If you had substantial medical costs last year, you may be asking whether they can reduce your tax bill on your 2025 income tax return. While the medical expense tax deduction can be valuable, income thresholdsRead More »Tax Deduction Rules for Medical Expenses in 2025
If you run a business as a partnership, an LLC taxed as a partnership, or an S corporation, you’re operating what’s known as a “pass‑through” entity. These businesses don’t pay federal income tax directly. Instead,Read More »Key Tax Updates for Partnerships, LLCs, and S Corporations
Millions of taxpayers face losses each year from severe storms, floods, wildfires, and other disasters. If your home or personal property has been damaged, you may qualify for a casualty loss tax deduction. Recent legislationRead More »How to Claim a Casualty Loss Deduction After a Disaster
With 2025 behind us and the tax filing deadline approaching, now is the time for businesses to review which expenses qualify as deductions. The rules aren’t always straightforward, and what counts as deductible may surpriseRead More »Not All Business Expenses Are Deductible: 2025 Tax Filing Guide
Each year, tax figures are adjusted for inflation, and 2026 brings additional changes under the One Big Beautiful Bill Act, signed into law on July 4, 2025. Below is an overview of the most importantRead More »New Tax Limits and Deductions for 2026 Explained
The start of a new year brings updated tax-related figures that businesses should keep in mind. Below is a summary of the key numbers for 2026. Note that exceptions, special rules, or additional limits mayRead More »2026 Business Tax Limits and Planning Guide
Beginning in 2026, more individuals with disabilities will be eligible to open tax‑advantaged ABLE accounts. These accounts, similar to Section 529 college savings plans, allow families and individuals to save for qualified disability expenses whileRead More »How the SECURE 2.0 Act Expands ABLE Accounts
An S corporation offers the tax advantages of a partnership combined with the liability protection of a corporation. However, strict IRS requirements mean that maintaining S corporation status requires careful attention and ongoing compliance. BenefitsRead More »Preserving Your S Corp Status: Key Compliance Tips
Significant updates to charitable contribution rules will take effect in 2026, impacting how both itemizers and nonitemizers claim deductions. While some taxpayers will face new limits, others — particularly those who take the standard deductionRead More »Charitable Giving in 2026: New Limits, New Opportunities
If your business employs workers or pays independent contractors, annual information reporting is a critical compliance responsibility. The One Big Beautiful Bill Act (OBBBA) introduces notable changes to these rules — but most of them won’t affectRead More »Navigating New Reporting Obligations for Tips and Overtime in 2026
You likely have a lot of items on your to-do list as the year winds down—holiday shopping, charitable giving, and family gatherings. But for older taxpayers and those who have inherited retirement savings, one taskRead More »Required Minimum Distributions: Your Complete Guide Before Year-End
Businesses can generally deduct interest paid or accrued for federal tax purposes, but limits apply. Starting in 2025, changes under the One Big Beautiful Bill Act (OBBBA) will allow larger deductions for many taxpayers. UnderstandingRead More »OBBBA Act: Bigger Tax Breaks on Business Interest