Can Partners Deduct Expenses They Pay?
If you own a business taxed as a partnership, you may occasionally pay work-related expenses out of pocket. This raises a common question: Can you deduct those payments on your [...]
Consider an Installment Sale to Optimize Taxes When Selling Your Business
Over the years, you’ve invested blood, sweat and tears into building a successful small business. Now it’s time to sell and move on to the next chapter of your life. [...]
Evaluate the Effects of Selling a Subsidiary or Division
During the best and worst of times, your company may be tempted to sell a division or subsidiary. This can make sense for a number of reasons, including: The [...]
Divorce Cases: Active versus Passive Appreciation
It's common in divorce cases for an interest in a closely held business or professional practice to be the marital estate's most valuable asset. In many states, when the [...]
Self-Employed? You May Be Eligible for the Home Office Deduction
Once upon a time, employees could claim home office expenses as a miscellaneous itemized deduction, subject to a 2%-of-adjusted-gross-income floor, if the arrangement was for their employer's convenience. But [...]
Could the New Markets Tax Credit Benefit Your Business?
Businesses in economically distressed communities often have difficulty obtaining capital for expansion, equipment, facilities and other investments. The New Markets Tax Credit (NMTC) encourages private investment in these underserved [...]
IRS Revs Up Standard Mileage Rates for the Second Half of 2026
The IRS recently announced an increase in the optional standard mileage rate for business vehicle use for the second half of 2026. The adjustment reflects higher fuel costs this [...]
Selecting a Tax Accounting Method for Your Small Business
Small business owners must answer an important question: Should we use the cash or accrual accounting method for federal income tax purposes? Larger entities are required to use the [...]
Make the Most of the General Business Credit
Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business's taxable income, a credit reduces the business's tax liability dollar for dollar. Tax [...]
Preventative Steps Help Ensure M&A Success
Just because a merger or acquisition is completed on paper doesn't mean the transactions will be a success. The implications can generally be seen 18 to 24 months after [...]
Midyear Tax Planning for Noncorporate Small Business Owners
If you operate your small business as a sole proprietorship or a single-member limited liability company (LLC) treated as a sole proprietorship for tax purposes, paying close attention to [...]
What’s a “small business,” and why does it matter?
Although your business may seem big to you, you may wonder how the government classifies it for tax purposes. If your organization qualifies as a “small business,” you may [...]
Cost Segregation Studies Can Reveal Substantial Tax Savings
Businesses that own commercial real property may be sitting on an overlooked treasure chest of tax savings — and a cost segregation study can be the key to unlocking [...]
Is Your Business Eligible for Tariff Refunds?
The U.S. Supreme Court recently ruled that certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were illegal. As a result, U.S. Customs and Border Protection (CBP) [...]
10 Ideas for Boosting Profits
They say little things mean a lot. And relatively small expenses can add up to a huge amount of money your company could be wasting over long periods. By [...]