Editorial team of TFX

On November 13, 2025, the IRS issued Notice 2025-67, setting new cost-of-living adjusted limits for retirement plans and IRAs for tax year 2026. The notice touches almost every corner of the retirement system – from 401(k) contribution limits and 4...

The IRS released updated figures on October 9, 2025, confirming official inflation adjustments that affect income brackets, deductions, and credits for tax year 202...

In the wake of the devastating flooding in Texas, the IRS has stepped in to provide tax relief to those impacted by the catastrophe. The severe flooding, which began around the July 4th holiday and affected several counties, has caused widespread destruction. In response, the ...

A significant change to the US federal student loan system has arrived. As part of the 2025 tax and spending overhaul, a lifetime borrowing limit of $257,000 has been introduced for federal student loans. This marks the first time a true lifetime cap has been imposed, affecting graduate students, parent borrowers, and p...

A major provision of the One Big, Beautiful Bill is turning heads across the service industry and among small business owners: a new federal tax exemption on tips and overtime pay. As the Senate version of the bill clears a major hurdle and nears final reconciliation with the House, it's time to unpack what this mea...

When John (name changed for privacy) relocated from Canada to the US, he was surprised to receive a substantial tax bill from the IRS – despite having already paid $48,000 CAD in Canadian taxes. To cover the US liability, he had to liquidate $30,000 from his wife’s investments. That’s when he knew something wasn’t...