October 13, 2026 If you own rental properties, you know the frustration: your losses do you no good until you qualify as a tax law–defined real estate professional and materially participate in the properties. Both of these tests turn on hours, and the real estate professional test alone requires 750 hours. Here is a source …
Drive Time Increases Odds of Deducting Rental Property Losses Read More »
September 29, 2026 If you operate as a sole proprietor or single-member LLC, earn a good income, and have no payroll and little depreciable property, you may be losing most of the Section 199A 20 percent deduction. Switching to an S corporation can fix that. Here is the problem: Once your 2026 taxable income exceeds …
2026 Section 199A: Proprietorship or S Corporation? Read More »
September 22, 2026 If your business sells merchandise, there may be a valuable year-end tax planning opportunity that many small-business owners overlook. Under today’s tax rules, many qualifying small businesses can deduct the cost of inventory when it is purchased and paid for, even if the goods remain on the shelf at year-end. But there …
Tax Plan: Buy $500,000 of Goods on December 20 and Expense Them Read More »
September 15, 2026 If your first house-flipping project ended in a loss, don’t assume you’re limited to deducting only $3,000 per year. Depending on your specific facts, you may qualify to deduct the entire loss in the current year. The key issue is whether the IRS views you as a real estate dealer or as …
Dealer or Investor? Deducting the Loss on Your First Flip Read More »
August 27, 2026 If you own more than 2 percent of an S corporation, your dental, vision, and Medicare premiums can qualify for the same valuable tax treatment as your major medical insurance premiums. To secure the deductions, follow the same three-step process for all qualifying premiums. First, your S corporation must either pay the …
S Corp. Owners: Don’t Lose 2026 Dental, Vision, Medicare Breaks Read More »
August 18, 2026 If you’re planning to sell highly appreciated real estate, a closely held business, or private company stock, don’t let the tax consequences become an afterthought. There may be a way to defer the capital gains tax for years, even decades, but only if you plan before the sale. One strategy worth considering …
Sell Now, Pay the IRS Later: Defer Capital Gains for Decades Read More »
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 »
