Dr. Sheri Thomas, CPA

06/15/2026

If you signed up for a Trump Account for your child, the app is now available! 🇺🇸📱

✅ Download the app

✅ Locate your account

✅ Complete your setup

💰 Funding is expected to begin in July.

👶 Trump Accounts are available for children under age 18.

Haven't signed up yet? There's still time! ⏰ You can still create an account at TrumpAccounts.gov.

🚀 Don't wait until funding starts—get everything set up now so you're ready when the deposits begin! 🇺🇸💵

Trump Accounts provide eligible American children with tax-advantaged investment accounts courtesy of President Donald J. Trump.

06/15/2026

IRS Offer in Compromise Program – Did You Know?

People who cannot pay their tax bills in full may have options to resolve the situation. One of these options is the Offer in Compromise (OIC) program, which allows eligible taxpayers to settle their debts with the IRS for less than the full amount owed.

Anyone considering an OIC should first check whether they qualify using the IRS Pre-Qualifier tool online (link below). Eligible taxpayers may then submit an application. In most cases, the application must be accompanied by a $205 fee and an initial payment toward the tax debt, although these requirements may be waived for lower-income applicants.

An OIC application requires detailed financial information and must be carefully prepared. Beware of aggressive ads promising to settle tax debts quickly for a small fraction of the amount owed. Companies behind these ads, often referred to as OIC mills, may charge substantial fees while submitting applications for people who have little chance of qualifying. A trusted tax professional can help ensure that an OIC application is complete, accurate, and has a reasonable chance of acceptance.

OIC Pre-Qualifier Online Tool: https://irs.treasury.gov/oic_pre_qualifier/

06/14/2026

🏡 Should You Pay Off Your Mortgage Before You Retire?

There isn't a one-size-fits-all answer. For some retirees, entering retirement mortgage-free provides tremendous peace of mind and lowers monthly expenses. For others, keeping a low-interest mortgage and leaving more money invested may make better financial sense.

Before making a decision, ask yourself:

✅ What is your mortgage interest rate?
✅ Where would the payoff money come from?
✅ Would paying off the mortgage improve your peace of mind?

Paying off your mortgage can reduce monthly expenses, protect against market downturns early in retirement, and provide a sense of financial security.

However, using too much cash to eliminate a low-interest mortgage can leave you "house rich and cash poor," reduce your emergency reserves, and potentially create unnecessary taxes if retirement accounts are used to fund the payoff.

My general advice: don't make the decision based solely on the math. Consider your cash flow, taxes, emergency savings, and your personal comfort level.

The happiest retirees often value financial peace of mind just as much as maximizing investment returns.

06/08/2026

Quarterly Estimated Tax Payments – Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the April 1–May 31, 2026, payment period is coming up next Monday, June 15, 2026.

If you use IRS Direct Pay, payments can generally be made until 11:45 p.m. ET on the due date. If you pay by credit or debit card through an IRS-authorized payment processor, payments can generally be made until 11:59 p.m. ET on the due date.

06/06/2026

💰 You just inherited something. Now what?

Most people assume an inheritance is simple — money comes in, life goes on. Unfortunately, what you don't know can cost you thousands. 😳

📖 The Beneficiary's Tax Survival Guide is a plain-language, expert-backed roadmap through one of the most misunderstood areas of tax law.

In this guide, you'll discover:

✅ Why most inheritances are NOT taxable when received — but what happens next can be 💸

✅ The step-up in basis rule that can legally eliminate decades of capital gains 📈

✅ The SECURE Act's 10-year rule for inherited IRAs — and the costly mistakes beneficiaries make every day ⏳

✅ What a Schedule K-1 means for your personal tax return (and why you can't ignore it) 📄

✅ How to sell inherited real estate without paying more tax than you owe 🏡

✅ The documents you must gather before making any financial decisions 📂

Whether you've inherited a home, a retirement account, investments, or cash 💵, this guide was written for you.

⚠️ Don't let confusion, bad advice, or costly mistakes turn your inheritance into a tax nightmare.

📚 Get informed. Protect your inheritance. Make smarter decisions.

👉 The Beneficiary's Tax Survival Guide – because what you do after you inherit can be just as important as what you inherit. 💙

You just inherited something. Now what?Most people assume an inheritance is simple — money comes in, life goes on. What they don't know can cost them thousands.The Beneficiary's Tax Survival Guide by Dr. Sheri Thomas, CPA is the resource your loved one's estate attorney won't hand you — a plain-...

06/02/2026

🚀 Starting a new business is exciting... until tax season arrives! 😳

After more than 25 years in the tax industry, I've found that some of the most common questions I receive come from new business owners. They're passionate about their product or service, but many quickly become overwhelmed by 📂 recordkeeping requirements, 💰 estimated taxes, 🏢 business structures, and the endless stream of conflicting advice they find online.

That's exactly why I created the New Business Owner's Financial Survival Guide! 📘

Inside, you'll learn:

✅ What records to keep from day one
✅ Best practices for recordkeeping
✅ Estimated tax fundamentals
✅ Common mistakes that can cost thousands of dollars 💸
✅ Simple systems to stay organized and audit-ready 📋

Written in plain English for real business owners—not accountants—this guide gives you the foundation you need to build your business with confidence. 💪

Whether you're launching your first business or know someone who is, this guide could save thousands of dollars and countless headaches. 🙌

👉 Get your copy today and start your business on the right foot!

Stop Guessing. Start Building.Most new business owners don't fail because they worked too hard — they fail because nobody told them the financial rules before they broke them.The New Business Owner's Financial Survival Guide is a step-by-step roadmap written by a CPA with 25+ years of experience h...

06/01/2026

Summer Activities and Taxes – Did You Know?

Summer is a time to relax and have fun, but some seasonal activities may have tax consequences. Being aware of them now may save you time and hassle later.

If your child attends a day camp so you can work or look for work, some of the cost may qualify for the Child and Dependent Care Credit. Be sure to keep records and obtain the camp's tax identification information.

Students with summer jobs may be entitled to tax refunds if income tax is withheld from their pay. Adults earning income from seasonal, part-time, or gig work may need additional withholding or quarterly estimated tax payments.

Summer is also a popular wedding season. If you change your name after marriage, update your records with the Social Security Administration. If you move, update your address with the IRS and submit a new Form W-4 to your employer so your withholding reflects your current tax situation.

05/29/2026

National 529 Day – Did You Know?

If you put money into a 529 education savings plan, earnings may be withdrawn federal income tax-free when used for qualified education expenses. Qualified expenses can include tuition, fees, books, supplies, computers, and for students enrolled at least half-time, certain room and board costs.

While 529 contributions are not deductible for federal income tax purposes, many states offer a full or partial state income tax deduction or credit for contributions. Some states and plan sponsors may also offer special incentives around National 529 Day.

Recent law changes expanded the use of 529 plans. In 2026, up to $20,000 per year, per student, may be used for qualified K–12 education expenses at public, private, or religious schools. Prior years were generally limited to $10,000 annually.

05/29/2026

📣 Parents of children under age 18: Check your email! 📧

🇺🇸 The U.S. Treasury has begun rolling out activation emails for the new Trump Accounts program ahead of its official July 4, 2026 launch.

If you previously submitted Form 4547 to open a Trump Account for your child, watch for an email from:

📧 [email protected]

The email will provide instructions for activating your child's account through the official Trump Accounts app or at TrumpAccounts.gov.

A few important reminders:

✅ There is no cost to open a Trump Account.

💰 Beginning July 4, 2026, parents, grandparents, employers, charities, and others may make contributions (subject to annual limits).

🎁 Eligible children will begin receiving the $1,000 Treasury pilot program contribution directly into their accounts starting July 4, 2026.

🚫 Treasury will NOT contact you by text message or phone call regarding account activation.

⚠️ Be cautious of scams. If you receive a phone call or text message about a Trump Account, do not respond. Treasury has stated that legitimate activation communications will only come by email during this rollout phase.

👶 If you haven't enrolled yet, eligible children can still be signed up at trumpaccounts.gov before they turn 18.

📈 This program could provide a meaningful opportunity to help children begin building long-term savings and investment assets at an early age.

🔗 For the latest information, visit TrumpAccounts.gov.

Trump Accounts provide eligible American children with tax-advantaged investment accounts courtesy of President Donald J. Trump.

05/18/2026

Qualifying Dependents – Did You Know?

In addition to your children and parents, a number of other individuals may qualify as your dependents for tax purposes. Important factors can include the person's income, how much support you provide, and how much of the year the person lives with you. In some limited cases, even a non-relative who lives with you year round as a member of your household may qualify as a dependent.