Carry Learning Center

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 [...]

Most S-Corp owners are surprised to learn that not all business income is treated equally when it comes to retirement savings. Only W-2 wages count toward contribution limits, while shareholder distributions are excluded — and that single rule can determine how much you can set aside each year. This affects which retirement plan may be [...]

Consultants and agency owners have unique opportunities to lower 2025 taxes and build long-term wealth — but only if you know which deductions apply to your situation and how retirement contributions affect your taxable income. The right moves can reduce what you owe this year and redirect those dollars into future savings instead of taxes. Not [...]

Starting January 1, 2026, millions of Americans who gamble will owe federal taxes on money they never actually kept. A provision buried in President Trump’s sweeping tax and spending bill caps gambling loss deductions at 90% of winnings, creating what industry groups call “phantom income” taxation that hits even gamblers who break even or lose [...]

Rising income from tech work can create just as many tax questions as financial opportunities. Whether you’re a salaried developer, independent contractor, or juggling both, the way you report income and choose deductions may have a meaningful impact on how much you actually keep in 2025. The right retirement plan can also turn tax savings [...]

Running a business alone means every financial decision affects both today’s income and tomorrow’s security. Each deductible expense can reduce your current tax bill, but it can also shape how much you’re able to set aside for retirement. In 2025, sole proprietors will continue to report income and expenses through Schedule C, yet small updates, like [...]

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 [...]