Blog

Tax Tip | Is It Time for a Paycheck Checkup?

Paycheck checkups are a great practice when something happens in your life that may change your tax status, such as getting married or divorced, having a baby, getting a new job, or getting a raise or promotion. You can also adjust your withholding status if you want to change the tax withheld due to other circumstances.

Other factors can also be checked during your paycheck checkup, such as how much you contribute to your health insurance and retirement. These expenses can also impact your tax liability.

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 November 28, 2025}

Weekly Market Insights | Markets Stumble, But the Jobs Picture Stays Bright

Stocks slumped last week as investors winced over the potential for oil-shock inflation and concerns that strong jobs data could lead to higher interest rates.

The Dow Jones Industrial Average slipped 0.32 percent, while the Standard & Poor’s 500 Index dropped 2.59 percent. The Nasdaq Composite Index fell 4.68 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, slid 1.41 percent.^1,2

Under Pressure

June kicked off with modest gains as a tech rally overcame rising oil prices. On Monday, all 3 averages logged new all-time intraday highs and record closes. The S&P 500 recorded its first close above 7,600 on Tuesday, while the Dow advanced nearly a half percentage point.³

But stocks fell midweek as oil prices rose further. The S&P 500 broke its nine-day winning streak as investors fretted about the inflationary effects of the Middle East. By Wednesday’s close, the S&P and Dow Industrials had given back all the gains from the start of the week.^4,5

On Friday, a stronger-than-expected jobs report prompted worries that the Fed may have to adjust short-term interest rates. Markets fell broadly, with the S&P down over 2½ percent for the session and the Nasdaq down over 4 percent.⁶

Footnotes And Sources

^{1. WSJ.com, June 5, 2026}
^{2. Investing.com, June 5, 2026}
^{3. CNBC.com, June 1, 2026}
^{4. CNBC.com, June 3, 2026}
^{5. CNBC.com, June 4, 2026}
^{6. WSJ.com, June 5, 2026}

Tax Tip | Who Can Deduct Car Expenses on Their Tax Returns?

Can you deduct expenses such as gas, depreciation, and lease payments on your tax returns? If you are a business owner or self-employed individual, you may be able to. If you use your car for business and personal purposes, you may split the expenses and base the deductions on a portion of the mileage used for business.

There are two methods to calculate the car expenses you can deduct. The first method involves calculating and deducting expenses, including depreciation, lease payments, gas and oil, tires, repairs and tune-ups, insurance, and registration fees.

The second entails using the standard mileage rate, which is calculated to reflect gas and other factors. In 2021, the standard mileage rate is 56 cents per mile. Taxpayers who want to use the standard mileage rate for a car they own must use this method in the first year the vehicle is available for use in their business.

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

Footnotes And Sources

^{10. IRS.gov, January 22, 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}