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, [...]
Take Advantage of SIMPLE-IRA Catch-Up Contributions
If you participate in a SIMPLE-IRA and are age 50 or older, you can make so-called catch-up contributions that are above and beyond what younger participants can contribute. These [...]
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 [...]
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, [...]
Important 2026 Tax Figures for Businesses
A new year brings many new tax-related figures for businesses. Here’s an overview of key figures for 2026. Be aware that exceptions or additional rules or limits may apply. [...]
Why Estate Planning Still Matters
Given the dramatic increase in the federal gift and estate tax exemption over the last 20 years, there's a common misconception that federal estate planning is a concern of [...]
Are You Ready for the New Roth Catch-Up Contribution Rules?
Catch-up contributions have long been a way for taxpayers to put more dollars into their retirement accounts as they get older. But the Setting Every Community Up for Retirement [...]
OBBBA Enhancements to ABLE Accounts
Most states offer programs that allow you to establish a tax-favored account to cover the qualified expenses of a family member with a disability. These programs were authorized under the Achieving a [...]