Hey Abe, what are the benefits of creating an IRS Online Account? Great question! Creating an IRS Online Account can be a smart move if you want an easier way to access important tax information, make payments, review past tax records, and stay organized throughout the year. Think of your IRS Online Account as a secure [...]
The One Big Beautiful Bill Act, signed into law on July 4, 2025, introduced a new savings opportunity for families: Trump Accounts. Launching July 4, 2026, parents, guardians, and other authorized individuals will be able to open these child-owned retirement accounts to help invest for a child’s future. As with any new financial tool, it’s worth [...]
What is Indexed Universal Life Insurance? Like many business owners, you may have recently heard more about Indexed Universal Life (IUL) insurance being promoted as a potential tax-saving strategy. We want to provide a clear, objective overview to help you evaluate IUL appropriately. What an IUL Is (and Is Not) An IUL is a life insurance product, [...]
Working across state lines has become increasingly common, whether due to remote work, regional responsibilities, or travel-heavy roles. As an over-the-road truck driver, you may be wondering if you are subject to multi-state taxation. Let’s dive into how how states assert taxing rights and when exceptions to multi-state taxation apply. How do States Determine Whether to [...]
If you are self-employed, the self-employed health insurance deduction can help lower your taxable income—but only if it is set up correctly from the start. One of the most important steps is making sure the insurance policy is in the correct name. If your business does not have a separate legal name, the policy should be [...]
When is the Deadline to Contribute to my IRA? You can contribute to either a Traditional or Roth IRA up until the tax filing deadline of the following year. For the 2025 tax year, the deadline is April 15, 2026. Filing a tax extension does not extend this deadline. How Much Can I Contribute? For 2025, [...]
Tax season is here, so it is important to stay aware of fraudulent tax preparation practices that can place you at serious financial and legal risk. Refund manipulation scams often involve dishonest preparers filing inaccurate returns to generate inflated refunds and directing those refunds into their own bank accounts. How the Scam Works These scams work [...]
Tax season is here and it moves fast. When you’re an over-the-road truck driver, it can be hard to find the time to prepare for tax season. If you haven’t had the opportunity to gather your tax documents or find a preparer to file your return by April 15th, you may be wondering about an extension. [...]
Tax season brings a lot of important communication—and unfortunately, it can also bring scams. Each year, fraudsters take advantage of increased tax activity to try to collect personal and financial information. At Abacus!, better guidance means helping you know what to watch for and when to pause before acting. Awareness Is Your First Line of Defense Tax-related scams often appear during this [...]
Effective for tax years beginning January 1, 2026, a new federal law—the One Big Beautiful Bill Act (OBBBA)—changes how gambling losses can be deducted. This update may increase taxes for both casual and professional gamblers, even if your activity breaks even or results in a net loss. What is Changing? Before 2026 Gambling losses were deductible up [...]
