Blog
What Does the IRS Math Act Mean For Chattanooga Taxpayers?
Key TakeawaysIRS notices must now provide a clear, specific explanation of the exact error. Not generic language or guesswork. The IRS must prominently tell you about your 60-day right to request abatement, including the exact deadline date. Line numbers,...
How Do Chattanooga Investors Avoid Capital Gains Taxes From Selling Investments Or Property?
Key TakeawaysHold for at least one year and a day to qualify for lower long-term capital gains rates. Use losses to offset gains through tax-loss harvesting (but beware the wash sale rule). Time your sale during a lower-income year to take advantage of...
What Are The Best Safe Online Shopping Tips For Chattanooga Holiday Shoppers?
Key Takeaways Watch for IRS impersonation scams. Use a password manager. Strong, unique passwords for every account are non-negotiable. Keep your devices updated. Software updates often patch newly discovered security flaws. Use...
IRS Audit Representation: When Your Chattanooga Tax Pro Shines
Key TakeawaysThe way you communicate with the IRS can shape the entire outcome of your audit. Filing a Power of Attorney form allows your tax professional to legally handle all communication for you. Speaking directly with the IRS can unintentionally...
What’s Alternative Minimum Tax? A 2026 Update for Chattanooga High Earners
Key TakeawaysThe OBBBA changes the AMT landscape starting in 2026, meaning more taxpayers will be pulled into AMT territory. High earners in high-tax states (and those with ISOs or private activity bonds) are the most at risk of an unexpected AMT...
What is in the One Big Beautiful Bill? Child Tax Credit Changes for Chattanooga Families
Key TakeawaysThe Child Tax Credit (CTC) is now worth up to $2,200 per child for 2025 taxes (filed in 2026). Up to $1,700 of the credit is refundable if you don’t owe any taxes. Because of the OBBBA, you (or at least one spouse if filing jointly)...
What Documents Are Needed for an IRS Audit: U S Tax Solutions’s Insights
Key TakeawaysThe IRS requires three separate forms of proof for nearly every deductible business expense: purchase, payment, and purpose. Missing even one element can lead to a denied deduction and possibly trigger a 20% Accuracy-Related Penalty. Certain...
Can an ABLE Account Help Chattanooga Families with Qualified Disability Expenses?
Key TakeawaysABLE accounts let you save and invest tax-free for disability-related expenses. Up to $100,000 in an ABLE account is excluded from Supplemental Security Income (SSI) resource limits, and Medicaid eligibility continues beyond...
How Does the Health Savings Account Work for Chattanooga Taxpayers?
Quick Answers: How Does The Health Savings Account Work?You must have a qualified High Deductible Health Plan (HDHP) to open and contribute to an HSA (2025 min deductible $1,650/$3,300; max out-of-pocket $8,300/$16,600). HSAs give you a triple tax...