Carry Learning Center

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 [...]

Washington’s House of Representatives passed a 9.9 percent tax on annual income exceeding $1 million Tuesday evening, ending a 24-hour debate that lawmakers described as the longest in state history. The final vote was 51-46, with several Democrats joining all Republicans in opposition to the measure supporters call a “millionaires tax.” The bill now returns to [...]

The Leech Lake Band of Ojibwe has opened a 30-day public comment period on a proposed 10 percent gross receipts tax on retail cannabis sales. The Tribal Council approved the amendment to Title 5, Chapter 8 of the Leech Lake Taxation Code on March 10, 2026. Comments will be accepted through April 10. The tax would [...]

The Dalles City Council voted unanimously Monday to permanently dedicate 55.4 percent of the city’s transient lodging tax revenue to tourism promotion and reserve the remainder for city services and infrastructure. Based on the $1.45 million the tax generated in fiscal year 2024-25, the March 9 decision allocates about $803,000 annually for visitor marketing and [...]

Three bills aimed at rolling back corporate tax breaks to fund a new family tax credit cleared a Colorado House committee Monday, setting up a legislative fight over how the state should respond to federal tax changes that eliminated a popular poverty-reduction program. The measures would generate $320 million in fiscal year 2026 and $590 [...]

The New York State Senate advanced a package of tax proposals affecting corporations and high-income earners in its One-House budget resolution released this week. The measures, backed by State Senator Andrew Gounardes, include raising the corporate tax rate to 9% and ending a sales tax exemption for certain gold purchases. Gounardes said the proposals are intended [...]

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 [...]

Colorado officials are divided over whether the state can legally recoup $306 million in taxpayer refunds triggered by federal tax cuts that took effect four days into the current fiscal year. The dispute centers on how to account for retroactive revenue losses under the state’s strict constitutional spending limits. Gov. Jared Polis asked the legislature in [...]

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 [...]

Sen. Cory Booker said he plans to introduce legislation Tuesday that would raise the standard deduction to $75,000 for married couples filing jointly. Under the proposal, the standard deduction would be $37,500 for single filers and $56,250 for heads of household. Booker said the measure is intended to reduce federal income taxes for low- and middle-income [...]

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 [...]

Tax season often creates pressure for business owners who are already juggling operations, payroll, and cash flow. Missed forms or incorrect payments can lead to penalties, interest, and unnecessary back-and-forth with the IRS. Early preparation helps reduce those risks and gives you more control over how and when you file. The IRS encourages businesses to gather [...]

Pass-through income can feel like a maze. Profit hits a Schedule C or Schedule K-1, and the tax bill still feels higher than expected. Some small business owners may qualify for a valuable tax break that reduces taxable income without changing how the business operates. The qualified business income deduction under IRC Section 199A is designed [...]

A profitable year does not always lead to a QBI deduction. Under Section 199A, the deduction depends on your qualified business income from a pass through business such as a sole proprietorship, partnership, or S corporation. The calculation looks simple at first. Add income. Subtract deductions. Apply up to 20% in many cases. Problems start when [...]