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Opening the mailbox to find a letter from the IRS or your state income tax department can instantly cause your stomach to drop. Your mind might immediately jump to worst-case scenarios like audits or penalties. First, take a deep breath. Receiving a tax notice does not automatically mean you are in trouble. Every year, millions of automated notices are sent out for simple, easily fixed discrepancies. Here is exactly what you need to do when a tax letter arrives, and how SMJ A

If you’ve been tracking financial news lately, you know that 2026 is a massive pivot point for U.S. taxes. The temporary tax cuts from 2017 were originally scheduled to completely vanish at the end of last year. Instead, Congress passed the One Big Beautiful Bill (OBBB) Act, which rewrote the script by making many individual tax structures permanent while rolling out eye-catching new updates. Whether you're an employee, a business owner, or a retiree, here are the major shi

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Homeowners should review any tax benefits for homeownership The year is nearly half over which makes it a good time to remind homeowners and future homeowners to review their eligibility for any tax deductions, programs and housing allowances. If eligible, these tax benefits could help with some of the common costs of being a homeowner. Deductible house-related expensesTaxpayers must itemize their deductions to deduct homeownership expenses. Most home buyers take out a mortga

IR-2025-90, Sept. 8, 2025 WASHINGTON — The Internal Revenue Service is alerting taxpayers about a growing number of fraudulent tax schemes circulating on social media that promote the misuse of credits such as the Fuel Tax Credit and the Sick and Family Leave Credit. These scams have led thousands of taxpayers to file inaccurate or frivolous returns, often resulting in the denial of refunds and steep penalties. Since 2022, the IRS has seen a surge in questionable refund claim