Tax Credits vs. Deductions: Why Credits MatterTax credits reduce your tax liability dollar‑for‑dollar, making them more powerful than deductions, which only lower taxable income. One credit that small businesses often overlook is the health careRead More »Tax Savings: Health Care Coverage Credit for Employers
Before claiming a charitable deduction on your 2025 tax return, make sure you have the right documentation. If you itemize deductions, you may be able to deduct donations made to qualified charities last year. However, theRead More »Avoid IRS Issues: How to Substantiate Charitable Donations in 2025
Did your company handle repairs on tangible property — such as buildings, equipment, or vehicles — during 2025? Many of these costs may be fully deductible on your 2025 tax return, provided they don’t qualify as “improvements”Read More »Tangible Property Safe Harbors: Tax Savings for 2025
IntroductionTrump Accounts (TAs) are a new tax-advantaged savings tool created under the One Big Beautiful Bill Act (OBBBA). They are designed to help children build long-term savings. Eligible children born between 2025 and 2028 canRead More »How Trump Accounts Help Kids Build Wealth
IntroductionIf you’re self-employed or own a business, there’s still time to set up a Simplified Employee Pension (SEP) and reduce your 2025 tax bill. SEPs are easy to establish, offer generous contribution limits, and allowRead More »Save on 2025 Taxes with a SEP IRA
IRS Filing Season StartThe IRS will begin accepting 2025 individual income tax returns on January 26, 2026. This start date is consistent with last year, even though IRS staffing has been reduced. Filing Deadlines W-2s andRead More »IRS Filing Season 2025: What You Need to Know
This year, the usual January 31 deadline for furnishing information returns falls on a Saturday. That means the next business day — February 2, 2026, Groundhog Day — is the official deadline. W-2s for EmployeesByRead More »W-2s, 1099s, and More: Key Filing Dates for Businesses
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