The consequences of misclassifying workers can be costly. If a business misclassifies an employee as an independent contractor, for example, it may be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), plus penalties and interest. And, there may be serious nontax consequences as well. This article details the tax consequences of misclassifying an employee as an independent contractor. A sidebar explains a new Department of Labor rule regarding independent contractors.

When a spouse dies, the last thing the survivor wants to deal with is higher taxes. But that’s exactly what can happen if he or she is caught in the “survivor trap.” Fortunately, there are strategies available to use to avoid the trap — or at least ease the pain. This article explains three specific strategies to thwart the survivor trap.

A “pot” trust may be right for an estate plan if the individual has two or more children. Typically, parents will create separate trusts for each child, splitting their assets into equal shares to fund each trust. However, it’s important to keep in mind that treating children “equally” in one’s estate plan doesn’t always mean treating them “fairly.” This article explains the benefits of using a pot trust.

These brief tips explain the reasons why tax planning for 2026 can be tricky; detail how to withdraw funds from a 401(k) plan early without penalty; and explore why a person may want to turn down an inheritance.