David Keller, Author at The Financial Wire

man in white dress shirt sitting on black office rolling chair

The IRS lets self-employed filers deduct 100% of health insurance premiums above the line without itemizing — including dental, vision, and long-term care for spouse and dependents

David Keller4 months ago4 months ago019 mins

A freelance graphic designer in Austin pays $14,400 a year to cover herself, her husband, and their two kids through a marketplace health plan that includes dental and vision. Because she files as self-employed with net profit, the IRS allows her to subtract every dollar of that premium from her gross income before her tax…

Business colleagues having discussion at office

The SBA’s 7(a) variable rate now caps at 12.25% after prime held at 6.75% through spring — a $250,000 working-capital loan now costs about $30,000 a year in interest alone

David Keller4 months ago4 months ago015 mins

Borrow $250,000 through the SBA’s 7(a) program today, and you could owe roughly $30,625 in interest over the next 12 months without paying down a single dollar of principal. That is not a stress-test scenario. It is the straight math of a prime rate frozen at 6.75 percent and the maximum spread the SBA allows…

Unhappy young woman supporting stressed husband feeling depressed having financial problems calculating bills planning budget together at home suffering from lack of money bankruptcy concept

Inherited IRAs from owners who died after 2019 must be drained within 10 years — and heirs whose parent already took RMDs owe a 25% penalty on any year’s missed withdrawal

David Keller4 months ago4 months ago016 mins

Your mother passed away in 2021 at age 74, leaving you a $500,000 traditional IRA. She had been taking required minimum distributions for years. You rolled nothing over, took nothing out, and heard the IRS was waiving penalties while it sorted out the rules. That grace period is over. Starting with the 2025 tax year,…

The sign for the Federal Deposit Insurance Corporation mounted on the exterior wall of a building. 550 17th Street NW, Washington, DC 20429.

The FDIC’s new “debanking” rule takes effect in 13 days — after June 9, banks can no longer close your account because of your political views

David Keller4 months ago4 months ago013 mins

In 2014, a licensed firearms dealer in Wisconsin discovered his bank account had been closed with 30 days’ notice and no meaningful explanation. He was not accused of fraud, money laundering, or any legal violation. His business simply fell into a category that federal examiners considered a “reputation risk” for the bank. Variations of that…

a man and a child playing with blocks on the floor

The OBBBA permanently set the Child Tax Credit at $2,200 per qualifying child under 17 — $1,700 of it refundable for working families with little or no federal tax liability

David Keller4 months ago4 months ago014 mins

A single parent earning $20,000 a year and raising two children will see roughly $2,625 in refundable Child Tax Credit payments when filing a 2025 return. That money arrives as a direct deposit or paper check even if the parent owes zero federal income tax. The scenario became possible under permanent law on July 4,…

The OCC’s bank fee rule takes effect in 31 days — federal preemption overrides every state cap on interchange fees, including Illinois’s ban on tips and sales tax

David Keller4 months ago4 months ago015 mins

A server at a Chicago restaurant rings up a $100 dinner tab. The customer leaves a $25 tip on a credit card, and the bill includes $10.25 in sales tax. Under a new Illinois law taking effect July 1, 2026, the restaurant’s card-processing fee should be calculated on the $64.75 food-and-drink total alone, not the…

The 2026 Roth IRA income phase-out starts at $153,000 single and $242,000 joint — a backdoor conversion still works above the cap if you have no other pre-tax IRA balance

David Keller4 months ago4 months ago011 mins

A software engineer in San Francisco earning $170,000 cannot contribute directly to a Roth IRA in 2026. Neither can a dual-income couple in Dallas pulling in $260,000 combined. The IRS has drawn the lines: the Roth IRA income phase-out begins at $153,000 of modified adjusted gross income for single filers and $242,000 for married couples…

Mature business woman working at desk in home office using laptop

The estimated tax safe harbor demands 110% of last year’s tax for AGI over $150,000 — pay that and no underpayment penalty hits, no matter how big the final tax

David Keller4 months ago4 months ago014 mins

A taxpayer whose 2025 return showed $80,000 in total federal tax can make the IRS underpayment penalty vanish for 2026 by doing one thing: paying at least $88,000 through withholding and estimated payments over the course of the year. If the actual 2026 tax bill lands at $200,000, the $112,000 shortfall triggers no penalty at…

The 1099-MISC and 1099-NEC reporting thresholds just doubled to $2,000 for 2026 — gig workers earning less than $2,000 from a single payer won’t get a form at all

David Keller4 months ago4 months ago013 mins

Congress has doubled the reporting threshold for 1099-MISC and 1099-NEC forms from $600 to $2,000, and the change is already law. Starting with payments made during the 2026 calendar year, businesses will no longer be required to file a 1099 for a contractor unless they pay that person at least $2,000. For the millions of…

Young woman happily reviewing financial documents nodding positively satisfied successful results

The FHFA just killed the 620 FICO minimum for loans sold to Fannie Mae or Freddie Mac — lenders now choose between Classic FICO and VantageScore 4.0 with no floor

David Keller4 months ago4 months ago014 mins

A borrower with a 610 credit score walking into a mortgage lender’s office last month would have hit the same wall that has stood since the mid-2000s: Fannie Mae and Freddie Mac would not purchase a loan with a representative FICO below 620, so most lenders would not write one. As of April 22, 2026,…

David Keller

The IRS lets self-employed filers deduct 100% of health insurance premiums above the line without itemizing — including dental, vision, and long-term care for spouse and dependents

The SBA’s 7(a) variable rate now caps at 12.25% after prime held at 6.75% through spring — a $250,000 working-capital loan now costs about $30,000 a year in interest alone

Inherited IRAs from owners who died after 2019 must be drained within 10 years — and heirs whose parent already took RMDs owe a 25% penalty on any year’s missed withdrawal

The FDIC’s new “debanking” rule takes effect in 13 days — after June 9, banks can no longer close your account because of your political views

The OBBBA permanently set the Child Tax Credit at $2,200 per qualifying child under 17 — $1,700 of it refundable for working families with little or no federal tax liability

The OCC’s bank fee rule takes effect in 31 days — federal preemption overrides every state cap on interchange fees, including Illinois’s ban on tips and sales tax

The 2026 Roth IRA income phase-out starts at $153,000 single and $242,000 joint — a backdoor conversion still works above the cap if you have no other pre-tax IRA balance

The estimated tax safe harbor demands 110% of last year’s tax for AGI over $150,000 — pay that and no underpayment penalty hits, no matter how big the final tax

The 1099-MISC and 1099-NEC reporting thresholds just doubled to $2,000 for 2026 — gig workers earning less than $2,000 from a single payer won’t get a form at all

The FHFA just killed the 620 FICO minimum for loans sold to Fannie Mae or Freddie Mac — lenders now choose between Classic FICO and VantageScore 4.0 with no floor

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