August 4, 2026 If your business receives an Employee Retention Credit (ERC) refund in 2026 for wages paid in 2020 or 2021, you may have an important tax planning opportunity. Many businesses filed ERC claims years after they filed their original income tax returns. Because the IRS took so long to process many claims, some …
July 28, 2026 Donating non-cash property to charity can provide a valuable tax deduction. In many cases, you may deduct the property’s fair market value on the date of the donation. However, the IRS closely scrutinizes these deductions because of past abuses involving inflated valuations. If you claim a charitable deduction of more than $5,000 …
July 21, 2026 Partners in partnerships and members of LLCs taxed as partnerships often pay business-related expenses out of their own pocket. Common examples include meals with prospective clients, vehicle expenses, professional education, subscriptions, and home-office costs. In many cases, these unreimbursed expenses may be deductible on the partner’s personal tax return, but only if …
How to Define, Deduct, and Benefit from Unreimbursed Partner Expenses Read More »
July 7, 2026 You may have a once-in-a-generation opportunity to claim refunds or obtain abatement of IRS penalties and interest that were assessed or paid during the COVID-19 pandemic. However, you must act quickly to preserve your potential claim. Here is the background: In Kwong v. United States, the U.S. Court of Federal Claims ruled …
You May Be Owed an IRS Refund—Action Needed by July 10 Read More »
July 2, 2026 Let’s turn our attention to an increasingly valuable tax planning opportunity involving qualified small business corporation (QSBC) stock, especially in light of recent law changes. QSBCs, essentially, certain qualifying C corporations, offer powerful tax advantages. Most notably, you may be able to exclude up to 100 percent of the gain on the …
How to Convert Your S Corporation into a Tax-Favored QSBC Read More »
May 26, 2026 Here’s an important tax planning opportunity, and caution, regarding the deduction of a motor home used for business purposes. The Jackson case highlights that many taxpayers lose this deduction not because it is invalid, but because it is improperly structured or documented. When this situation is handled correctly, a motor home can …
Claim Motor Home Deductions Right or Lose Like the Jacksons Did Read More »
May 7, 2026 Health Savings Accounts (HSAs) are a great way to save money. Unlike any other tax-advantaged account, they provide a triple tax benefit: Withdrawals after age 65, if not used for medical expenses, are subject to regular income taxes. Some wealth advisors counsel HSA owners to treat their accounts like a super IRA, …
April 28, 2026 If you employ your spouse in your business and use a Section 105-HRA to deduct family medical expenses, you may be wondering whether issuing a W-2 is necessary. The good news is, from a tax law standpoint, a W-2 is not required. IRS guidance and court decisions confirm that medical reimbursements under …
Do You Need a W-2 for Spouse-Employee 105-HRA Benefits? Read More »
April 21, 2026 Beginning in 2026, the One Big Beautiful Bill Act increases the employer childcare credit for small businesses to 50 percent of qualified expenses, up to $600,000 per year. Even one-owner businesses can benefit, and the savings are substantial. If you operate as a sole proprietor, you cannot claim the credit for your …
How One-Owner Businesses Win with the New 50% Childcare Credit Read More »
April 13, 2026 If you donate clothing or household goods to charity, there’s an IRS trap you need to know about. In a recent Tax Court case, a taxpayer lost a $6,760 charitable deduction—not because the donations were improper, but because his documentation failed to meet strict technical requirements. The court didn’t question his generosity. …
Brutal IRS Trap Wipes Out Goodwill Clothing Deductions Read More »
March 31, 2026 Many charitably minded individual retirement account (IRA) owners use qualified charitable distributions (QCDs) to satisfy required minimum distributions (RMDs) while avoiding income tax. One simple mistake, however, can turn an otherwise tax-free QCD into fully taxable income. After age 70 1/2, you may direct up to $111,000 in 2026 from your traditional …
This One Mistake Can Make Your QCD Fully Taxable Read More »
March 24, 2026 Family relationships and overlapping ownership can quietly sabotage well-intentioned tax planning. Internal Revenue Code Section 267 often causes the damage. This rule does not announce itself with penalties or warnings. Instead, it erases deductions, disallows losses, and delays expenses after the transaction feels complete. Section 267 targets transactions between related parties. The …
March 17, 2026 The One Big Beautiful Bill Act (OBBBA) dramatically expanded the employer childcare credit starting in 2026, turning a modest tax break into a significant planning opportunity for many businesses. The employer childcare credit allows businesses to claim a general business tax credit for qualified childcare expenses paid for employees. Qualifying costs include …
OBBBA Supercharges the Employer Childcare Credit for 2026 Read More »
March 10, 2026 Many married couples form an LLC to own rental property to obtain liability protection. After they create the LLC, they often ask an important tax question: Does the LLC force them to file a partnership return? The answer depends largely on where they live and how they own the property. Federal tax …
Husband-and-Wife LLC—Do They Have to File a Partnership Return? Read More »
If you receive mileage reimbursements from your employer or your corporation, you may face an unexpected tax result when you sell or trade your vehicle. Many employees assume that mileage reimbursements end the tax story. That assumption often leads taxpayers to miss a valuable deduction-or to get blindsided by a taxable gain. When your employer …
Avoid This Hidden Tax Trap in Mileage-Reimbursed Vehicles Read More »
February 10, 2026 Serious real estate investors rely on the Section 1031 exchange because it allows them to grow wealth faster while legally deferring federal income taxes. When you sell rental property without using a 1031 exchange, capital gains tax and depreciation recapture immediately reduce the cash you can reinvest. A properly structured exchange keeps …
February 4, 2026 OBBBA Revives Your Ability to Kill Capital Gains with QOFs Since 2018, taxpayers have enjoyed significant tax benefits by investing capital gains in Qualified Opportunity Funds (QOFs). QOFs channel money into Qualified Opportunity Zones (QOZs)—government-designated low-income census tracts. Investors have embraced the program, pouring in more than $160 billion. The program was …
OBBBA Revives Your Ability to Kill Capital Gains with QOFs Read More »
January 27, 2026 Many taxpayers panic when they hear the term “depreciation recapture” and decide to skip depreciation on a home office to avoid future tax. That strategy usually backfires. The tax law creates unexpected consequences when you claim zero depreciation, and those consequences often cost more than the recapture tax you tried to avoid. …
Should You Skip Home-Office Depreciation to Dodge Recapture? Read More »
January 20, 2026 IRS Moves Toward All-Electronic Refunds: What You Need to Know Your tax refund will no longer arrive by paper check. The IRS recently announced that it will stop issuing refund checks, with limited exceptions, and will require taxpayers to receive refunds electronically. Why the Change? Paper checks cost more, create security risks, …
IRS Moves Toward All-Electronic Refunds: What You Need to Know Read More »
December 30, 2025 We want to alert you to a tax credit that is set to expire soon. You can claim a federal income tax credit for installing electric vehicle chargers or other alternative-fuel refueling equipment, but the credit disappears for anything you place in service after June 30, 2026. You still have time to …
Only Seven Months Left to Secure Your EV Charger Credit Read More »
December 18, 2025 Here’s an important tax planning strategy that can save you thousands in penalties if you’ve missed estimated tax payments for 2025. The Penalty Problem When you don’t make your 2025 estimated tax payments on time, the IRS charges a non-deductible 7 percent penalty that compounds daily. Because penalties are not deductible, they …
Learn How to Beat 2025 Estimated Tax Penalties Instantly, Today Read More »
December 9, 2025 One of the key business provisions in the Big Beautiful Bill expands the Net Operating Loss (NOL) rules through 2028. Here’s what changed: This provides significant planning flexibility — especially for clients with fluctuating income, large investments, or cyclical industries. We’ll review your prior and current-year returns to determine whether you can …
NOLs Can Now Offset 100% of Taxable Income (Through 2028) Read More »
December 2, 2025 As we approach the end of 2025, there’s still time to take action and make a real difference in your tax outcome for the year. With thoughtful planning and a few strategic steps, you can reduce your tax bill, strengthen your retirement savings, and position your finances for a better 2026. Below …
November 18, 2025 The Big Beautiful Bill expanded the Adoption Credit starting in 2025.Here’s what’s new: This change makes adoption-related tax relief more accessible and valuable for many families.If adoption is part of your family’s plans, we’ll incorporate this into your tax strategy to ensure you maximize the benefit. If you have any questions, please …
November 13, 2025 A significant business provision in the Big Beautiful Bill restores immediate expensing for domestic research and development (R&D) costs through 2028. Here’s what that means for you: If your business engages in innovation or process improvement — even if it’s not traditional “lab research” — these costs may qualify. We’ll review your …
October 28, 2025 Under the new Big Beautiful Bill, the business interest deduction (Section 163(j)) rules have been relaxed, allowing more businesses to deduct their interest expense. Here’s what’s changed: We’ll review your interest and depreciation schedules in your next planning session to ensure we’re taking full advantage of this new flexibility. If your business …
October 14, 2025 The Big Beautiful Bill includes a provision making forgiven student loans due to death or disability permanently excluded from taxable income. Previously, these situations could create a surprise tax liability — even when the loan itself was wiped away. This change removes that risk and creates more certainty for borrowers and their …
October 2, 2025 The Big Beautiful Bill includes two important changes that will benefit many families with children or dependent care expenses: This means families may now receive more significant relief for childcare, after-school care, summer programs, or elder care costs. We’ll review these provisions during your next planning session and make sure your benefits …
September 23, 2025 The Big Beautiful Bill introduced a new savings option for children — IRAs for minors (nicknamed “Trump Accounts”) — beginning in 2025.Key details: This creates a powerful new way to support children’s long-term financial security and integrate wealth-building into family planning strategies. If you have any questions, please feel free to reach …
Here’s another new tax break…Under the Big Beautiful Bill, interest on car loans for U.S. -built vehicles is now deductible up to $10,000 per year (2025–2028). Yes, you read that right —if you finance a qualifying vehicle, part of your car payment could now save you on taxes. Let me guess…Your CPA hasn’t flagged this …
Did You Know? Your Car Loan Could Now Be Tax-Deductible Read More »
July 30, 2025 Great news: the 20% Qualified Business Income (QBI) deduction — originally set to expire in 2026 — has now been made permanent under the newly passed “Big Beautiful Bill.”What’s changed: What this means for you: If you have any questions, please feel free to reach out to our team! >> Schedule a …
QBI (20% Business Income Deduction) Now Made Permanent Read More »
July 22, 2025 If you’re considering investments that offer both substantial tax savings and long-term return, a solar project might be worth exploring, especially if you’ve had a strong income year. Here’s why it’s worth looking at: This is a more capital-intensive strategy, but it’s particularly valuable for clients who: If you’d like to walk …
July 15, 2025 We wanted to update you on the “One Big Beautiful Bill Act”, which was officially passed on July 4, 2025. This bill includes several provisions we’ll incorporate into your planning going forward. Here are some of the key highlights: We will be reviewing these provisions in detail during your upcoming strategy meetings …
July 8, 2025 A unique tax planning opportunity is available this year that could help you reduce your federal tax bill by 25% — with no restructuring or complex documentation required. It’s called the Sovereign Tribal Tax Credit (STTC) program. Here’s how it works: This can be a helpful tool if you have: If this …
July 1, 2025 For clients operating capital-intensive businesses Or seeking significant deductions before year-end, The Financed Equipment Rental strategy is one worth considering. Here’s how it works: For example: A $50K investment might produce a $300K+ deduction — All while preserving liquidity. This approach is particularly well-suited for clients with: As always, this type of …
Financed Equipment Rental for Major Tax Deductions Read More »
June 21, 2025 What if you could pay your federal taxes — at a 25% discount?The Sovereign Tribal Tax Credit (STTC) program allows qualified individuals to purchase federal tax credits at a reduced rate and apply them directly to their IRS bill. Here’s how it works: It’s a simple, legal, and extremely efficient way for …
Buy Federal Tax Credits at a Discount — Here’s How Read More »
June 10, 2025 If charitable giving is already part of your financial picture, there’s a strategy worth considering that can amplify your impact — and your tax benefits: Leveraged Asset Donation. Here’s the idea: For example:A $25K investment may produce over $100K in deductions, limited to 30% of your AGI. It’s ideal for clients with …
Leveraged Charitable Donations for Bigger Deductions Read More »
June 3, 2025 If you’re looking for a way to drastically reduce your taxable income while setting yourself up for steady, long-term returns, the Leveraged Technology Purchase strategy could be a perfect fit. Here’s how it works: The bottom line? Details: This strategy is ideal for business owners and investors looking to optimize current cash …
Want a $400K Deduction from a $100K Investment? Here’s How Read More »
May 27, 2025 Leveraged Technology Purchases under Section 179 of the tax code. Here’s a quick breakdown: This opportunity may be a good fit for clients who: Since Section 179 benefits are tied to the calendar year, any transactions would need to be completed before December 31 to count for this tax year. If you’re …
Leveraged Technology Purchase for Tax Deductions and Income Read More »
May 20, 2025 Looking for a way to dramatically cut your taxes, generate consistent returns, and position yourself for a future liquidity event? The HealthCare Software RTU Program is one of the most unique (and powerful) strategies available for business owners and high earners today. Here’s the overview: Bottom line? Minimum Investment: $50,000 Ideal for …
April 29, 2025 For high-income earners looking for a unique way to reduce taxes, Film Debt Financing offers a rare opportunity to do just that — with the potential to also participate in the profits of major film productions. This strategy leverages Section 181 of the Internal Revenue Code, which allows for immediate tax deductions …
Reduce Taxes and Invest in Hollywood? Here’s How It Works Read More »
Can Real Estate Professional Status Free Up Old Passive Losses? February 4, 2025 Deducting your rental property tax losses against your other income is tricky, as you likely know. You have to get the tax law to treat you—say, a computer engineer—as a tax-code–defined real estate professional. Let’s say you get there. Does that status …
Can Real Estate Professional Status Free Up Old Passive Losses? Read More »
January 21, 2025 Prepare for tax changes. The Tax Cuts and Jobs Act (TCJA) has been part of our tax landscape for nearly seven years, shaping how businesses and individuals plan their finances. With an eye toward the end of 2025, when many key provisions expire, here are some critical changes that could affect you …
Game On: TCJA Winners and Losers—Business on the Chopping Block Read More »
U.S. Supreme Court Makes It Easier to Challenge IRS Regulations Over the years, the IRS has enacted voluminous regulations that interpret ambiguous tax code provisions or fill in administrative gaps. Indeed, IRS regulations dwarf the tax code: the tax code is about 2,600 pages long, while all the rules written by the IRS amount to …
U.S. Supreme Court Makes It Easier to Challenge IRS Regulations Read More »
December 17, 2024 Here are some key points about renting personal property, which includes equipment, vehicles, and furniture. The tax treatment differs from real estate rentals, and how you classify the rental activity will affect how you report income, expenses, and potential self-employment tax. Classification of Personal Property Rentals The tax code treats personal property …
Know the Three Ways the Tax Law Treats Personal Property Rentals Read More »
December 10, 2024 You can plan your tax-deductible business life to avoid cold winters and hot summers. Spend a moment examining the following four short paragraphs containing the Andrews case’s basic facts. For six months of the year, from May through October, Edward Andrews lived in Lynnfield, Massachusetts, where he owned and operated Andrews Gunite …
Tax Planning to Winter in Florida and Summer in Massachusetts Read More »
December 3, 2024 The purpose of these strategies is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are six powerful business …
2024 Last-Minute Year-End General Business Income Tax Deductions Read More »
October 29, 2024 Here are some key points about renting personal property, which includes equipment, vehicles, and furniture. The tax treatment differs from real estate rentals, and how you classify the rental activity will affect how you report income, expenses, and potential self-employment tax. Classification of Personal Property Rentals The tax code treats personal property …
Know the Three Ways the Tax Law Treats Personal Property Rentals Read More »
October 15, 2024 If you’ve recently been billed by the IRS with the claim that you owe a penalty for late filing, late payment, or missed employment tax deposits, I urge you to pause before making any payment. You may not have to pay that penalty at all. The IRS often imposes steep penalties for …
October 8, 2024 The clock continues to tick. Here are the upcoming deadlines for filing your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Deadlines If your business existed as of January 1, 2024, you must file your BOI report by January 1, 2025. If you …
BOI Reporting Deadline Is Closing In For Businesses Read More »
September 20, 2024 Does your business classify workers as independent contractors instead of employees? You should know that the U.S. Department of Labor is trying to make it harder for all businesses to use independent contractors. The Department of Labor enforces the Fair Labor Standards Act (FLSA), the federal law that requires most employers to …
The Department of Labor Makes It Harder to Hire Independent Contractors Read More »
Self-employment taxes are substantial, and most people want to minimize them. Self-employed taxpayers often avoid self-employment taxes by operating as an S corporation. The distributions from the S corporation are not subject to self-employment tax. But Social Security and Medicare tax must be paid on the shareholders’ employee compensation (which must be reasonable based on …
The kiddie tax was enacted by Congress to prevent parents from passing investment income to their children, who typically have a lower tax rate. Under the kiddie tax rules, a portion of a child’s net unearned income may be taxed at the parent’s marginal federal income tax rate. The kiddie tax applies to children up …
August 20, 2024 Long-term care costs can be substantial, and neither Medicare nor Medicaid provide comprehensive coverage for most people. Long-term care insurance can help protect your finances, and there may be ways to deduct the premiums, depending on your business structure. Here are four key points to consider: Are you a business owner that …
Tax Guide to Deducting Long-Term Care Insurance Premiums Read More »
July 30, 2024 Tax-advantaged retirement accounts such as IRAs are a great way to save for retirement. But when you establish a traditional IRA with a bank, a brokerage, or a trust company, you are ordinarily limited to a narrow range of investment options, such as CDs and publicly traded stocks, bonds, mutual funds, and …
July 16, 2024 If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee. But the tax savings may be a mirage if you don’t pay your spouse …
July 9, 2024 If you have an office in your home that qualifies for the home-office deduction and you employ a cleaning person who maintains both your home and your home office, there are a couple of tax considerations to keep in mind. The amount you pay your cleaning person for their services can have …
The Cleaning Crew and Your Home-Office Deduction Read More »
June 25, 2024 Key Insights into Depreciation Here are some crucial insights into depreciation, particularly regarding business or rental assets. When Does Depreciation Start? Technically, depreciation begins not when you use an asset but when it’s ready and available for its intended purpose. For instance: • A rental property begins depreciating when it’s available to …
When it comes to taxes, the tax code treats professional gamblers better than recreational gamblers. Unlike recreational gamblers, professionals get to deduct all their gambling expenses (including travel, lodging, and meal expenses) up to their annual winnings, without itemizing. This is a big advantage. If you gamble a lot, you could benefit by qualifying as …
Do You Qualify as a Tax Law–Defined Professional Gambler? Read More »
IRAs for Young Adults As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). Now is the perfect time to consider how you can leverage an IRA. Traditional and Roth IRAs: A Brief Overview Both traditional and Roth IRAs offer unique benefits, so the choice between …
Selling Your Home to Your S Corporation June 4, 2024 If you want to convert your home to a rental property, you can improve your tax benefits by selling it to your S corporation. Benefits of Selling Your Home to Your S Corporation · Tax savings on home sale profit. By selling your home to …
Did you know that you can group activities for real estate depreciation? Let’s expound on this… Common Situation Issue with Common Situation Solution: Grouping of Activities: Reg §1.469 Qualifications for Grouping One Activity is Insubstantial in Relation to the Other Insubstantial is not clearly defined, but there are some guidelines: Grouping Activities Together Results in …
On January 1, 2024, the Corporate Transparency Act (CTA) went into effect. The CTA requires most smaller corporations, most limited liability companies, and some other business entities to file a beneficial ownership information (BOI) report with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN). The BOI report identifies and provides contact information …
Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can enjoy substantial tax savings, depending on your tax bracket. Two Main …
Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel Read More »
If you invest or trade in Bitcoin, non-fungible tokens (NFTs), Stablecoins, or other digital assets, prepare for sweeping new tax reporting requirements. Congress wants the IRS to crack down on taxpayers who buy and sell crypto but don’t report or pay tax on their gains. To do so, it wants people and companies that facilitate …
Get up to $32,220 in Sick and Family Leave Tax Credits If you are self-employed or operate a small corporation, it’s likely that you have not applied for your sick and family leave tax credits. If that’s the case, we will need you to get your act together so we can file amended 2021 and …
Get up to $32,220 in Sick and Family Leave Tax Credits Read More »
Estimated Tax Penalties The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as income is earned, whether through withholding, by making estimated tax payments, or both. You suffer an estimated …
You need to think about the sale of your rental property when you claim depreciation on your qualified improvement property (QIP). Gains may be subject to higher-than-expected tax rates due to Section 1245 and Section 1250 ordinary income recapture and other factors. Planning your depreciation methods can significantly impact your current tax liabilities and long-term …
Tax Implications of Selling Qualified Improvement Property (QIP) Read More »
Here’s an easy question: Do you need more 2023 tax deductions? If the answer is yes, continue reading. Next easy question: do you need a replacement business vehicle? If so, you can simultaneously solve or mitigate the first problem (needing more deductions) and the second problem (needing a replacement vehicle) if you can get your …
2023 Last-Minute Vehicle Purchases to Save on Taxes Read More »
June 3, 2026 Recent tax law changes make it more challenging to receive meaningful tax benefits from charitable giving. Under the current 2026 rules, higher standard deductions and new limitations mean many taxpayers receive little or no benefit from itemizing charitable contributions. Additionally, personal donations are made with after-tax dollars, often increasing the overall cost …
Make Church and Charity Gifts Business Write-offs Read More »
