ShomoPolite Tax Service

05/29/2026

National 529 Day – Did You Know?

If you put money into a 529 education savings plan, earnings may be withdrawn federal income tax-free when used for qualified education expenses. Qualified expenses can include tuition, fees, books, supplies, computers, and for students enrolled at least half-time, certain room and board costs.

While 529 contributions are not deductible for federal income tax purposes, many states offer a full or partial state income tax deduction or credit for contributions. Some states and plan sponsors may also offer special incentives around National 529 Day.

Recent law changes expanded the use of 529 plans. In 2026, up to $20,000 per year, per student, may be used for qualified K–12 education expenses at public, private, or religious schools. Prior years were generally limited to $10,000 annually.

05/28/2026

05/18/2026

Qualifying Dependents – Did You Know?

In addition to your children and parents, a number of other individuals may qualify as your dependents for tax purposes. Important factors can include the person's income, how much support you provide, and how much of the year the person lives with you. In some limited cases, even a non-relative who lives with you year round as a member of your household may qualify as a dependent.

05/11/2026

Health Savings Accounts - Did You Know?

Changing jobs? If you have a health savings account (HSA), you can take it with you. Unlike flexible spending accounts (FSAs), which are usually tied to your employer, your HSA belongs to you. You can continue using your HSA funds after leaving the job where you opened the account. However, you may make new HSA contributions only if you remain eligible to contribute. To remain eligible, you generally must be covered by an HSA-eligible high-deductible health plan (HDHP) and have no disqualifying coverage.

05/10/2026

I believe in sharing information; whereas, taxpayers can learn for themselves instead of waiting on their preparer to tell them they're too late.

Registration is now open! The is offering virtual office hours to help entities use the Inflation Reduction Act (IRA) and Creating Helpful Incentives to Produce Semiconductors Act of 2022 (CHIPS) Pre-filing Registration Tool. Pre-filing registration is required for applicable entities and eligi...

05/07/2026

https://www.linkedin.com/posts/irs-share-7457855518259245057-DeIR?utm_source=social_share_send&utm_medium=android_app&rcm=ACoAACaYQNoBWxwMw7B93rqJgMFHpPjTE_UHUPw&utm_campaign=copy_link

If you’re donating to a cause, the can help you verify that you’re doing it through a legitimate charity. Get started at: www.irs.gov/teos

05/04/2026

Receiving Online Payments - Did You Know?

If you are self-employed and receive payments through online payment processing platforms, take care to separate business and personal transactions. You can do this by setting up separate business accounts on the platforms, or by using features that allow you to specify the purpose of payments. Otherwise, the platforms may overreport your income.

04/29/2026

https://www.linkedin.com/posts/taxpros-irs-taxpros-share-7454922806531645440-JbE7?utm_source=social_share_send&utm_medium=android_app&rcm=ACoAACaYQNoBWxwMw7B93rqJgMFHpPjTE_UHUPw&utm_campaign=copy_link

are invited to attend the upcoming webinar, ‘Tax issues related to nonresident aliens owning U.S. rental real property,’ on April 30 at 1 p.m. Eastern. This free event will identify the income categories that nonresident aliens are generally taxed on and explain: •How these incom...