Carry Learning Center

Kansas lawmakers are considering a constitutional amendment that would create a fund intended to support the gradual elimination of state income, property, and motor vehicle taxes. House Concurrent Resolution 5034 would establish the Freedom from Taxes Fund. The measure would also create a Kansas Citizens Freedom Review Board to examine existing sales tax exemptions and recommend [...]

The South Carolina Senate Finance Committee voted 17 to 2 on Tuesday to advance H.3368, a bill that would align the state’s income tax code with recent federal tax changes. The measure would allow South Carolina taxpayers to claim deductions and exemptions included in the federal One Big Beautiful Bill Act, which became law last July. [...]

The Wisconsin Senate on Tuesday approved a bill that would exempt overtime earnings from state income tax and send Assembly Bill 461 to Gov. Tony Evers for consideration. The bill was authored by State Sen. Rob Hutton and Rep. Paul Melotik. Supporters said the measure would reduce state tax collections by about $150 million a year. Under [...]

Deciding when to open a Roth IRA can feel like a puzzle, especially if your income sits near the eligibility cutoff. Contribute now and you lock in years of potential tax-free growth. Wait for your income to drop and you might qualify for a larger contribution or avoid excess contribution penalties. The answer depends on [...]

If you’re in your 20s and thinking about retirement, you’re already ahead of most people your age. Starting a Roth IRA now could potentially set you up with hundreds of thousands—or even over a million dollars—by the time you retire. That’s not an exaggeration. That’s math. The question is: how much will you actually have? And [...]

If you’re a small-business owner approaching retirement, 2026 brings notable tax changes that could impact your planning strategy. Between the enhanced senior deduction, Social Security benefit rules that can affect your taxes, and recent legislative shifts, there’s much to consider when mapping out your exit from active business ownership. Here’s what you need to know about [...]

High income can feel like a penalty. As earnings rise, more deductions and credits start to phase out. Some rules also add extra limits. Business owners who plan early often focus on a few levers. One lever is solid records for ordinary and necessary expenses. Another lever is retirement plan design. Timing also matters for major [...]

Selling an investment at a loss can reduce taxable capital gains. Many investors use this approach during tax loss harvesting, especially near year end. The issue arises when the same or a very similar investment is purchased too close to the sale date. The IRS wash sale rule generally disallows a loss if you sell stock [...]

A higher income does not always mean a straightforward tax return. Some filers calculate their tax one way, then learn the IRS requires a second calculation using a different set of rules. This second system is called the Alternative Minimum Tax, or AMT. AMT is a parallel tax formula. It adjusts income by adding back certain [...]