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 »
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 »
