With approximately 1.3 million Americans residing in nursing homes, as reported by the National Center for Health Statistics, transitioning a parent into such a facility involves significant financial planning. While taxes may not be yourRead More »5 Key Tax Breaks to Know Before Moving a Parent into a Nursing Home
If you’re considering personally guaranteeing a loan for your closely held corporation—or have already done so—it’s crucial to understand the potential tax consequences. Acting as a guarantor, endorser, or indemnitor means that if the corporation defaults, you mayRead More »Tax Risks of Personally Guaranteeing a Business Loan: What Every Corporation Owner Should Know
If you’re 50 or older, you can significantly enhance your retirement savings through catch-up contributions to tax-advantaged retirement accounts. These additional contributions offer a powerful opportunity to secure your financial future. This guide explores theRead More »Maximize Your Retirement Savings with Catch-Up Contributions After Age 50
If your business receives $10,000 or more in cash, the IRS wants to know — and not just through your annual tax return. Under federal law, businesses must report large cash transactions using IRS Form 8300. ThisRead More »IRS Form 8300: What Businesses Must Know About Reporting Cash Payments Over $10,000
Overview: Temporary Federal Tax Deductions for Tips and Overtime The One Big Beautiful Bill Act (OBBBA) introduced two new temporary federal income tax deductions designed to reduce taxable income from tips and overtime. These provisionsRead More »New OBBBA Tax Breaks on Tips and Overtime: What Employers and Workers Need to Know About Payroll Taxes
Married and in Business? Understand the Tax Implications If you and your spouse jointly run a profitable unincorporated small business, you may face complex tax challenges that could increase your liability and compliance burden. Partnership Classification: What ItRead More »Running a Business with Your Spouse? Here’s How to Avoid Costly Tax Mistakes
As the school year kicks off, much of the attention is on students and their back-to-school needs. But behind the scenes, educators are also investing in their classrooms—often out of their own pockets. Fortunately, theRead More »Educator Tax Deductions: What Teachers and School Staff Need to Know for 2025 and Beyond
Investing in qualified small business stock (QSBS) can be a powerful strategy to diversify your portfolio while unlocking valuable tax savings. Thanks to recent changes under the One Big Beautiful Bill Act (OBBBA), which was signed into law inRead More »Expanded Tax Benefits for Investing in Qualified Small Business Stock (QSBS)
Divorce is never simple, and for business owners, the stakes are even higher. When you own a company, your business interest often represents one of your largest personal assets — and in many cases, itRead More »Divorce and Business Ownership: Tax Implications, Valuation, and Asset Protection
If you make quarterly estimated tax payments, mark your calendar: the third installment for 2025 is due Monday, September 15. This year’s payments may be impacted by the newly enacted One Big Beautiful Bill Act (OBBBA), signedRead More »Upcoming Estimated Tax Deadline: What You Need to Know About the September 15 Payment and the New OBBBA Tax Law
If you own an unincorporated small business, you may be frustrated with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation. SE taxRead More »Lower your self-employment tax bill by switching to an S corporation
Most car buyers in the U.S. rely on financing, and many are asking the same question: “Is car loan interest tax-deductible under the new law?” The answer is sometimes—but not for everyone. The One Big Beautiful Bill Act (OBBBA) createsRead More »New Tax Law 2025: Can You Deduct Car Loan Interest?