Episode 141: From Kids' First Jobs to High Earners: Your Mid-Year Tax Playbook

In this episode: 

• 2026 Tax Legislation Outlook — No major tax changes expected this year; budget reconciliation and new proposals remain largely on hold.
• Retirement Savings Updates — Expanded 401(k) investment options (real estate, private equity), new IRA access for those without workplace plans, and spousal IRA contribution rules.
• Roth IRA Benefits — Tax-free growth advantages and AGI threshold increases for contributions.
• Summer Tax Tips for Families — Tax withholding rules for dependent children working summer jobs, and how to hire your child if you're self-employed to reduce payroll taxes.
• Child and Dependent Care Credit — Enhanced credit limits for 2026, including eligibility for summer camps.
• Kids' Roth IRAs — Opening retirement accounts for children with earned summer income.
• Employee Fringe Benefits — IRS guidance on taxable vs. non-taxable benefits, including employer-paid tuition assistance (up to $5,250 annually, indexed for inflation starting 2027).
• Marijuana Tax Developments — Medical marijuana reclassified to Schedule III, removing the 280E deduction limitation for medical operators.
• Nonprofit Filing Deadline — May 15th deadline for calendar-year exempt organizations; upcoming Form 990 revisions for increased transparency.
• Tax Rates for High Earners — Breakdown of effective tax rates vs. tax brackets for top 1% earners, including capital gains and net investment income tax.