Carry Learning Center

Having a side business can open the door to extra retirement savings, especially if you are already participating in a 401k through your day job. At first glance, it may look like you are doubling your retirement benefits. But the IRS has contribution limits that apply across both plans, and coordinating them takes careful planning. You [...]

Businesses operating in Nassau and Suffolk counties are adjusting to a mix of local and federal tax updates that affect payroll payment thresholds, sales tax rates, and several federal deduction and credit rules relevant to the 2026 filing season. The changes include county-level updates in New York and federal provisions tied to the One, Big, [...]

The IRS opened the 2026 federal tax filing season on January 26. The agency said it expects to process about 164 million individual returns ahead of the April 15 deadline. The season begins as the IRS implements retroactive tax changes under the One Big Beautiful Bill Act and operates with fewer staff and reduced modernization [...]

If you added money to an IRA or moved funds between retirement accounts, Form 5498 is the official record of those actions. Your IRA custodian files this form directly to the IRS and also sends you with a copy. It shows your total contributions, any rollovers or Roth conversions, the account’s year-end fair market value, [...]

The Internal Revenue Service will stop mailing paper checks for federal tax refunds beginning with the 2026 filing season. The change applies to returns filed for tax year 2025, with the filing deadline set for April 15, 2026 for most taxpayers. The change follows an executive order President Donald Trump signed in March 2025 directing federal [...]

Roth conversions can offer long-term tax advantages, but they come with short-term consequences you need to plan for. When you move money from a traditional IRA or 401k into a Roth account, the conversion is taxable in the year it happens. Once completed, you can’t undo it. The 2025 tax year brings extra pressure to get [...]

It’s easy to forget about Form 8606 until the IRS sends a surprise tax bill.  If you’ve ever added after-tax money to a traditional IRA or used the backdoor Roth strategy, this simple but important form helps you avoid being taxed twice on the same dollars. Form 8606 tells the IRS which portion of your IRA contributions [...]

If you have a 403b or 401a from a previous job, you might be thinking about what to do with it next. Maybe you’re changing employers or trying to simplify multiple retirement accounts. Either way, a rollover can help keep your savings tax-deferred and on track toward long-term goals. This guide walks through the eligibility rules, [...]

Earning both W-2 and 1099 income opens the door to extra retirement contributions — but it also adds complexity. If you already have a 401k through your employer and want to set up a Solo 401k for your side business, the IRS has strict coordination rules you must follow. It’s easy to make honest mistakes that [...]