Barbara J. Braley, CPA

10/07/2026

Thomas Sowell once said:

"The beauty of doing nothing is that you can do it perfectly. Only when you do something is it almost impossible to do it without mistakes."

10/07/2026

REBATE TO OBAMACARE PARTICIPANTS:

During the week of October 5, 2026, a refund check of $500 will be sent to Obamacare participants for overpayment of premiums.

10/07/2026

ATTENTION SENIORS:

Expect a deposit into your bank account from Social Security Administration rebate of overpayment of Medicare costs. The amount per individual is $90.

08/16/2026

05/08/2026

Did you receive a notice from IRS for Underpayment of Estimated Taxes?

Estimated Tax Payments have been around since around a long time. Recently, the IRS has started enforcing the law for estimated tax payments..

Estimated Taxes: Estimated taxes are prepayments of income tax made throughout the year to cover taxes on income not subject to withholding, such as self-employment or investment income.
Penalties: Failure to pay estimated taxes when required may result in penalties and interest from the IRS.
When To Pay: Estimated tax payments are typically due quarterly, with deadlines spaced throughout the year.

So, if you’ve ever been surprised by a large tax bill or penalty, understanding estimated taxes can help you plan better for the future and avoid repeating that situation.

Let’s start with the basics. Most workers have a portion of their wages withheld every time they get paid in order to cover their income taxes for the year. But what are self-employed people and small businesses supposed to do? Enter estimated taxes.
When you think about it, getting paid only once a year would create all sorts of financial complications for anyone. The IRS feels the same way, which is why it requires these quarterly payments to ensure a steady revenue stream throughout the year. These taxes apply to income sources such as:

Self-employment earnings (e.g., freelance or contract work).
Interest and dividends.
Rental income.
Capital gains.
Alimony (only in applicable cases).

04/25/2026

Recently several clients have been receiving Notices from IRS for underpayment of estimated taxes.

First payment deadline: April 15 (for 2025 income)

Subsequent deadlines: June 16, September 15, and January 15 of the following year U.S. News

These payments help avoid an underpayment penalty if you owe more than the minimum required by law.

Key Points to Remember
Filing deadline: April 15, 2026 (or October 15 if you request an extension

Payment deadline: April 15, 2026 — even with a filing extension

Estimated tax payments: Required for certain income types; due quarterly, with the first on April 15

Penalties: Failure to file or pay on time can result in monthly penalties (5% for filing late, 0.5% for underpayment) plus interest

Bottom line: April 15 is still the main tax payment date, but if your income isn’t taxed through withholding, you must also make estimated payments on that date to avoid penalties.

04/25/2026

Many people give a huge charitable deduction to Goodwill every year. Expecting no problems or issues with IRS.

One major issue that must be addressed is the DOCUMENTATION ISSUE.

Brutal IRS Trap Wipes Out Goodwill Clothing Deductions

An example a taxpayer donated $6,760 worth of goods to charity and followed what he thought were all the rules. The IRS didn’t question whether his donations were legitimate; they denied the deduction because of a documentation technicality that most taxpayers have never heard of.

In this example, the Tax Court delivered a harsh reminder: documentation rules for charitable deductions are rigid and unforgiving. Congress and the IRS have created rules so detailed and inflexible that even very generous donors can lose their deductions over a technicality.

REMINDER: DOCUMENT ALL CHARITABLE CONTRIBUTIONS NO EXCEPTIONS.