Kathy J. Wills, CPA

09/29/2026

Review my post from last week and then look at this article. It outlines another landmine from annuities. Make SURE you plan your estate and financial future carefully before choosing an annuity. Annuities CAN work beautifully, but most people are unaware of backlash.

When inheriting an annuity, a beneficiary who isn't a spouse can face a big tax bill. Choosing annuitization or the "stretch" option lets you soften the blow.

09/22/2026

Annuities can be a great benefit in a portfolio, however, know the intimate details of what you are purchasing. I have seen annuities work very well and I have seen them destroy people’s savings. Just BE CAREFUL.

Guaranteed income can bring retirees peace of mind, but financial advisers disagree about the trade-offs.

09/15/2026

A bit of a different take on financial stability - preventing entitlement in your children.

https://insight.kellogg.northwestern.edu/article/building-wealth-for-your-kids-these-4-habits-can-help-prevent-entitlement

09/08/2026

If you are planning to retire in the next 10 years, here are some things you should think about:
Take advantage of peak earning years to grow income.
Turbocharge retirement savings.
Begin building out an allocation to safe investments.
Start visualizing your in-retirement lifestyle.
Formulate a long-term-care plan.

With a decade to go, zero in on boosting income and savings, plus these other strategies.

09/01/2026

Good news! IRS has implemented a new program available for 2025 returns. They will automatically waive certain penalties for failure to file, failure to pay, and failure to deposit tax IF you have been current with all of your filings and payments for the last 3 years.

08/25/2026

Identity theft is a continuous problem. I’ve made numerous posts about it. Here is another article identifying the states with the highest identity theft.

ConsumerAffairs, an online consumer news and review platform, looked at state-level IRS data covering processing year 2025 and evaluated states across the following two metrics: confirmed identity theft rate and unconfirmed identity theft rate.

08/18/2026

IRS has raised the business mileage rate to $.76 per mile beginning July 1st, 2026, up from $.725 in January 2026. This was done due to the inflated oil prices in second quarter 2026, despite the fact that overall inflation has dropped to 3.5% in June.

08/11/2026

The maximum amount to be contributed to an HSA will increase in 2027. An individual account can contribute $4,500 beginning in 2027, while a family account can contribute $9,000. The parameters of a high deductible plan (required to contribute to an HSA) will also increase. Refer to the article for details.

The IRS on Friday released its annual inflation-adjusted amounts for health savings accounts for calendar-year 2027, with across-the-board increases.

08/04/2026

Mortgage insurance premiums can once again be deducted as an itemized deduction on Schedule A beginning in 2026. This deduction has been added and taken away more than once over the last 25 years

07/28/2026

You cannot deduct losses from a hobby on your tax return. You must have a profit motive and pursue profit from your activities. If IRS challenges, there are 9 factors that courts have looked at; first and foremost - do you conduct your activity as a business.