Carolyn Culp, EA, ATA

Carolyn Culp, EA, ATA I have been a professional tax accountant since 1977 with offices located in Kansas and California.

Summer Activities and Taxes – Did You Know?Summer is a time to relax and have fun, but some seasonal activities may have...
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

Good recordkeeping throughout the year will help you keep your on track. If you're not sure what records you need or how long you need to keep them, the has easy-to-understand information to help you get organized.

Read helpful records information at https://ow.ly/y0jn50YTwql.

05/29/2026

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National 529 Day – Did You Know?If you put money into a 529 education savings plan, earnings may be withdrawn federal in...
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If you put money into a 529 education savings plan, earnings may be withdrawn federal income tax-free when used for qualified education expenses.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.

05/27/2026

People spend their entire lives trying to look rich instead of trying to be rich.

I used to be one of them.

When I started making decent money, I remember feeling like I needed to prove it.
Not to myself.
To everyone else.

I bought the “right” car.
The “right” clothes.
The “right” neighborhood.

None of it changed my life.
None of it made me happier.
None of it made me feel any more confident.

A $900k house can feel just as lonely as a $300k house.
A $120k car still sits in the same traffic as a $20k car.
A $700 watch tells the exact same time as a $70 one.

The flex is not the car.
The flex is driving to lunch on a Tuesday because you own your time.

The flex is not the house.
The flex is peace.

The flex is not the watch.
The flex is laughing with your family and actually being there.

I spent years chasing material wins before I realized the real reward was freedom.

Not stuff.

If you want a wealthy life, start with what matters when no one is looking.

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In this guide, I reveal the assets I acquired that enabled me to achieve multi-millionaire status in my 30s.

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05/27/2026

In 1976 childcare cost $50 a month. Today it's $2,500.

In 1976 nearly half of moms stayed home because one income was enough to make that work.

Today 74% of moms are working and two incomes barely cover rent. The childcare system didn't just get expensive. It collapsed.

And the ripple effects of that collapse touch everything.

When childcare costs $2,500 a month that's $30,000 a year. For two kids it's $60,000.

In most American households that's one parent's entire take-home salary going directly to childcare so both parents can keep working to afford the house they're barely qualifying for.

The math becomes circular almost immediately.

In 1976 nearly half of mothers stayed home because one income supported the family. That wasn't a luxury. That was just how the economy was structured. The cost of living relative to wages made it possible.

In 2026 74% of mothers are working. Not because they all want to.

Because most of them have no financial choice. And the infrastructure that should support that shift — affordable childcare, reasonable waitlists, accessible family support — has not kept pace with the economic reality that created the demand for it.

The grandma detail is the one that lands differently when you sit with it.

In 1976 grandma was 15 minutes away. She was part of the childcare equation. The village was real and it was local. In 2026 the average American lives 500 miles from their nearest family member.

The village dispersed. The economy that required two incomes scattered families across the country chasing jobs.

And then left those same families with a $2,500 monthly childcare bill and an 18-month waitlist as the only alternative.

Nobody designed this. It just happened one economic decision at a time over 50 years.

And young families today are the ones absorbing the full cost of it.

05/26/2026

⚖️ This is an updated version of a post I ran about a month ago — the comment thread added two corrections worth including directly.

When you add a child to your home's deed, you are transferring ownership of a share of that property during your lifetime. The child receives your original cost basis on that transferred portion, not the stepped-up basis they would receive if they inherited the property at death.

The step-up in basis resets the cost of an inherited asset to its fair market value at the date of death. If a home was purchased for $80,000 and is worth $350,000 when the owner dies, an heir who receives it through a TOD deed has a basis of $350,000. A child who received it via a deed transfer while the parent was alive still carries the $80,000 original basis.

A transfer-on-death deed avoids this problem because ownership does not transfer until death. You keep full control during your lifetime, the home is not exposed to the child's creditors or divorce proceedings, and the beneficiary receives the full stepped-up basis.

One risk that did not appear in the original image: adding a child to your deed can eliminate the homestead exemption on the child's share of the property in many states, which may significantly increase your property tax bill.

A second qualification on the Medicaid point: a TOD deed does not trigger the Medicaid 5-year lookback because no transfer of ownership occurs during your lifetime. However, in many states, Medicaid estate recovery can still make a claim against the home after death. A TOD deed avoids lookback; it does not always avoid estate recovery.

TOD deeds are available in approximately 30 states. Kentucky, Iowa, Alabama, and several others do not recognize them. Lady Bird deeds (enhanced life estate deeds) serve a similar purpose in states like Texas, Michigan, and Florida where TOD deeds are unavailable.



P.S. Every Friday I send a short email with the week's top post, my take on the best article I read, and what I'm writing about on the site. Link in the comments.

Free Friday email: the week's top post, best article I read, and what I'm writing about. Visit the homepage to sign up: https://www.thewaystowealth.com/

The content shared here is for educational and informational purposes only. It is not personalized investment, tax, legal, or financial advice. Consult a licensed professional before making decisions based on your specific situation.

05/26/2026

Did you make a mistake when you originally filed your return? Take a look at an tax tip on how to fix it. You may need to file an amended return to correct your error. We explain the basics on filing an amended return including reasons to file one, how long you have to file it and how to file it.

Learn more about amended returns at https://ow.ly/fm0k50YTwph.

05/26/2026

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