Posts made in May 2026

Tax Tip | Think About Credits and Deductions Now to Prepare for Filing

Here are a few facts about credits and deductions that can guide you through your year-round tax preparation:

  • Taxable income is the amount remaining after someone subtracts eligible deductions from their adjusted gross income, including the standard deduction. Some taxpayers may itemize their deductions.
  • The Tax Cuts and Jobs Act changed itemized deductions. In comparing these changes, many individuals accustomed to itemizing may find it more beneficial to take the standard deduction.
  • Generally, if a taxpayer’s itemized deductions are more than their standard deduction, they should consider itemizing.

Taxpayers can subtract tax credits from the total amount of tax they owe. To claim a credit, taxpayers should keep records demonstrating their eligibility. Some tax credits include the child tax credit, the child and dependent care credit, the American opportunity credit or lifetime learning credit, and the earned income tax credit.

This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.

Tip adapted from IRS.gov8

Footnotes And Sources

8. IRS.gov, Jan 14, 2026

Weekly Market Insights | Markets Shrug Off Chip Worries, Finish Strong

Stocks bounced back last week as enthusiasm for the AI trade continued and rumors of a Middle East peace agreement bolstered investor optimism.

The Standard & Poor’s 500 Index advanced 0.88 percent, while the Nasdaq Composite Index edged ahead 0.45 percent. The Dow Jones Industrial Average climbed 2.13 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, rose 2.16 percent.1,2 

S&P 500’s 8th Winning Week

Stocks sputtered out of the gate as a capacity issue amid soaring demand in the memory chip space put pressure on those stocks, along with the AI trade and tech more broadly.3

Then markets took a leg up midweek as investor optimism returned for a Middle East peace deal; oil prices and Treasury yields fell. Investors also looked ahead to a quarterly earnings report from one of the megacap AI chipmakers. The Dow hit a fresh record close.4,5

Then, on Friday, markets rallied once again as investors continued to hold out hope that a Middle East peace deal would materialize.

Kevin Warsh was sworn in as the new Fed chair, while investor enthusiasm over the AI trade and other tech stocks added to the market’s ebullient sentiment. The Dow closed at another record high, while the S&P 500 finished its eighth consecutive week in the green, its longest weekly winning streak since 2023.6

Footnotes And Sources

1. WSJ.com, May 22, 2026
2. Investing.com, May 22, 2026
3. CNBC.com, May 18, 2026
4. CNBC.com, May 20, 2026
5. CNBC.com, May 21, 2026
6. WSJ.com, May 22, 2026

Tax Tip | Your Plans This Summer May Be Eligible for Itemized Deductions

These activities can be itemized as deductions if you have plans to sell or buy a home this summer or to donate some old items. Here are some examples:

If you are refinancing your home this summer, you can deduct some of your mortgage interest. However, there are some limits to these deductions. According to the IRS, the deduction is limited to interest paid on a loan secured by the taxpayer’s primary or secondary residence. When refinancing, you must use the loan to purchase, build, or substantially improve your primary or secondary residence.

If you buy a new home this summer, you can deduct mortgage insurance if you pay $750,000 in qualifying debt for a first and second home, or $375,000 when married and filing separately.

Summer is an ideal time to sort through your belongings and donate any unwanted clothes, furniture, or household goods. If you itemize the deductions and provide proof of the donations, these donations may qualify for a tax deduction.

In addition to donating items, you can deduct mileage on your vehicle for services performed for a qualifying charity.

This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.

Tip adapted from IRS.gov10

Footnotes And Sources

10. IRS.gov, November 3, 2025

Weekly Market Insights | Inflation Bites, But Wall Street Bites Back

Stocks were mixed last week as investors fretted over hot inflation reports, which offset the move in chipmaker stocks.

The Standard & Poor’s 500 Index rose 0.13 percent, while the Nasdaq Composite Index edged down 0.08 percent. The Dow Jones Industrial Average lost 0.17 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, declined 1.77 percent.1,2

Volatile Week

Stocks ticked up to start the week, helping the S&P 500 close above 7400 for the first time. The Nasdaq also closed at a new high as chipmaker stocks continued to lead the tech sector.3

Markets opened lower on Tuesday after the Consumer Price Index (CPI) report came in hotter than expected. Stocks pared the losses by the close, with the Dow Industrials managing to notch a slight gain.4

The rally continued, with the S&P and Nasdaq hitting new intraday and closing records over the next two trading days. On Thursday, a strong Q1 report from a megacap tech company helped pace gains while investors kept one eye on the ongoing U.S.-China meetings. The S&P 500 closed over 7,500 for the first time, while the Dow reclaimed the 50,000 level.5,6

Stocks were under pressure from the opening bell on Friday. Treasury yields rose as the three-day summit between U.S. and Chinese leaders came to a close. Investors seemed disappointed that there were no major agreements in the Middle East conflict.7

Footnotes And Sources

1. WSJ.com, May 15, 2026
2. Investing.com, May 15, 2026
3. CNBC.com, May 11, 2026
4. WSJ.com, May 12, 2026
5. CNBC.com, May 13, 2026
6. CNBC.com, May 14, 2026
7. CNBC.com, May 15, 2026

Tax Tip | More Digital Choices For Filing

The IRS has made it easier to file your taxes. Forms now include electronic signature options, allowing tax professionals to conduct remote transactions.

To allow your tax professional to use the electronic signature option, you must fill out and submit Form 2848, Power of Attorney and Declaration of Representative. This form constitutes a written authorization appointing tax professionals to represent taxpayers before the IRS, including performing certain acts on the taxpayer’s behalf. These acts may include providing an electronic signature.

This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.

Tip adapted from IRS.gov9

Footnotes And Sources

9. IRS.gov, August 27, 2025 

Weekly Market Insights | Stocks Rise with Upbeat News

Stocks rose last week as peace talks picked up while investors cheered better-than-expected economic news and Q1 corporate results.

The Standard & Poor’s 500 Index advanced 2.33 percent, while the Nasdaq Composite Index rose 4.51 percent. The Dow Jones Industrial Average edged up 0.22 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, added 1.24 percent.1,2

Sixth Straight Week of Gains

Stocks stumbled at the start of the week as stalled peace talks and escalating tensions in the Middle East weighed on sentiment.3

The gloom didn’t last long. Markets opened higher Tuesday morning as investors reacted positively to solid Q1 corporate earnings results and falling oil prices. The rally extended through Wednesday after better-than-expected earnings results from a couple of chipmakers lifted the entire sector and led the broader averages higher. The S&P 500 and Nasdaq hit record intraday and closing highs both days, while the S&P closed above 7,300 for the first time.4

Stocks took a breather on Thursday as investors assessed the latest developments in the Middle East. Markets then opened higher on Friday on news of better-than-expected job growth in April, fueling a relief rally from investors who were pleasantly surprised that the Middle East had not impacted hiring. A major chipmaker deal announcement extended the week’s chip-stock rally, further lifting the S&P and Nasdaq to new highs and a sixth consecutive week of gains.5,6

Jobs Report Surprise

Employers added 115,000 jobs in April, versus the 55,000 economists expected. Jobs grew the most in the healthcare, retail, and leisure & hospitality sectors. Another good sign: unemployment held steady at 4.3 percent last month.7

In other economic news, the new home sales data released last week showed sales for both February and March exceeded expectations. In March, 682,000 newly constructed homes were sold, up 7.4 percent over the prior month, while February new home sales jumped 8.9 percent over February.8

Footnotes And Sources

1. WSJ.com, May 8, 2026
2. Investing.com, May 8, 2026
3. CNBC.com, May 4, 2026
4. CNBC.com, May 6, 2026
5. CNBC.com, April 30, 2026
6. WSJ.com, May 7, 2026
7. WSJ.com, May 8, 2026
8. Reuters.com, May 5, 2026  

Tax Tip | IRS Offers Free Tax-Prep Option for Military Personnel

Each year, the Internal Revenue Service takes a moment to remind active duty military personnel that the “IRS Free File” offers them multiple choices for free federal tax preparation.

This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.

Tip adapted from IRS.gov8

Footnotes And Sources

8. military.com, January 26, 2025

Weekly Market Insights | S&P, Nasdaq Have Best Month in 5 Years

Stocks advanced last week as investors moved past stalled progress in Middle East peace talks and refocused on corporate earnings.

The Standard & Poor’s 500 Index rose 0.91 percent, while the Nasdaq Composite Index climbed 1.12 percent. The Dow Jones Industrial Average moved up 0.55 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, added 0.58 percent.1,2

April: Best Month in Five Years for S&P, Nasdaq

Markets were under pressure early in the week as investors focused on stalled peace talks and rising oil prices.3

But midweek, momentum shifted. First, the Fed announced it was holding interest rates steady, as expected, but there was some dissent over the decision. Then investors’ attention focused on Wednesday’s closing bell, when several big-name companies reported Q1 results.4

Investors mostly liked what they heard, and stock prices rose, ending April on a high note. The Dow led the broad market rally while the S&P 500 and Nasdaq each logged their best monthly performances in 5 years.5

Stocks rose again on Friday as oil prices fell. Investors applauded Q1 results from another high-profile megacap tech company, which helped the S&P notch another all-time intraday high.6

Fed News

The Federal Reserve voted 8-4 to keep interest rates steady at the April meeting, leaving the Federal Funds Rate at a 3.5 to 3.75 percent target range. Market observers were quick to point out that the 8-4 decision was the Federal Open Market Committee’s most divided vote since 1992.7

At the last FOMC press conference of his eight-year tenure, Fed Chair Powell announced he would stay on as a Fed governor after his term as Chair expires on May 15. Earlier that day, the Senate Banking Committee confirmed Kevin Warsh as the next Fed Chair, setting up a final confirmation vote in the Senate.7

Footnotes And Sources

1. WSJ.com, May 1, 2026
2. Investing.com, May 1, 2026
3. CNBC.com, April 28, 2026
4. WSJ.com, April 29, 2026
5. CNBC.com, April 30, 2026
6. CNBC.com, May 1, 2026
7. WSJ.com, April 29, 2026

Tax Tip | Reporting Cash Payments

Are you expecting a little extra cash from a sale? The IRS would like to know. Individuals, corporations, and partnerships engaged in a trade or business must report cash transactions of more than $10,000.

These cash payments can include jewelry sales, an overseas purchase, or any other cash transaction. You also need to report cash payments received in one lump sum, in two or more related payments within 24 hours, or as part of a single transaction or two or more transactions in the last year.

File Form 8300, titled Report of Cash Payments Over $10,000 Received in a Trade or Business. This form requires information about the benefactor and the recipient of the cash, a description of the transaction, and information about any other parties involved.

This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.

Tip adapted from IRS.gov9

Footnotes And Sources

9. IRS.gov, January 17, 2025 

Weekly Market Insights | Mixed Week After Ceasefire

Stocks were mixed last week as investors gauged potential outcomes of the Middle East conflict amid an ongoing ceasefire.

The Standard & Poor’s 500 Index rose 0.55 percent, while the Nasdaq Composite Index advanced 1.50 percent. By contrast, the Dow Jones Industrial Average fell 0.44 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, declined 2.75 percent.1,2

Mixed Markets As Investors Look Ahead

Stocks began the week lower after tensions in the Middle East escalated over the weekend. They remained under pressure through Tuesday’s close as Wednesday’s expiration of the ceasefire loomed.3

Markets opened higher on Wednesday as investors cheered a ceasefire extension, while solid Q1 corporate earnings results boosted market momentum. Oil prices rose above $100/barrel, and all three major stock averages closed higher, with the S&P 500 and Nasdaq logging new all-time highs.4

The S&P and Nasdaq recovered from a slump in software stocks, while higher oil prices put stocks under pressure, logging fresh intraday highs along the way. Investors appeared increasingly desensitized to the Middle East conflict.5,6

Footnotes And Sources

1. WSJ.com, April 17, 2026
2. Investing.com, April 24, 2026
3. CNBC.com, April 21, 2026
4. CNBC.com, April 22, 2026
5. CNBC.com, April 23, 2026
6. WSJ.com, April 24, 2026