Is This the Right Time to Sell Your Business?
Selling a business requires a great deal of time and effort on both the buyer's and seller's behalf. In addition, determining the right time to finalize the transaction can [...]
Update on the First-Year Depreciation Tax Rules for Businesses
The One Big Beautiful Bill Act (OBBBA) included favorable changes to the federal income tax rules for depreciating business assets. And there are annual inflation adjustments to keep track [...]
Parents: Claim All the Tax Credits You’re Entitled To
Raising a family comes with plenty of expenses, but it may also make you eligible for various tax breaks. Some of the most valuable are tax credits, because they [...]
Avoiding IRS Penalties: Strategic Relief Backed by Federal Case Law
IRS penalties are not automatic—and they are often avoidable. Many taxpayers assume that once the IRS assesses penalties, payment is inevitable. That assumption is costly—and often wrong. Federal courts, [...]
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 [...]
If You’re Married, Should You File Jointly or Separately?
Married couples have a choice when filing their 2025 federal income tax returns. They can file jointly or separately. What you choose will affect your standard deduction, eligibility for [...]
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 [...]
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 [...]
Tax Filing FAQs for Individuals
The IRS is opening the filing season for 2025 individual income tax returns on January 26. This is about the same time as when the agency began accepting and [...]
Avoid Mixing Personal and Business Accounts
Small business owners and independent contractors are always looking for ways to save time. If you run your own business (or want to start one), it might seem tempting [...]
Expanding a Corporate Business With a Tax-Free Merger
If a corporate business is seeking to quickly expand, it may be considering one of these options: Gaining control over another corporation's business (the target) indirectly via a merger [...]
More Individuals With Disabilities Will Be Eligible for Tax-Advantaged ABLE Accounts in 2026
Did you know there’s a tax-advantaged way to save for the expenses of a person with a disability that’s similar to saving for college expenses with a Section 529 [...]
Cash vs. Accrual: Choose the Right Accounting Method for Business Tax Purposes
Many businesses 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 qualify, [...]