For many people, tax season ends the moment the return is filed. But the smartest approach is to treat that filing as a weather report from last year. A tax projection, on the other hand, is the financial weather forecast for the year ahead. It uses what we know now to predict the conditions to come, giving you time to put on sunscreen or find an umbrella before you get caught in a storm.
Signed into law on July 4, 2025, the One Big Beautiful Bill Act (OBBBA) brings significant tax changes for individuals, families, and small businesses. Whether you earn wages, run a business, or rely on retirement income, these updates could affect how you plan for the year ahead. Here's what you should know now to prepare for the 2025 tax season and beyond.
The closer you get to retirement age, the more concerns about Social Security benefits begin to grow. It's natural to wonder how your benefits will stretch; as prices on what feels like everything continue to go up, it's fair to ask whether those monthly checks will be enough.
If there's any area of your life where you want a seasoned professional on your side, it's when you're choosing someone to help with your taxes and financial life. You want a knowledgeable partner who understands your goals, listens to your concerns, and gives you reliable, year-round advice. That's where a CPA comes in.
If this year's tax return was more painful than you expected, you're not alone. Surprises can happen when you're not actively planning. Still, a surprise bill or a smaller refund than you'd hoped for can throw off your entire financial rhythm. That's why right now is the best time to take control of next year's outcome instead of waiting for the tax season to catch you off guard again. Meeting with a CPA in the off-season can help you analyze the previous year, gain an understanding of what happened, and make recommendations as to what to do differently going forward.
Filing for a tax extension gives you more time to submit your return, but it doesn't mean you're able to hit a pause button on the entire process. If you filed for an extension this year, here's what you need to know about the months ahead, including key deadlines, special rules, and when to bring in a CPA.
Lots of people only think about taxes once a year, typically around the April deadline. But keeping up with your tax situation throughout the year can save you money and help you avoid surprises. You don't have to own a business or have a complex financial life to benefit from it. Anyone who wants to feel more in control should consider a year-round approach. At Myrick CPA, we help our clients plan ahead so tax season doesn't catch them off guard. Here are a few steps you can take now to make filing easier later.
Health Savings Accounts (HSAs) can be a powerful tool for covering medical costs while offering long-term financial benefits. If you already have an HSA or are thinking about opening one, now is a good time to understand how upcoming changes from the IRS will affect your account.
If the thought of getting a letter from the IRS makes your heart race, you're not alone. Tax audits stir up anxiety for most people, even when they've done everything right. One reason for that is a common misconception: many people perceive that the IRS has unlimited access to your personal and financial life. The truth is, you have a ‘bill of rights’, as it pertains to tax matters. Understanding these rights can help you stay calm when dealing with communication from the IRS.
Gifting money to your children, grandchildren, or other family members can feel profoundly rewarding. In some cases, it's also a smart financial move. Whether you're helping a child with college tuition, gifting money for a down payment on a home, or simply sharing your success, generosity has its place in many financial plans. But when giving is part of your estate strategy, it's crucial to understand how the IRS views those gifts, and whether they are taxable or not.Here are some things to consider when gifting money and how the right planning can help you support your family without triggering unintended financial consequences.