Concord Wealth Partners

06/03/2026

Weekly Tax Tip:

Who Can Deduct Car Expenses on Their Tax Returns?

Can you deduct expenses such as gas, depreciation, and lease payments on your tax returns? If you are a business owner or self-employed individual, you may be able to. If you use your car for business and personal purposes, you may split the expenses and base the deductions on a portion of the mileage used for business.

There are two methods to calculate the car expenses you can deduct. The first method involves calculating and deducting expenses, including depreciation, lease payments, gas and oil, tires, repairs and tune-ups, insurance, and registration fees.

The second entails using the standard mileage rate, which is calculated to reflect gas and other factors. In 2021, the standard mileage rate is 56 cents per mile. Taxpayers who want to use the standard mileage rate for a car they own must use this method in the first year the vehicle is available for use in their business.

This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.

Source: IRS.gov, January 22, 2026

06/02/2026

Life changes—and your life insurance coverage should keep pace. Events like marriage, growing your family, or buying a home can affect how much protection you need.
https://concordwealthpartners.com/reviewing-your-life-insurance-needs/

Life changes, and so do your insurance needs. Learn how to review your life insurance coverage using the DIME method and key life milestones.

06/01/2026

May closed with record highs across all major indexes. Cooling inflation, falling oil prices, and diplomatic progress combined to fuel the rally.

https://concordassetmgmt.com/insight/weekly-market-insights-monday-june-1-2026/

May closed on a high note as markets posted record gains during a shortened post-Memorial Day trading week. Easing inflation, falling oil prices, and growing optimism over a potential Middle East peace deal all combined to push stocks to new heights — capping the month with a strong finish across ...

05/28/2026

Weekly Tax Tip: Think About Credits and Deductions Now to Prepare for Filing

Here are a few facts about credits and deductions that can guide you through your year-round tax preparation:

- Taxable income is the amount remaining after someone subtracts eligible deductions from their adjusted gross income, including the standard deduction. Some taxpayers may itemize their deductions.
- The Tax Cuts and Jobs Act changed itemized deductions. In comparing these changes, many individuals accustomed to itemizing may find it more beneficial to take the standard deduction.
- Generally, if a taxpayer's itemized deductions are more than their standard deduction, they should consider itemizing.

Taxpayers can subtract tax credits from the total amount of tax they owe. To claim a credit, taxpayers should keep records demonstrating their eligibility. Some tax credits include the child tax credit, the child and dependent care credit, the American opportunity credit or lifetime learning credit, and the earned income tax credit.

This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.

Source: IRS.gov, Jan 14, 2026

05/27/2026

High earners often assume a Roth IRA is out of reach. A backdoor Roth conversion may still be a viable option — if structured correctly.
https://concordwealthpartners.com/backdoor-roth-conversions-steps-rules-and-common-mistakes/

Learn how backdoor Roth conversions work—a smart tax strategy for high-income earners to grow retirement savings tax-free, despite IRS income limits.

05/26/2026

Markets rebounded last week on two catalysts: AI trade momentum and Middle East peace optimism. Two forces shaping investor sentiment worth understanding.
https://concordassetmgmt.com/insight/weekly-market-insights-tuesday-may-26-2026/

Markets bounced back last week, fueled by AI trade momentum and optimism over a potential Middle East peace deal. Get the full breakdown.

05/20/2026

Tax Tip: Your Plans This Summer May Be Eligible for Itemized Deductions

These activities can be itemized as deductions if you have plans to sell or buy a home this summer or to donate some old items.

Here are some examples:

If you are refinancing your home this summer, you can deduct some of your mortgage interest. However, there are some limits to these deductions. According to the IRS, the deduction is limited to interest paid on a loan secured by the taxpayer's primary or secondary residence. When refinancing, you must use the loan to purchase, build, or substantially improve your primary or secondary residence.

If you buy a new home this summer, you can deduct mortgage insurance if you pay $750,000 in qualifying debt for a first and second home, or $375,000 when married and filing separately.

Summer is an ideal time to sort through your belongings and donate any unwanted clothes, furniture, or household goods. If you itemize the deductions and provide proof of the donations, these donations may qualify for a tax deduction.

In addition to donating items, you can deduct mileage on your vehicle for services performed for a qualifying charity.

This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.

Source: IRS.gov, November 3, 2025

05/19/2026

Selecting a retirement plan for your business involves evaluating contribution costs, employee turnover, and administrative complexity. SEP IRA, SIMPLE IRA, and 401(k) plans each offer distinct advantages.
https://concordwealthpartners.com/choosing-a-retirement-plan-that-fits-your-business-2/

Choosing a retirement plan for your business? Learn about SEP, SIMPLE IRA, and 401(k) options to find the right fit for your needs and budget.

05/18/2026

Inflation hit 3.8% while the S&P 500 crossed 7,500 for the first time. Markets are balancing rising prices with resilient tech momentum.
https://concordassetmgmt.com/insight/weekly-market-insights-monday-may-18-2026/

Markets battled rising inflation as chip stocks pushed indexes to record highs despite pressure from higher yields and energy prices.

05/13/2026

Weekly Tax Tip:

More Digital Choices For Filing

The IRS has made it easier to file your taxes. Forms now include electronic signature options, allowing tax professionals to conduct remote transactions.

To allow your tax professional to use the electronic signature option, you must fill out and submit Form 2848, Power of Attorney and Declaration of Representative. This form constitutes a written authorization appointing tax professionals to represent taxpayers before the IRS, including performing certain acts on the taxpayer's behalf. These acts may include providing an electronic signature.

This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.

Source: IRS.gov, August 27, 2025