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Click on the links below to jump to each section in this article: Are College Scholarships Really Tax-Free? 2026 Business Mileage Rate Gets a Boost Why You May Want a Roth Account in Your Retirement Plan   Are College Scholarships Really Tax-Free? Generally, scholarships received by degree candidates are tax-free to the extent they’re used for qualified tuition and related expenses. These include tuition, mandatory fees and required books, supplies and equipment. Amounts used for nonqualified expenses — such as room and board or travel — are taxable. If a scholarship requires the student to perform services, such as teaching or research, the portion paid for those services must be reported as income and is generally taxable. However, exceptions apply. Any taxable portion of a...

Click on the links below to jump to each section in this article: Don't Let the AMT Catch You Off Guard 2025 IRA Contribution Deadline Is Coming Up Understand the Tax Details When Starting a Business   Don't Let the AMT Catch You Off Guard Are you subject to the alternative minimum tax (AMT)? In general, this tax applies if your “tentative minimum tax” exceeds your regular income tax liability. Significant long-term capital gains and dividend income or recently exercised incentive stock options can trigger the AMT. Although the 2025 tax legislation, commonly known as the One Big Beautiful Bill Act, makes higher AMT exemptions permanent, it phases them out twice as fast beginning in 2026. Also, the legislation quadrupled the limit for the state and local tax deduction, which isn’t...