There’s Still Time to Set Up a SEP and Reduce Your 2025 Taxes
If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose [...]
6 Last-minute Tax Tips for Businesses
Year-round tax planning generally produces the best results, but there are some steps you can still take in December to lower your 2025 taxes. Here are six to consider: [...]
6 Year-End Small Business Tax Savings Tips
There's still time for small businesses and their owners to implement strategies to save taxes for 2025. Traditional strategies continue to be valuable, but the One Big Beautiful Bill Act [...]
Small Business Tax Planning Tips
The One Big Beautiful Bill Act (OBBBA), which became law on July 4, 2025, includes many favorable changes that will help small businesses and their owners. But it's not [...]
The New Law Includes Favorable Changes for Depreciating Eligible Assets
The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for [...]
How Section 1231 Gains and Losses Affect Business Asset Sales
When selling business assets, understanding the tax implications is crucial. One area to focus on is Section 1231 of the Internal Revenue Code, which governs the treatment of gains [...]
Business Owners Beware of the Limits on Deducting Losses
Even successful businesses occasionally incur losses. Start-ups and expanding businesses often have unprofitable years, and unexpected events like pandemics can knock companies that have been financially healthy for years for [...]
Preserve Your Business Legacy with Proactive Succession Planning
Running a business requires a lot of hard work. As a business owner, you may be so focused on managing day-to-day operations and pursuing growth opportunities that you put succession [...]
Tax Issues When Buying a Business With an Earnout
If you're buying or selling a business, the transaction may involve an earnout provision. This is a contractual arrangement in which the seller receives additional payment in the future if [...]
R&E Capitalization Has Unintended Effect on Small Businesses
The Tax Cuts and Jobs Act (TCJA) brought a significant, albeit delayed, change to the tax treatment of research and experimentation (R&E) costs under Internal Revenue Code Section 174. After [...]
Is Your Money-Losing Activity a Hobby or a Business?
Let’s say you have an unincorporated sideline activity that you consider a business. Perhaps you offer photography services, create custom artwork or sell handmade items online. Will the IRS agree [...]
Understanding your obligations: Does your business need to report employee health coverage?
Employee health coverage is a significant part of many companies’ benefits packages. However, the administrative responsibilities that accompany offering health insurance can be complex. One crucial aspect is understanding [...]
Cash or accrual accounting: What’s best for tax purposes?
Your businesses may have a choice between using the cash or accrual method of accounting for tax purposes. The cash method often provides significant tax benefits for those that [...]
Business Website Expenses: How They’re Handled for Tax Purposes
Most businesses have websites today. Despite their widespread use, the IRS hasn’t issued formal guidance on when website costs can be deducted. But there are established rules that generally apply [...]
What Can Your Small Business Do Now to Lower Taxes for 2024?
Summer is a good time to take stock of how your small business is doing this year and consider options for reducing your 2024 federal income tax bill. Thankfully, it [...]