Less Tax

06/15/2026

IRS Offer in Compromise Program – Did You Know?

People who cannot pay their tax bills in full may have options to resolve the situation. One of these options is the Offer in Compromise (OIC) program, which allows eligible taxpayers to settle their debts with the IRS for less than the full amount owed.

Anyone considering an OIC should first check whether they qualify using the IRS Pre-Qualifier tool online (link below). Eligible taxpayers may then submit an application. In most cases, the application must be accompanied by a $205 fee and an initial payment toward the tax debt, although these requirements may be waived for lower-income applicants.

An OIC application requires detailed financial information and must be carefully prepared. Beware of aggressive ads promising to settle tax debts quickly for a small fraction of the amount owed. Companies behind these ads, often referred to as OIC mills, may charge substantial fees while submitting applications for people who have little chance of qualifying. A trusted tax professional can help ensure that an OIC application is complete, accurate, and has a reasonable chance of acceptance.

OIC Pre-Qualifier Online Tool: https://irs.treasury.gov/oic_pre_qualifier/

06/08/2026

06/08/2026

Quarterly Estimated Tax Payments – Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the April 1–May 31, 2026, payment period is coming up next Monday, June 15, 2026.

If you use IRS Direct Pay, payments can generally be made until 11:45 p.m. ET on the due date. If you pay by credit or debit card through an IRS-authorized payment processor, payments can generally be made until 11:59 p.m. ET on the due date.

06/05/2026

Good recordkeeping throughout the year will help you keep your small business on track. Let LESS TAX help you get/stay organized.

Helpful records information
https://ow.ly/y0jn50YTwql.

06/01/2026

#234

06/01/2026

We are half way through the year. NOW IS THE TIME TO GET AHEAD!
🚫 Avoid surprises
✅ Keep more of your money

🟡 4 LOCATIONS 🟡
🔹 HAZARD: 439-8299
Hazard Village Shopping Center
🔹JACKSON: 666-8892
Plaza next to Wendy's
🔹PIKEVILLE: 432-3566
Crossroads Plaza, behind Auto
Zone
🔹WHITESBURG: 633-1600
Ermine, next to HLT Check
Exchange

06/01/2026

Summer Activities and Taxes – Did You Know?

Summer is a time to relax and have fun, but some seasonal activities may have tax consequences. Being aware of them now may save you time and hassle later.

If your child attends a day camp so you can work or look for work, some of the cost may qualify for the Child and Dependent Care Credit. Be sure to keep records and obtain the camp's tax identification information.

Students with summer jobs may be entitled to tax refunds if income tax is withheld from their pay. Adults earning income from seasonal, part-time, or gig work may need additional withholding or quarterly estimated tax payments.

Summer is also a popular wedding season. If you change your name after marriage, update your records with the Social Security Administration. If you move, update your address with the IRS and submit a new Form W-4 to your employer so your withholding reflects your current tax situation.

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

Open all year...no appointment needed.
🟡 4 LOCATIONS 🟡
🔹 HAZARD: 439-8299
Hazard Village Shopping Center
🔹JACKSON: 666-8892
Plaza next to Wendy's
🔹PIKEVILLE: 432-3566
Crossroads Plaza, behind Auto
Zone
🔹WHITESBURG: 633-1600
Ermine, next to HLT Check
Exchange

05/26/2026

“If you filed an extension and you have everything you need to file, there's no need to wait until October to file your return. You can file your return now and take that off of your to-do list.”

~irs.gov