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 »
