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 [...]
Medical Costs: Can I Really Get a Tax Break for That?
It's difficult for many people to write off medical expenses because of the limits imposed under the tax laws. But you may qualify by including every expense allowed. Some of the qualified [...]
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 [...]
Moving to a New State? Review the Tax Implications First
Whether you’re relocating for work, retirement, family or lifestyle reasons, state taxes can have a significant financial impact. Taxes vary widely from state to state. And establishing residency for [...]
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 [...]
FAQs About the Research Credit
Companies that engage in research and development activities may qualify for a federal tax credit for some of those expenses. The credit is complicated to calculate, and not all [...]
4 Types of Deductible Interest Expense for Individuals
How can you deduct interest expense on your 2025 individual federal income tax return and beyond? Let us count the ways. Although personal interest expense isn't deductible in general [...]
Are You Eligible for Mileage Deductions?
Whether you’re filing your 2025 individual income tax return or planning for 2026, it’s important to know if you can deduct vehicle-related expenses. A change that was made permanent by [...]
What’s Your Potential Business Vehicle Deduction?
If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2025 income tax return. Businesses can generally [...]
Quadrupled SALT deduction limit means more taxpayers will benefit from itemizing on their 2025 returns
An important decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize deductions. A change under the One Big Beautiful Bill [...]
Deducting Business Meal and Entertainment Expenses Today
Do you know the current rules for claiming tax deductions for business meals and entertainment? Whether you're wining and dining a prospective customer or taking an employee to lunch, [...]
Before Claiming a Charitable Deduction for 2025, Make Sure You Can Substantiate It
If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in [...]
When Medical Expenses Are — And Aren’t — Tax Deductible
If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make [...]
If You Suffered a Disaster, You May Be Eligible for a Casualty Loss Tax Deduction
Every year, severe storms, flooding, wildfires and other disasters affect millions of taxpayers. Many experience casualty losses from damage to their homes or personal property. The One Big Beautiful [...]
Changes to Charitable Donation Deductions Are On the Horizon
Beginning in 2026, individuals who itemize deductions and donate to charity will face a new limit on their charitable deductions. And in some cases, they’ll face two new limits. But [...]