Carry Learning Center

Every year, many taxpayers send thousands of dollars in estimated payments yet still face surprise balances at filing time. The problem often isn’t the math. It’s where those payments appear on Form 1040. A misplaced entry or missing record can make it seem like you never paid at all. If you make quarterly payments for self-employment, [...]

Freelancers, gig workers, and small-business owners often face uneven cash flow — and with it, the risk of IRS underpayment penalties. When income fluctuates throughout the year, dividing estimated taxes evenly across quarters can feel unfair. The Annualized Income Installment Method (AIIM) helps address that by aligning each payment with what you actually earned during [...]

Quarterly taxes can catch many self-employed earners off guard, especially when income varies from project to project. Yet the IRS provides a simple way to stay ahead — Form 1040-ES. This form and its worksheet help estimate federal income and self-employment taxes, so payments stay on track and penalties are less likely. The process involves totaling [...]

Here’s something worth exploring if you run a business. The Qualified Business Income (QBI) deduction under Internal Revenue Code Section 199A can allow certain business owners to reduce taxable income by up to 20% of qualified earnings. It may also apply to specific REIT dividends and income from publicly traded partnerships. Sole proprietors, partners, S corporation [...]

Looking for ways to cut future taxes before 2026? Electing S-corporation status with IRS Form 2553 can be a practical step for business owners who want to avoid paying both corporate and personal taxes on the same income. The election generally lets your business income pass through to your individual tax return, which can help [...]

Running your own business or side gig? You might want to consider a retirement plan made for people like you.  A Solo 401k could be a strong option. It’s built for self-employed individuals, with higher contribution limits and generally more flexibility than regular retirement accounts. In this guide, we’re looking at two different Solo 401k plan providers: [...]

Planning for tax-free growth in retirement can feel complicated, but a Roth IRA can make it more manageable if you follow IRS rules.  This guide explains the 2025 contribution limits, key deadlines, and practical strategies to help you capture potential tax-free growth while avoiding excess-contribution mistakes. Before funding a [...]

Running your own business does not mean missing out on the tax benefits often available to employees at larger companies. A Solo 401k can potentially help freelancers, consultants, and single-member LLC owners defer ordinary income taxes and save meaningful dollars for retirement in a tax-advantaged way.  For 2025, the IRS has increased employee contribution limits and [...]

Missing a deadline or misunderstanding income rules could reduce your tax benefits. In 2025, the IRS set the Traditional IRA contribution limit at $7,000 for individuals under age 50, or $8,000 for those age 50 and older. Income thresholds for deductibility and Roth eligibility have also increased, which may affect how much of your contribution [...]

The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation have jointly released informational copies of the 2025 Form 5500 series, marking annual updates to the mandatory filing requirements for employee benefit plans. These forms serve as the federal government’s primary tool for monitoring the financial health and operations of retirement and welfare [...]

The IRS Criminal Investigation (IRS-CI) division released its fiscal year 2025 annual report showing record-breaking results in uncovering financial crimes. The agency identified $10.59 billion in financial crimes from October 2024 through September 2025, representing a 15.7% increase from the previous year. Tax fraud alone accounted for $4.5 billion of these findings, marking a 111.8% [...]

The Treasury Department and IRS have issued new guidance allowing states to prepare for a federal tax credit program that could save taxpayers up to $1,700 annually on their federal taxes. Revenue Procedure 2026-6, released December 12, 2025, establishes the framework for states to participate in a new federal tax credit for contributions to Scholarship [...]

The Internal Revenue Service kicked off the 10th National Tax Security Awareness Week this December, highlighting the growing threat of tax-related identity theft and scams during the holiday season. The initiative, led by the Security Summit coalition of IRS officials, state tax administrators, and tax software companies, aims to protect taxpayers as criminals increasingly target [...]

The IRS has released new guidance clarifying how workers can claim tax deductions for tips and overtime pay received during 2025. Notice 2025-69, published on November 21, provides detailed instructions for approximately 6 million tipped workers and overtime earners on how to calculate and claim these new deductions without requiring additional forms from their employers. Under [...]

The IRS announced it will maintain current interest rates for the first quarter of 2026, keeping the rate at 7% annually for individual taxpayers who owe money or are owed refunds. The rates, which take effect January 1, 2026, represent a continuation of the current structure that has been in place since early 2025. For individuals, [...]

The IRS has launched its annual “Get Ready” campaign for the 2026 filing season, encouraging taxpayers to begin preparing now for filing their 2025 tax returns early next year. This year’s preparation is especially important as the One, Big, Beautiful Bill brings significant changes to federal taxes, credits, and deductions that will affect millions of [...]

The IRS is reminding tax professionals across the country that they have until December 31, 2025, to renew their Preparer Tax Identification Numbers (PTINs). Anyone who prepares tax returns for compensation must have a valid PTIN, and these credentials expire at the end of each year. The renewal process takes about 15 minutes to complete online [...]

The IRS has expanded its educational offerings for tax professionals by adding 15 new seminars to its Nationwide Tax Forum Online platform. The seminars cover current tax law updates, procedural changes, and essential topics for the 2025 tax season, including specialized sessions on retirement plan distributions and digital asset reporting requirements. Tax professionals can access these [...]