If you typically pay more than $10,000 in state and local taxes (SALT), the One Big Beautiful Bill Act (OBBBA) could significantly reduce your 2025 federal tax bill. But to take full advantage, you’ll needRead More »New $40,000 SALT Deduction Limit: What High Earners Need to Know
Introduction When it comes to commercial real estate, depreciation typically spans 39 years. However, certain interior improvements—known as Qualified Improvement Property (QIP)—can be depreciated faster or even fully deducted in the first year. While thisRead More »Real Estate Tax Strategy: QIP Depreciation Explained
Supporting charitable causes is often driven by passion, not tax strategy. But if you’re looking to make a meaningful impact while optimizing your tax return, donating long-term appreciated stock instead of cash can offer significantRead More »Donate Appreciated Stock to Reduce Capital Gains Tax in 2025
The One Big Beautiful Bill Act (OBBBA), enacted on July 4, 2025, brings both opportunities and deadlines for businesses investing in clean energy. While the legislation extends or enhances several tax benefits, it also acceleratesRead More »Act Now: Clean Energy Tax Breaks for Businesses Are Ending Sooner Than Expected
A New Tax Break for Seniors: The OBBBA Senior Deduction Beginning in 2025 and lasting through 2028, individuals age 65 and older can claim a new “senior deduction” of up to $6,000 under the One Big Beautiful BillRead More »OBBBA 2025–2028 Tax Savings
Managing business travel expenses can be a headache for employers and employees alike. Tracking receipts for meals, hotels, and incidentals often leads to frustration and administrative burdens. Fortunately, the IRS’s high-low per diem method offersRead More »Efficient Business Travel: 2025-2026 IRS Per Diem Rates Unveiled
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