Posts by Lucida

If you’re a parent who’s been doing some back-to-school shopping lately, you know that raising a child is expensive. Whether real or virtual, that overflowing cart is just one small part of a much larger bill that you have to pay over the better part of two decades. And it’s natural to wonder: What does…

If your estate has to be probated, in a perfect world everything will go without a hitch and the assets are distributed to beneficiaries in a timely manner. Everyone is satisfied with their inheritance and family harmony is preserved. Of course, the world isn’t picture perfect. Your will may be contested based on its validity,…

Question: Our break room has a refrigerator stocked with drinks that are available to everyone at the office, including guests. We also usually have cookies and other treats available. Are these snacks taxable benefits that we need to track? That would be a lot of trouble for a small benefit (and it would really undermine…

The IRS recently announced an increase in the optional standard mileage rate for business vehicle use for the second half of 2026. The adjustment reflects higher fuel costs this year. It’s accompanied by a hike in the standard mileage rate for medical travel and qualifying moving expenses for certain individuals. Let’s take a closer look…

Parents, grandparents and others can now contribute to Internal Revenue Code Section 530A accounts — also known as “Trump Accounts” — to benefit eligible children. This new type of tax-advantaged savings vehicle was created by last year’s One Big Beautiful Bill Act. Now that 530A accounts have gone live, here’s an overview of what anyone…

Although home improvements are often expensive, they can also create tax-saving opportunities. But just as renovations involve many details — measurements, materials, specifications and so forth — applicable tax breaks come with rules and limits all their own. Let’s explore some possibilities.  Claiming a Mortgage Interest Deduction If you itemize deductions on your return, you…