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IRS Revs Up Standard Mileage Rates for the Second Half of 2026
In an unusual move, the IRS has made a midyear increase in the standard mileage rate for business vehicle use. Also rising is the standard mileage rate for qualifying medical care and eligible moving expenses for certain individuals. Here are the rates now in effect through December 31, 2026.
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Plan Now So Guardianship is Not Necessary
It's a cumbersome, expensive process to petition a court to appoint someone as the guardian or conservator of an elderly or incapacitated loved one. Unfortunately, many families have to go this route because their loved ones didn't have alternative, less expensive documents drafted earlier. This article provides an explanation of the process of court intervention, along with steps to avoid this in your family.
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College Savings Options for Parents and Kids
Although a Section 529 plan remains one of the best ways for families to save for college, there are other options. This article discusses the two types of 529 plans, as well as Roth IRAs and custodial accounts. Each choice has advantages and drawbacks that should be considered based on a family's contribution plans, income and other factors.
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Potential Pitfalls of Renting to Relatives
If you own residential real estate, renting it to family members at a discount may seem like a good way to help loved ones in need. But you should be aware of the tax perils. A misstep can lead to the loss of significant tax deductions. Here's how the tax rules for rentals to unrelated parties compare to those that apply to family rentals.
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Disclaimer of Liability
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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