An S corporation combines the tax advantages of a partnership with the liability protection of a corporation. However, this favorable tax status comes with strict eligibility and compliance requirements. Even an unintentional misstep can result… Read More »How to Prevent Accidental S Corporation Termination
Beginning in 2026, taxpayers who itemize deductions and make charitable contributions will encounter new limitations on how much they can deduct. In some situations, two separate limits may apply. On a positive note, individuals who… Read More »Charitable Donation Deduction Changes Starting In 2026
If your business employs workers or pays independent contractors, annual information reporting is a critical compliance responsibility. The One Big Beautiful Bill Act (OBBBA) introduces notable changes to these rules — but most of them… Read More »Significant Information Reporting Changes Begin in 2026
As the year wraps up, most people are busy with holiday shopping, charitable donations, and planning time with family. But if you’re an older taxpayer with one or more tax-advantaged retirement accounts—or a younger beneficiary… Read More »Don’t Miss Your Year-End RMD Deadline: Key Rules for 2024–2025
Businesses can generally deduct interest they pay or accrue, but federal tax rules limit how much can be claimed each year. Recent changes under the One Big Beautiful Bill Act (OBBBA) will allow many companies… Read More »New 2025 Rules Expand Business Interest Expense Deductions
Even though the year is nearly over, December still offers valuable opportunities to lower your 2025 tax bill. By acting before December 31, you may be able to meaningfully reduce your taxable income. Consider implementing… Read More »Smart Year-End Tax Strategies to Reduce Your 2025 Tax Bill
Effective tax planning works best when done throughout the year, but December still offers valuable opportunities to reduce your 2025 tax liability. Below are six strategies business owners can consider before year-end. 1. Delay Invoicing… Read More »6 Last-Minute Tax Tips to Help Businesses Cut Their 2025 Tax Bill
If you participate in an employer-sponsored flexible spending account (FSA) for health or dependent care expenses, now is the time to review your remaining balance. FSAs offer valuable tax savings — but most require you… Read More »Have You Used Your 2025 FSA Funds? Key Deadlines and Tips
When you’re planning to sell your business or acquire another company, taxes can significantly affect both the structure and financial outcome of the deal. Understanding the potential tax implications early can make the difference between… Read More »How Taxes Influence Your Merger or Acquisition Decision in 2025
Beginning in 2026, individuals in the highest federal income tax bracket will face a new cap on itemized deductions. If you expect to fall into the 37% bracket, you may want to take proactive steps… Read More »New 2026 Itemized Deduction Limits: What High-Income Taxpayers Need to Know
The One Big Beautiful Bill Act (OBBBA) introduced a powerful new tax incentive: 100% first-year depreciation for qualified production property (QPP). This deduction applies to certain nonresidential real estate and differs from traditional bonus depreciation,… Read More »New QPP Deduction: How Manufacturers Can Save Big with 100% First-Year Depreciation
Are you planning to make financial gifts to family members or other loved ones? If you also want to reduce the tax hit from appreciated investments, consider gifting stock instead of cash. With the right… Read More »How to Use the 0% Capital Gains Rate by Gifting Appreciated Stock