In 2026, the IRS introduced a tax break, known as “no tax on overtime.” In reality, overtime is still paid and reported, but eligible taxpayers may claim a separate deduction for the premium portion of certain overtime pay. Here is everything you need to know.

If you’re a U.S. citizen or Green Card holder selling foreign real estate, the IRS still expects its share. The gain must be calculated in U.S. dollars using exchange rates on the purchase and sale dates, meaning you can owe tax purely due to currency fluctuations, even if you broke even in local currency. Foreign-currency mortgages can also trigger taxable income under Section 988 when repaid, separate from the property gain. If the property was rented, the IRS requires depreciation recapture at sale, even if you never claimed it. And while foreign taxes paid may qualify for a credit, they often don’t fully offset the U.S. tax due.

Selling a primary residence in 2026 involves navigating specific tax rules like the Section 121 exclusion to minimize capital gains. Homeowners should understand the two out of five year residency requirements to qualify for the $250,000 or $500,000 tax-free profit limits. Accurately calculating your adjusted basis through home improvements and selling expenses is essential for determining your actual taxable gain. Recent 2026 updates to the SALT deduction cap and capital gains brackets can significantly impact your final tax liability after a sale. TS CPA provides a detailed overview of these regulations and common pitfalls like depreciation recapture to help you prepare for your tax filing.

While most business owners default to an S-Corp for its initial tax savings, this standard setup isn’t always the most efficient path for long-term wealth. Strategic tax planning is beyond basic filings and it builds a structure that aligns with your specific growth and exit goals. Whether it’s leveraging the $15M tax-free exit of a C-Corp or the superior debt-leverage of a Partnership, the right entity can be your most powerful financial tool. You don’t need an eight-figure revenue stream to benefit from these advanced strategies; you simply need a plan that works as hard as you do. Now is the time to audit your current setup and ensure your business structure isn't an afterthought that costs you thousands.

For U.S. citizens, moving abroad doesn't mean leaving the IRS behind. The United States is unique in that it taxes your global income regardless of your physical location, making it essential to report all earnings and foreign bank accounts once they cross certain thresholds. While this might sound daunting, the tax code includes specific provisions like the Foreign Earned Income Exclusion and the Foreign Tax Credit to help you avoid being taxed twice on the same dollar. Beyond just filing your return, you also need to keep a close eye on the FBAR and FATCA requirements that govern how you disclose your foreign assets. By staying aware of these requirements and utilizing available credits, you can remain fully compliant while focusing on your life in a new country.

Are you an independent contractor or freelancer navigating the complexities of the 1099 form? In our comprehensive guide, "The 1099 Survival Guide: Mastering Deductions and Compliance in 2026," we unveil essential strategies to help you keep more of what you earn. Discover the golden rule of deductions, key updates for 2026, and industry-specific tips that can save you money. From maximizing your home office deduction to understanding vehicle expenses, we’ve got you covered. Don’t let tax season stress you out—let us help you master your finances and stay compliant. Read on to unlock your financial potential!