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

About this episode

This episode discusses mid-year tax strategies including updates on tax legislation, retirement savings, and tips for families.

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…

People in this episode

Host: Faw Casson

Topics covered

• tax legislation
• retirement savings
• tax tips for families
• child tax credits
• employee benefits
• marijuana tax
• high earners tax rates

Keywords

• tax legislation
• 401(k)
• Roth IRA
• Child and Dependent Care Credit
• high earners
• tax tips
• marijuana tax
• Form 990

Mentioned in this episode

Organizations: IRS

Products: 401(k), IRA, Roth IRA, Child and Dependent Care Credit, Form 990, Schedule III, 280E deduction, capital gains, net investment income tax

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