Tholborn & Ostrowski

06/03/2026

The IRS sends you a notice! What to do? This month's letter walks you through the process, plus much more!

As summer settles in and schedules fill up, a few smart decisions now can help you avoid costly surprises later. In this issue, there are strategies to strengthen your financial footing – from midyear tax planning opportunities to knowing when to call for help with an IRS notice. There is also...

05/29/2026

Underreported income and math errors are key mistakes that can trigger an audit from the IRS. Having your taxes prepared by a professional can significantly reduce this risk.

The IRS is constantly looking for a reason to audit you. There are several red flags that can identify your tax return as one that needs additional attention. Knowing these indicators can help you avoid the unwanted scrutiny.

05/22/2026

There's still time to lower your tax obligation. Here are five great ideas to consider.

Now is a great time to assess your current tax situation and address any lingering tax questions that may improve your tax picture this year. Here are five things to consider.

05/15/2026

The gift tax is one of the most misunderstood provisions in the tax code. Here is what you need to know.

Presenting a gift to a grandchild does not normally have us thinking about the taxes. However, if not careful, the over-generous gift giver could end up with a surprise tax bill and a note from the IRS.

05/08/2026

Happy Mother's Day! Curious on the top baby names in 2025? SSA put out a list:

Last year, America’s most popular baby names remained consistent with years past, with minimal shifts in the top 10 rankings. Charlotte climbed to second place among girls, ending Emma’s six-year run in the runner-up slot. A top-10 fixture for years, Ava dropped from the list entirely – replaced by Eliana, which debuted at number 10. On the boys’ side, the top four names – Liam, Noah, Oliver, and Theodore – held their places.

Here are the top 10 boys’ and girls’ names for 2025:

Boys Girls
1. Liam 1. Olivia
2. Noah 2. Charlotte
3. Oliver 3. Emma
4. Theodore 4. Amelia
5. Henry 5. Sophia
6. James 6. Mia
7. Elijah 7. Isabella
8. Mateo 8. Evelyn
9. William 9. Sofia
10. Lucas 10. Eliana
Social Security releases the list of the 1,000 most popular baby names each year in honor of Mother’s Day. The full list is available at www.ssa.gov/oact/babynames.

05/08/2026

You can legally lower your taxes by shifting a certain amount of unearned income to your children. Here are some ideas to implement this strategy.

The progressive nature of income tax rates offers taxpayers the incentive to transfer assets to lower earning taxpayers. Why not your children? Here are some tips.

05/06/2026

Want a lower tax bill? Your tax planning needs to start now!

With so much uncertainty in the economy, the tendency is to step back and wait until things settle down. On the other hand the early bird catches the worm. Now is a great time to be thinking about steps to reduce your tax obligations, both this year and into the future. This month an article is pres...

05/01/2026

In a world of digital payments, how do you prove your tax deductions? Here are some tips.

Very few banks return your canceled checks. So what do you need to do if required by the IRS to prove your deductions? This often means staying ahead of the game at year end.

04/24/2026

Scams are getting more sophisticated and the IRS is a target. Here are tips to protect yourself.

Con artists impersonate IRS agents to either intimidate people into making payments or turn over their personal information. Here are some ideas to ensure this does not happen to you.

04/17/2026

Everyone should understand 529 savings plans. Here is what you need to know.

The tax code is filled with programs to be tax efficient when paying for educational expenses. One of the most popular is the 529 Savings Plan. Here is what you need to know.