Carolyn Culp, EA, ATA

Carolyn Culp, EA, ATA I have been a professional tax accountant since 1977 with offices located in Kansas and California.

06/08/2026

Divorce is already emotional enough without adding financial chaos on top of it.

But this is where a lot of people make expensive mistakes.

They’re overwhelmed. They’re angry. They’re exhausted.

They just want the process to be over.

That’s usually when bad financial decisions happen.

A $100,000 checking account and a $100,000 retirement account may look equal on paper, but they can be very different after taxes, penalties, rules, and future growth are considered.

Same number.

Very different outcome.

Before anything gets signed, you need to understand what you’re actually agreeing to.

That means looking at:

• Bank accounts
• Retirement accounts
• Debt
• Credit reports
• Home equity
• Tax consequences
• Insurance coverage
• Estate documents
• Beneficiary designations
• Future monthly cash flow

The divorce agreement may end the marriage, but the financial impact can follow you for years.

Slow down. Get advice. Read everything.

Don’t make emotional money decisions during one of the most emotional seasons of your life.

Because the goal isn’t just to get through the divorce.

The goal is to come out with a financial plan that doesn’t wreck the next chapter of your life.

06/08/2026

If you're dreaming of your children pursuing higher education, there is a tax-advantaged way for you to prepare. A 529 plan is a savings tool where the earnings are not subject to federal tax when used for qualified education expenses.

Find out if a 529 plan is right for your family at https://ow.ly/RYih50Z1NvK.

Quarterly Estimated Tax Payments – ReminderIf you are making quarterly estimated tax payments to the IRS, the due date f...
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.

06/07/2026

Got a letter or notice from the ? No need to panic, we have a handy tax tip on how to handle it. When you respond accurately and timely to IRS correspondence, it will prevent issues from piling up.

Check out the latest at https://ow.ly/crX350Z1Nub.

06/07/2026

🧱 An IRS Identity Protection PIN is a six-digit number that stops anyone else from e-filing a return under your Social Security number.

Once you have one, any electronic return without the correct PIN is rejected, and a paper return gets pulled for extra fraud screening.

Any taxpayer with an SSN or ITIN who can verify their identity may enroll, and confirmed identity-theft victims are placed in the program automatically.

Each PIN is good for one calendar year, so you use a new one every filing season.

The fastest route is your IRS online account; if you cannot create one, Form 15227 works when your income is under $84,000, or $168,000 if married filing jointly.

Lose it and you can retrieve it through your online account or request a reissue by phone, mailed in about 21 days.

The IRS will never call, text, or email to ask for your IP PIN, so treat anyone who does as a scammer.

It guards only your tax filing, though, so it does nothing to stop credit-file fraud, and a credit freeze still does that job.



P.S. Every Friday I send a short email with the week's top post, my take on the best article I read, and what I'm writing about on the site. Link in the comments.

*The content shared here is for educational and informational purposes only. It is not personalized investment, tax, legal, or financial advice. Consult a licensed professional before making decisions based on your specific situation.*

06/05/2026

Did you hear about the new gambling law losses?

They are now 90% deductible (up to the winnings) instead of 100%.

This means you may pay taxes even if you win $0.

Also, you have to itemize to get it, meaning that you lose your standard deduction.

And… some states don’t allow the loss deduction at all, meaning you have to pay state tax

06/03/2026

A new calculator helps businesses with long-term construction or manufacturing projects calculate look-back interest related to those contracts. The calculator provides a structured framework to help with the interest computation step. Learn more: https://ow.ly/jy7P50Z5NtE

06/03/2026

HSA is an amazing account since it offers triple tax benefit (deduction, tax free growth and tax free withdrawals for medical expenses)

But in 2 states, HSA isn’t recognized as a special account

06/02/2026

Step up in basis is powerful yet many people don’t know about it

It allows you to inherit brokerage accounts, houses, etc for their market value instead of the original purchase price

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Council Grove, KS
66846

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