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 [...]

The U.S. Court of Appeals for the Fifth Circuit ruled that limited partners may qualify for an exception from self employment taxes based on their legal status as limited partners with limited liability, rejecting an IRS interpretation that tied the exception to whether a partner was a passive investor. The decision in Sirius Solutions, L.L.L.P. [...]

The South Carolina Senate Finance Committee advanced two separate tax bills Tuesday that would reduce income taxes for some residents and expand property tax relief for homeowners age 65 and older. The committee moved forward the House passed income tax bill without changes and advanced a separate measure to expand the state’s Homestead Exemption. Together, [...]

Small businesses are preparing for the 2026 filing season as changes enacted in the One Big Beautiful Bill last July take effect. H&R Block tax experts said the legislation reversed several scheduled tax increases and made permanent provisions that had been set to expire. The changes affect payment reporting, depreciation, and payroll reporting requirements, including updates [...]

Arizona taxpayers are filing 2025 state income tax returns while lawmakers continue debating how Arizona should conform its tax code to recent federal changes. The Arizona Department of Revenue opened filing on January 27, but the forms were prepared in advance and may require revisions if new conformity legislation is enacted. Republican lawmakers advanced SB 1106 [...]

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 [...]

A Jacksonville pastor who claimed an international following of over 300,000 people pleaded guilty January 15 to obstructing federal tax administration in a scheme that could have cost the government as much as $1.5 million, according to the U.S. Attorney’s Office for the Middle District of Florida. Brian Carn Jr., 37, admitted to filing false tax [...]

Governor Kathy Hochul unveiled a $260 billion budget proposal for fiscal year 2026-2027 on Tuesday, marking an 8 billion dollar increase from last year’s executive proposal while rejecting calls from progressive Democrats to raise income taxes on high earners. The spending plan relies on strong Wall Street revenues and extends existing corporate tax rates to [...]

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 [...]

Freelance marketers and small marketing agency owners have several ways to lower their 2025 taxes and potentially grow long-term wealth. Success starts with understanding how business expenses and retirement contributions work under IRS rules. Everyday costs such as advertising, campaign tools, and creative software may qualify as deductions—and these deductions can free up cash for [...]

Earning 1099 income puts you in control of your work and your financial future. Unlike traditional employees, independent contractors are responsible for setting up their own retirement plan, which can impact both long-term savings and current tax liability.  The good news is there are tax-advantaged plans designed specifically for self-employed individuals. Each one comes with its [...]

Selling online is more than finding a popular product. It is also about keeping more of your earnings. Every cost in an e-commerce business, from packaging to advertising, can affect your 2025 tax bill. Smart sellers usually plan ahead instead of waiting until April. Tracking eligible deductions and contributing to a retirement plan like a Solo [...]