TAX DRx

06/18/2026

Big opportunity: starting July 4, 2026 the new Trump Accounts program will put a $1,000 federal seed into accounts for babies born 2025–2028. Surprise: filing IRS Form 4547 with your 2025 return can skip most ID hoops—no form, expect extra verification (and possible gift-tax paperwork). Find out how to get ready.

Learn how to activate Trump Accounts, claim the $1,000 seed, and understand gift tax rules for your child's retirement savings. Expert advice from TaxDrx.

06/17/2026

Seeing rising revenue but tighter bank balances? Your P&L can overstate profit — cash flow tells the truth. Learn the 3 ratios (payroll, overhead, marketing) that expose hidden cost leaks and how to fix them. Find out.

Is revenue up but cash tight? TaxDrx explains why your P&L statement overpromises and how tracking expense ratios can uncover hidden margin leaks.

06/17/2026

Awareness is power.

06/16/2026

Moving back into a former rental to save on taxes? Smart move — but surprising fact: the IRS taxes depreciation even if you never claimed it, and post‑2008 “nonqualified use” can make part of your gain taxable. Want to know what you'll actually owe? Find out.

Learn how the Section 121 exclusion, depreciation recapture, and nonqualified use rules impact the sale of a rental property converted to a primary residence.

06/16/2026

Save now, save later.

06/15/2026

Your old life insurance could be a hidden lump sum—sell it for more than the cash value. Taxes change everything (part tax-free, part ordinary income, excess = capital gain). Curious how much you could net? Find out.

Explore the tax implications of selling your life insurance policy via a life settlement. Discover strategic tax planning solutions with TaxDrx in Cranford, NJ.

06/15/2026

Surrendering, selling, or transferring a life insurance policy can lead to different tax implications. Watch this video for a brief overview.

06/15/2026

Keep moving forward, no matter what roadblocks you encounter.

06/11/2026

Sports season stressing your wallet? From child-care credits and volunteer expense write-offs to rare medical deductions and NIL tax rules, there are legal ways to lower costs. Surprising fact: you can’t deduct the value of your time or the use of your private field. Find out more.

Learn when youth sports expenses may qualify for tax credits, deductions, medical expenses, charitable giving, or NIL business income.

06/10/2026

Turning side gigs into real income? Don't let taxes erase your profits. Many creators are shocked to learn self‑employment tax starts at just $400 of net earnings—and 1099s don't tell the whole story. Discover simple bookkeeping habits, quarterly payment tips, and when an S‑Corp could save you money. Find out how to protect your cash.

Learn why Gen Z is hitting the 'side hustle tax trap' and how to avoid it. Expert tax advice on 1099-K, self-employment tax, and monthly bookkeeping.