Author: Ramsay Capital Group

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

Tax Tip | Are You Prepared for a Natural Disaster?

Natural disasters, such as hurricanes, earthquakes, or wildfires, can occur at any time, so preparing before disaster strikes is essential. Here are a few tips to help you prepare in case anything happens:

  • Update Your Family’s Emergency Strategy: These can include knowing where to go, where you keep all necessary documents and possessions, and what you need to be prepared for. Check these regularly, as circumstances can change.
  • Create Digital Copies of Important Documents: Most financial organizations, such as banks and insurance companies, provide digital copies of bank statements, tax returns, and insurance policies anyway, and keeping all these digital copies saved and organized is an excellent practice to get into. If you only have paper copies of important documents, scan them and store them securely for emergency access.
  • Document Valuables: Documenting valuables makes it easier to claim insurance and tax benefits after a natural disaster. A disaster loss workbook will help you compile a list of belongings and photographs that can make this process even more accessible for both the IRS and your insurance provider.

These tips may help you have everything you need ready in the case of a natural disaster or other emergency.

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, September 25, 2025

Weekly Market Insights | Records Fall as S&P 500 Tops 7,100

Stocks rallied last week as investor enthusiasm built for an end to the war in the Middle East and hopes of a resumption of normal global trade.

The Standard & Poor’s 500 Index rose 4.54 percent, while the Nasdaq Composite Index picked up 6.84 percent. The Dow Jones Industrial Average advanced 3.19 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, increased 2.15 percent.1,2

Shift to “Risk-On” from “Risk-Off”

Stocks continued to ride the hopeful sentiment of a ceasefire at the start of last week, with all three averages advancing. The S&P 500 has recouped all its losses since the start of the war.3

Momentum accelerated through midweek as investors shifted from “risk-off” to “risk-on.” The White House signaled that the war was “very close to over” amid reports that further talks were under discussion.

At Wednesday’s close, the S&P advanced for the 10th time out of the last 11 trading sessions, while the Nasdaq marked its 11th straight close in the green.4

Stocks pushed higher again on Thursday, with the Nasdaq recording its longest winning streak since 2009. The week wrapped on a high note after Iran’s foreign minister announced the Strait of Hormuz was “completely open” as negotiations continue. Oil prices dropped by roughly 10 percent on Friday, sparking another solid day on Wall Street.5,6

Record-Setting Week

Last week was one for record-breaking. By midweek, the S&P 500 and Nasdaq hit all-time highs. The S&P broke 7,000 for the first time, while the Nasdaq topped 24,000 for the first time.

The shift from “risk-off” to “risk-on” pushed the S&P over the 7,100 threshold for the first time on Friday. And the Nasdaq ended the week on a 13-day win streak, the longest positive streak since 1992. The Dow Industrials closed at 49,447.43, just below its all-time high set in early February 2026.7

Footnotes And Sources

1. WSJ.com, April 17, 2026
2. Investing.com, April 17, 2026
3. CNBC.com, April 13, 2026
4. CNBC.com, April 15, 2026
5. CNBC.com, April 16, 2026
6. WSJ.com, April 17, 2026
7. CNBC.com, April 15, 2026