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. [...]

Two Democratic senators introduced separate tax bills Thursday that would reduce or eliminate federal income taxes on a portion of earnings for many households. Sen. Chris Van Hollen of Maryland proposed a bill that would create a cost-of-living exemption of up to $46,000 for single filers, $64,400 for heads of household, and $92,000 for married couples [...]

Florida lawmakers sent House Bill 7031 to Gov. Ron DeSantis after approving legislation that updates the state’s tax code but does not adopt certain federal corporate tax changes. The bill adopts the Internal Revenue Code as of January 1, 2026. It does not conform to tax provisions in the federal One Big Beautiful Bill Act that [...]

The Georgia Legislature advanced several bills Thursday on medical cannabis, criminal records, healthcare workforce recovery, and tax policy with about three weeks left in the 2026 session. Senate Bill 220, which would expand Georgia’s medical cannabis program, passed the House 138 to 21. The bill would rename the state’s low-THC oil program as medical cannabis, add [...]

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 [...]

Governor Abigail Spanberger signed House Bill 29 on February 20, establishing Virginia’s conformity to the Internal Revenue Code as of December 31, 2025. The legislation reverses the state’s three-year experiment with rolling conformity and strategically decouples from specific provisions of the One Big Beautiful Bill Act. Virginia becomes the latest state to respond to OBBBA’s passage [...]

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 [...]

The South Carolina House of Representatives approved a $15.4 billion state spending plan early Wednesday morning after more than 16 hours of debate over two days. The fiscal year 2026-27 budget passed 101-18. Most opposition came from House Freedom Caucus members. The House also approved Senate amendments to lower the state’s top income tax rate from [...]

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 [...]

Sen. Cory Booker introduced legislation Monday that would eliminate federal income tax on the first $75,000 earned by married couples filing jointly, a proposal that would represent one of the most significant expansions of tax-free income in decades. The bill includes proportional thresholds for single filers and heads of household, along with more than doubling [...]

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 [...]

A Section 199A QBI deduction claim often rises or falls on one label. The income has to come from a qualified trade or business. If the activity does not meet that standard, the deduction generally does not start. That sounds simple. Many common situations make it harder. A rental property might look passive on paper. A [...]

The Section 199A QBI deduction can reduce taxable income for many pass-through business owners. The catch is that “specified service trades or businesses,” or SSTBs, face extra limits once taxable income reaches certain levels. Many businesses do not fit neatly into one bucket. A firm might sell products or other services and also provide SSTB [...]

One line on Schedule K-1 can decide where the Section 199A deduction lands. For some trusts and estates, the qualified business income deduction may lower taxable income connected to pass-through business or rental activity.  Qualified REIT dividends and qualified publicly traded partnership income can also feed the calculation. The tricky part is not the name of [...]