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Budget-Friendly Gardening Tips

May is prime time for spring planting in many regions, with warmer soil perfect for starting vegetables and flowers. Here are practical tips to maximize your garden’s output while minimizing costs:

Kick off by starting seeds in everyday recyclables— think egg cartons, yogurt cups, or toilet paper rolls. Free pots that biodegrade? Yes, please!

Whip up your own “black gold” compost using kitchen scraps and yard clippings in a simple pallet bin. Say goodbye to pricey fertilizers!

Layer on free mulch such as grass clippings or fallen leaves—it locks in moisture, blocks weeds, and reduces your water bill.

Go for high-return winners: tomatoes, basil, peppers, and zucchini. These champions deliver harvest after harvest, perfect for eating fresh or preserving.

Hunt deals at nursery sales, join local seed swaps, directsow tough crops like beans and carrots, and craft trellises from branches or twine.

These fun, frugal moves keep costs low while delivering delicious rewards. Dig in, get creative, and watch your garden (and savings) grow like crazy!

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May 2026 Client Profile

The Thompson family faced a familiar challenge: funding their daughter Mia’s four-year degree at a public state university, with annual costs reaching $28,000, totaling over $112,000.

They started early and regularly contributed to a 529 college savings plan. By Mia’s senior year of high school, the account had $38,000, supported by consistent $4,000 yearly deposits and years of tax-advantaged growth.

Mia applied aggressively for aid. She received a $9,000 need-based Pell Grant, $3,800 in federally subsidized loans, and two private merit scholarships totaling $5,000. Her campus work-study job contributed $3,200 annually.

The parents took an $18,000 federal Parent PLUS loan at a fixed rate, planning to refinance if rates dropped later. They also redirected discretionary spending — vacations became staycations, and dining out became rare — to free up $6,000 annually.

Through disciplined saving, maximized grants and scholarships, part-time work, and modest borrowing, the Thompsons covered Mia’s education without crippling debt. The experience reinforced a key lesson: early planning, open family conversations, and exploring every funding option turn an intimidating expense into a manageable shared goal.

Client Profile is based on a hypothetical situation. The solutions discussed may or may not be appropriate for you.

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Start Your College Grad’s Financial Wellness Path

You may be able to do this utilizing any unused funds in the student’s 529 Plan. The IRS now allows rollovers of these funds to a Roth IRA in the child’s name.

REQUIREMENTS

You must have owned the 529 account for at least 15 years before rollovers are permitted. Contributions made in the five years prior to when distributions begin — including the related earnings — are not eligible for a tax-free rollover. Rollovers can’t exceed the 2026 annual Roth contribution limit of $7,500 for beneficiaries under age 50 or $8,600 for those age 50 and older (which includes a $1,100 catch-up contribution).

The lifetime 529 rollover limit is $35,000, so you’d have to do a rollover annually for several years. As the owner of the Roth IRA, your graduate must have earned income at least equal to the amount of the annual rollover.

Consult your trusted advisors about your unique situation.

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Top Summer Travel Destinations

Some of the top travel trends in 2026, according to U.S. News & World Report and Expedia, include iconic national parks, coastal getaways, mountain adventures, and historic cities celebrating America’s 250th anniversary (America 250). Here are a few of the top trending destinations this year:

Grand Canyon National Park, Arizona

Great for summer rafting, hiking, and stunning sunsets

Yellowstone National Park, Wyoming/ Montana/Idaho

Offering wildlife viewing, geysers, and hiking

Big Sky, Montana

Best known for summer hiking, rafting, and proximity to Yellowstone

Outer Banks & San Diego Beaches

The Outer Banks offers relaxing beaches, while San Diego provides excellent surfing and vibrant waterfronts

Philadelphia and Boston

Historic hubs buzzing with America 250 events, boat parades, and festivals. Ideal time for Freedom Trail walks and visits to Independence Hall.

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Taxable Fringe Benefits

Generally, employers must report the value of fringe benefits provided to employees as taxable income, unless the IRS explicitly excludes them. Excludable (non-taxable) examples include:

  • Employee discounts on goods or services
  • Qualified parking subsidies up to $340 per month (as of 2026)
  • Company services offered at or below cost
  • Modest holiday gifts ◊ Minimal personal use of office equipment
  • Occasional company parties

More substantial benefits — such as personal use of a company car or country club memberships — must be included in taxable income. Starting in 2026, most moving expense reimbursements and bicycle commuting reimbursements are now fully taxable and must be reported as employee income.

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529 College Savings Plan to Minimize Taxes

A 529 college savings plan* is a popular way for families to save for higher education expenses while enjoying significant tax advantages. Contributions grow tax-free when used for qualified education costs, such as tuition, books, and room and board. To maximize these benefits, consider contributing early and regularly, allowing your investments more time to grow.

Changes under the One Big Beautiful Bill Act (OBBBA) make 529 plans more flexible than ever for covering college and other educational needs. When the time comes, you can take tax-free withdrawals to pay for qualified education expenses. Additionally, up to $10,000 (lifetime limit per beneficiary) from these plans can be used to pay qualified student loans for the beneficiary and any siblings.

Starting in 2026, families can withdraw up to $20,000 per year per beneficiary from 529 plans for qualified K—12 expenses — up from the previous annual limit of $10,000. Qualified expenses now include not only tuition but also curriculum and instructional materials (such as books or online courses), tutoring by licensed or expert instructors, dual-enrollment fees, standardized test (e.g., SAT/ACT) fees, and educational therapies for students with disabilities.

Distributions may now be used tax-free for training registered under the Workforce Innovation and Opportunity Act, apprenticeships, and state-licensed certifications (specific qualifications may apply). Qualified expenses include tuition, fees, books, supplies, and exam fees in career training and continuing education.

A key to minimizing taxes is to take advantage of state tax deductions or credits offered for 529 contributions. Many states provide incentives that reduce your state tax bill dollar-for-dollar up to a certain limit. Make sure to check your state’s rules to maximize these benefits. Talk to your tax professional about your unique strategy to minimize taxes while funding educational needs.

*Certain requirements may apply. Before investing, read the program offering statement and consider the investment objectives, risks, charges, and expenses. These plans are not guaranteed by any state or federal agency. If you are not a taxpayer of the state offering the plan, consider before investing whether you or the designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in that state’s qualified tuition program.

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May 2026 Client Line Newsletter

529 College Savings Plan to Minimize Taxes – a 529 college savings plan is a popular way for families to save for higher education expenses.

Taxable Fringe Benefits – employers must report the value of fringe benefits provided to employees as taxable income unless they are explicitly excluded.

Top Summer Travel Destinations – top travel trends in 2026.

Start Your College Grad’s Financial Wellness Path – you can rollover unused 529 funds to a Roth IRA in the child’s name.

May 2026 Client Profile

Budget-Friendly Gardening Tips – practical tips to maximize your garden’s output.

May 2026 Question and Answer

Savvy New Car Shopping Tips – Memorial Day weekend kicks off some oof the year’s best car deals.

Business Exit Planning – potential taxes can greatly affect the proceeds from selling your business.

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Building a Successful Partnership

A successful business partnership goes beyond shared enthusiasm—it requires careful planning, clear communication, and proactive decision-making. Partners must align on the company’s structure, financing, and conflict resolution to build a strong foundation.

START WITH SHARED VISION

Decide early how to finance the business and how to meet future capital needs. Whether through personal investment, bank loans, or outside investors, both partners should agree on the approach.

SECURE FUNDING TOGETHER

Discuss growth timelines, potential pivots, and how shifting priorities could impact roles and pay. Regularly reviewing these topics helps avoid misalignment as the business evolves.

CHOOSE THE RIGHT BUSINESS STRUCTURE

Evaluate options like LLC, S corporation, or C-corporation. Each provides different tax benefits, liability protection, and administrative requirements. Also, agree on how expenses will be shared and profits divided—usually based on ownership percentage or individual contributions.

PLAN FOR DISAGREEMENTS

Conflicts are inevitable. Create a decisionmaking framework in advance— whether designating one partner for final say, dividing authority by expertise, or requiring consensus on major financial decisions.

PROTECT THE BUSINESS

Obtain sufficient insurance coverage, including an umbrella policy for liability, property, and casualty risks. Consider errors and omissions insurance for professional services and key person life insurance to protect the company if a vital partner or employee passes away.

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Control Versus Protection

When creating a trust, understanding the difference between revocable and irrevocable goes beyond just terminology. It can greatly influence asset protection and your control over those assets.

REVOCABLE TRUSTS

With a revocable trust, you retain control over the assets during your lifetime. You can modify or even cancel the trust as your situation changes. This flexibility can be helpful if you expect changes in your financial or family circumstances. However, because you retain control, the assets in a revocable trust usually aren’t protected from creditors or estate taxes. They are still considered part of your estate.

IRREVOCABLE TRUSTS

When you establish an irrevocable trust, you transfer control to someone else. Though it’s harder to change the trust later, it often provides significant advantages. Since you no longer own the assets, they can be protected from creditors and might be excluded from the taxable estate, potentially lowering your estate taxes.

When choosing between them, it’s important to consider your goals. If you need flexibility, a revocable trust might be best. If protecting assets and tax savings are priorities, an irrevocable trust may be a better choice. An experienced professional can help explain how each option aligns with your overall financial plan.

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April 2026 Question and Answer

QUESTION

What is the pass-through income deduction for businesses?

ANSWER

This deduction was set to expire at the end of 2025, but it was extended by the One Big Beautiful Bill Act (OBBBA). Owners of some pass-through businesses can continue to claim a deduction of up to 20% of qualified business income, plus 20% of qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income.

The deduction phases out at $403,500—$553,500 (joint filers), $201,750–$276,750 (single filers), and $201,775— $276,775 (married filing separately—not including the qualified business income deduction. Above these thresholds, the deduction is based on whether you’re a specified service trade business (SSTB).