The Taxpayer Times

"Clear tax guidance for everyday taxpayers"

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Tax questions rarely arise in isolation. They tend to surface unexpectedly, in the middle of real-life situations, and the answers are often harder to find than they should be. This blog aims to explain tax topics that are often misunderstood or overlooked. Many areas of tax law feel confusing not because they are inherently complex, but because they are not always explained in a clear, practical way. The purpose of The Taxpayer Times is to break those topics down so readers can understand what applies to them and feel informed rather than overwhelmed by the law.

Category: Tax Preparation

  • Buying a Home with Cash in 2026? The New Federal Reporting Rule Every Buyer Should Know

    As of March 1, 2026, a new federal reporting rule officially took effect – and the phrase alone has unsettled many prospective homebuyers. If you are saving to purchase your dream home with cash, especially with mortgage rates still above 6% compared to the 2.5-3% rates many borrowers enjoyed during the pandemic, you may have…

  • Tax Credits for Individuals: What the IRS Highlighted for 2025

    The Internal Revenue Service recently released Tax Tip 2026-10, outlining several individual tax credits and noting enhancements tied to the One, Big, Beautiful Bill. These credits apply to income earned during the 2025 tax year, reported on returns filed in the 2026 filing season. This article explains what the IRS highlighted, how these credits function,…

  • New Form 1099-DA & Digital Asset Reporting for 2025 Tax Returns

    Cryptocurrency reporting has become a recurring topic in recent filing seasons. In an earlier article, Crypto Transactions and Tax Returns, I discussed why digital asset activity often creates uncertainty on tax returns, particularly when taxpayers believe that transactions involving small dollar amounts do not require reporting or assume that no reporting is necessary because no…

  • Tip Income and Overtime Deductions Under the One Big Beautiful Bill Act

    For the 2025 tax year, Congress enacted several changes affecting individual income tax reporting. Among them are new deductions related to tip income and overtime compensation, enacted as part of the One Big Beautiful Bill Act. These provisions apply to 2025 income, meaning they affect tax returns filed in 2026. While they have received significant…

  • Crypto & Tax Returns

    “What taxpayers often misunderstand about reporting cryptocurrency activity” Cryptocurrency transactions have become common enough that they now appear in tax conversations every filing season. Some taxpayers trade frequently. Others buy once or twice and forget about it. Many fall somewhere in between. What they often share is uncertainty about how those transactions affect their tax…

  • Why Filing an S Corporation Tax Return Does Not Automatically Make Your Business an S Corporation

    Many business owners are surprised to learn that filing an S corporation tax return does not automatically mean their business is an S corporation. This confusion is far more common than people realize. I see it regularly when new clients come to me, believing their business is an S corporation simply because their prior tax…

  • Bought or Sold a Home in 2025?

    What to know before filing your 2025 Tax Returns Christmas is approaching, the year is winding down, and before we know it, another tax season will be here. Throughout the year, not just at year-end, I receive calls from people who have bought or sold a home and are trying to understand the tax consequences.…

  • 1099-NEC or 1099-MISC? Don’t File the Wrong 1099

    When Old Habits Create New Problems Every January, when the 1099 filing season approaches, I see business owners scramble to figure out which forms they need to file. Some know the rules well; others are convinced all 1099s are interchangeable. Even though the IRS introduced Form 1099-NEC back in 2020, many businesses still file the…

  • “December Reality Check: Preparing Your 2025 Business Taxes Without the Panic”

    Every year around this time, businesses rush to wrap up projects, handle holiday sales, close the books, and prepare for the new year. And yet, something important gets pushed aside: Getting ready for tax season. Unlike individuals, who often only need W-2s and a few forms, business tax returns require real preparation – documents, receipts,…