Tholborn & Ostrowski

Reminder: Second quarter estimated taxes are due Monday, June 15th.

Reminder: Second Quarter Estimated Taxes Are Due - Now is the time to make your estimated tax payment If you have not already done so, please plan to make your second quarter estimated tax payment. The due date is Monday, June 15th.

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

Tholborn & Ostrowski News: June 2026 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...

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.

Five Reasons Why the IRS Will Audit You 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.

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

Lower This Year's Tax Obligation - Action to take now! 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.

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

Understanding the Gift Giving Tax - Excess gift giving could cause a tax surprise 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.

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.

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.

Leveraging Your Children's Lower Tax Rate - One of the best places for parents to look for tax savings 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.

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

Tholborn & Ostrowski News: May 2026 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...

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

No Check! Where's Your Proof? - What to do about your need for documentation 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.

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

Is it really the IRS? - Four tips to ensure your security 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.