Carry Learning Center

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 [...]

Democratic Sens. Chris Van Hollen of Maryland and Cory Booker of New Jersey have introduced separate tax proposals that would reduce or eliminate federal income taxes for many lower and middle income Americans while increasing taxes on higher earners. Van Hollen’s bill, called the Working Americans’ Tax Cut Act, would create what his office describes as [...]

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 [...]

Washington lawmakers approved legislation Thursday imposing a 9.9 percent tax on annual income exceeding $1 million, making the state one of the first to adopt a personal income tax after decades of failed attempts. Democratic Governor Bob Ferguson said he plans to sign the measure, which takes effect January 1, 2028, with first payments due [...]

A federal court decision issued in November 2025 could affect IRS penalties and interest assessed during the COVID-19 emergency period, potentially allowing some taxpayers to seek refunds. In Kwong v. United States, the U.S. Court of Federal Claims ruled that Section 7508A(d) suspended certain federal tax deadlines nationwide from January 20, 2020, through July 10, 2023. [...]

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 [...]