Kathy J. Wills, CPA

05/26/2026

Able accounts are very similar to Health Savings Accounts (HSA) or even a Roth IRA. An Able account is for anyone who is disabled. If you meet their definition of disabled, you can set up an account and use funds to meet your disability needs. Be sure to do your research and navigate the path correctly. Tax free savings is always a good thing.

05/19/2026

This article give some good tips on juggling income, deductions and tax payments from different sources. If you are a W-2 earner and looking for a ‘side hustle’ this article can give you some pointers to look out for.

With a little organization and proactive planning, you can turn mixed income from a tax headache into a manageable, even profitable, part of your financial picture.

05/12/2026

Now that tax season is over, let’s look at who is paying tax. This is for the 2023 filing season.
The top 1% reported $675,602 of AGI (Adjusted Gross Income) and paid 38.4% of all taxes.
The top 5% reported $272,209 of AGI and paid 59.3% of all taxes.
The top 10% reported $187,608 of AGI and paid 70.54% of all taxes.
The bottom 50% reported AGI under $53,800 and paid 3.26% of all taxes.

05/05/2026

With low tax rates in place for a few years, a simple tax strategy is to recognize/report as much income as possible - if possible - and to delay deductions for higher tax years. For the average W-2 wage earner, this is often NOT possible. However, the Roth IRA conversions are a way to take advantage of this. Businesses may also have some income acceleration techniques.

04/28/2026

Elder fraud is on the rise. Artificial Intelligence has raised the ability to commit fraud by enabling the generation of both audio and visual fakes in order to scam people. The elderly tend to be most vulnerable since they are less likely to be aware that certain techniques are used for scams. Be vigilant. If something is out of the ordinary, hang up and call your family member or business associate directly to see whether the situation is legitimate.

04/21/2026

The loss of the penny in our society has produced some questions in the marketplace which are addressed in this article:

A new era of "Swedish rounding" hits U.S. registers soon. Learn why the nickel might be on the chopping block, and how to save money by choosing the right way to pay.

04/14/2026

Here is a list of ways that scams can be reported to IRS if you encounter one:

https://www.cpapracticeadvisor.com/2026/02/26/irs-gives-taxpayers-a-new-way-to-report-tax-fraud-and-scams/178948/?utm_source=CPA+Practice+Advisor&utm_campaign=32b160d4f3-EMAIL_CAMPAIGN_2026_02_22_06_02&utm_medium=email&utm_term=0_-32b160d4f3-514379363

04/07/2026

Trump accounts are a big deal with a very small window of opportunity. This article outlines the basics is simple terms.

https://www.journalofaccountancy.com/news/2026/feb/what-cpas-should-know-about-trump-accounts/?utm_source=mnl:fpd&utm_medium=email&utm_campaign=10Mar2026

03/31/2026

This article outlines common scams relating to filing tax returns. Be wary of surprise calls, texts, or emails. IRS uses letters as the initial point of contact. This is why using Form 8822 to keep your address current in the system is so important.

With tax-filing season in full-go mode and with March 5 being National Slam the Scam Day, the IRS on Thursday announced its annual "Dirty Dozen" list of tax scams for 2026 that threaten the tax and financial information of taxpayers, businesses, and tax professionals.

03/24/2026

Trump accounts may be acquired by registering at trumpaccounts.gov or by completing Form 4547 on your 2025 tax return. Contributions to the accounts will begin on July 4, 2026; $1,000 for each child born in 2025-2028 and $250 for children up to age 10. Others may contribute to the accounts. Be sure to note any limitations that may apply.