We Do Books™ Blog

The New Child Savings Plan Parents Need to Know (530A / “Invest America”)

Congress has officially blessed us with yet another account type. This one is built for children and is commonly being called a “Trump Account” (also referred to as a Section 530A / “Invest America” account). The elevator pitch: it’s a tax-advantaged, long-term investment account for a minor, seeded (in some cases) with government money, and designed to push families toward early investing.

Recent tax legislation includes new provisions that allow for the establishment of new investment accounts for children ages 18 or younger. The goal of the account is to have funds available for them when they become adults. While not yet available to create, news out of the IRS in early December makes it important to stay up to date on the rules and benefits as they develop. Here is what you need to know.

Business owners love two things: making money and not giving more to the IRS than necessary. A properly structured “working vacation” can help with both.

If you plan it correctly, a personal trip that includes real business activity can qualify as business travel.

That means a significant portion of the cost can become tax-deductible under current 2026 rules.

Each year there's typically an open enrollment for many benefit programs from your employer.

Here are some tips to consider.

For years, the tax code trend was to reduce the amount of interest that may be deducted on your tax return.

Until recently, it really only allowed interest deductions as an itemized deduction on qualified residences and vacation property.

That is changing now with the passage of the OBBB Act and the introduction of a new car interest tax break.

Here is what you need to know:

Do you want to jump start your child's retirement with a million dollar tax-free account?

Consider this.

Before taking action, talk to your tax adviser.

How many times have you seen this legal disclaimer?

Unfortunately, all too often taxpayers do not follow this advice and then must pay the price with an unnecessarily high tax bill.

Here are some of the most common situations that can save you money by seeking advice before you act:

Fair market value (FMV) is the price that property would sell for on the open market. It is the price that would be agreed on between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.

Source: IRS Publication 561

This definition is the standard the IRS uses to determine if an item sold or donated by you is valued properly for income tax purposes. It's also a definition that's open to interpretation. If the IRS decides your FMV opinion is incorrect, you're not only subject to more taxes, but also penalties to boot.

Here are some tips to help defend your FMV in case of an audit.

As of October 2025, The One Big Beautiful Bill Act (OBBBA) didn’t just keep Opportunity Zones alive. It made the program permanent, tightened zone eligibility, and changes investor incentives starting January 1, 2027.

Below is the upgraded, client-ready explainer with a now-vs-later comparison, a timeline, and the fine print sophisticated readers expect.

As of October 2025, if you’re age 70½ or older, you can transfer money directly from an IRA to qualifying charities. Those transfers are Qualified Charitable Distributions (QCDs).

Thanks to the One Big Beautiful Bill Act (OBBBA), QCDs now protect even more tax benefits by keeping AGI/MAGI low while still satisfying charitable goals.

Below is the upgraded, precise version: