, and Vermont parents may feel the impact this school year. From expanded dependent care credits to new savings vehicles and more flexible 529 plans, H.R.1 introduces both opportunities and challenges for families. Learn what these changes mean for your household, and how to plan ahead for tax season.
On July 4, 2025, H.R.1 – the “One Big Beautiful Bill Act” – became law, ushering in sweeping tax changes that could affect nearly every taxpayer. From higher standard deductions to expanded credits for families and seniors, the bill promises simplification for some – but introduces new limitations for others. Our team is here to help guide you through every shift.
Estimated tax payments are often misunderstood as prepayments for next year’s taxes, but they’re actually a way to pay taxes on income you’re earning right now. Learn how estimated payments work, who needs to make them, how they differ from paycheck withholdings, and how staying current can help you avoid penalties and surprises at tax time.
Unpaid taxes can lead to penalties and interest that add up quickly. However, there are ways to reduce or avoid these extra costs, such as making partial payments, setting up a payment plan, or requesting penalty relief in certain situations. Staying informed and proactive can help you manage your tax obligations more effectively.
Deciding between the standardized deduction and itemizing can have a big impact on your taxable income, but the right choice depends on your financial situation. While the standardized deduction offers a hassle-free way to lower your taxable income, itemizing may provide greater savings if you have significant deductible expenses like mortgage interest, medical bills, or charitable contributions.
