Carry Learning Center

Pass-through income can feel like a maze. Profit hits a Schedule C or Schedule K-1, and the tax bill still feels higher than expected. Some small business owners may qualify for a valuable tax break that reduces taxable income without changing how the business operates. The qualified business income deduction under IRC Section 199A is designed [...]

A legal dispute over Washington, D.C.’s attempt to opt out of federal tax cuts has left the city’s chief financial officer excluding $180 million in expected revenue from budget forecasts, setting up a clash between the mayor, city council, and Congress over local tax authority. The District’s attorney general ruled last week that a Congressional attempt [...]

South Carolina lawmakers have declined to recognize federal tax deductions from the One Big Beautiful Bill Act for 2025, a decision that will cost state residents an estimated $279 million in tax savings. The Republican-controlled Senate finalized the decision February 24 when it approved a separate plan to restructure the state’s income tax system starting [...]

Indiana lawmakers gave final approval Wednesday to legislation eliminating state and county income taxes on tips and overtime pay earned during 2026, aligning with federal tax relief provisions that took effect this year. The measure also exempts up to $10,000 in interest on loans for U.S.-assembled vehicles and introduces mandatory rounding for cash transactions starting [...]

A profitable year does not always lead to a QBI deduction. Under Section 199A, the deduction depends on your qualified business income from a pass through business such as a sole proprietorship, partnership, or S corporation. The calculation looks simple at first. Add income. Subtract deductions. Apply up to 20% in many cases. Problems start when [...]

A side hustle can feel like extra spending money. Then tax season hits and the bill feels bigger than expected. That surprise is common, especially for high-income earners with business income on top of a salary. Side hustle income is usually subject to income tax and self-employment tax. The IRS may expect payments during the year, [...]

Long hauls, tight schedules, and fluctuating expenses make it easy for trucking income to feel unpredictable. Many owner-operators want to keep more of what they earn, yet the rules that shape taxes and retirement planning often feel complex or unclear. Some IRS deductions apply to daily costs on the road. Others relate to equipment, maintenance, or [...]

After a spouse passes away, a retirement account can come with decisions that feel overwhelming. One choice can affect taxes, access to cash, and when required withdrawals begin. A spousal rollover lets a surviving spouse move eligible inherited retirement funds into an account in their own name. After the rollover, the account is generally treated as [...]

Tax season often hits differently when you are self employed. Income can fluctuate throughout the year, and taxes are not withheld from each payment you receive. Even when business is strong, the timing of tax bills can still feel unexpected. A year-round approach can make those moments more predictable. Planning ahead gives you more visibility into [...]