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IRS Announces New $1,000 Retirement Savings Match: Who Qualifies and How It Works
What if the federal government contributed an extra $1,000 toward your retirement savings each year? Starting in 2027, millions of Americans with low to moderate incomes may qualify for a new federal retirement savings incentive called the Saver’s Match. The Internal Revenue Service (IRS) has begun notifying potentially eligible taxpayers about the program, which could…
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Worksheets to Figure Social Security Taxation
Many taxpayers use the Social Security Benefits Worksheet – from the Form 1040 Instructions to determine taxable social security benefits. If the taxpayer received a lump-sum social security payment, or cannot complete the worksheet in the Form 1040 instructions due to an exception, use Worksheets 1-4 as appropriate. These worksheets will help determine if the…
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IRS Establishes Gift Tax Safe Harbor for Certain Trump Account Contributions
The IRS has issued Revenue Procedure 2026-25, providing important gift tax guidance for individuals who contribute money to Trump Accounts. The new guidance establishes a safe harbor under which qualifying contributions to Trump Accounts will be treated as completed gifts eligible for the annual gift tax exclusion. When all requirements are met, donors generally will…
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IRS Interest Rates Remain at 7% for the Fourth Quarter of 2026
The IRS has announced that interest rates on tax overpayments and underpayments will remain unchanged for the fourth quarter of 2026. The rates will apply from October 1 through December 31, 2026. For individual taxpayers, the most important number to know is 7%. IRS Interest Rates for Q4 2026 For the fourth quarter of 2026,…
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What Happens If You Get an IRS Notice?
📬 Why Did You Receive an IRS Notice? IRS notices are sent for a variety of common reasons, including: 👉 Most notices are not audits—they’re simply requests for clarification or corrections. ⚠️ Step 1: Don’t Panic—Read the Notice Carefully Each notice includes: Take your time to understand exactly what the IRS is asking. 📂 Step…
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Top 5 Tax Mistakes That Cost Everyday Taxpayers Money (And How to Avoid Them)
Introduction Filing your taxes may seem straightforward, but small mistakes can lead to missed refunds, penalties, or even IRS notices. At Tax Ten Forty, we’ve seen how simple errors can cost taxpayers hundreds—or even thousands—of dollars. Whether you’re filing a basic return, running a small business, or working across multiple states, avoiding these common mistakes…