Many small businesses assume ACA penalties no longer apply, but that’s a costly misconception. While the individual mandate penalty was repealed in 2019, employer shared responsibility rules remain in force — and the penalties areRead More »ACA Compliance for Growing Businesses: Penalties Increase in 2026
Not ready to file your 2025 federal income tax return by April 15? You can request an automatic extension using Form 4868. This gives you until October 15 to file without facing the failure‑to‑file penalty.Read More »Tax Extension Guide 2025: Deadlines, Penalties, and Tips
Businesses investing in research and development (R&D) may qualify for a valuable federal tax credit. While the rules can be complex, the potential savings are significant. Below are answers to common questions about this creditRead More »Understanding the R&D Tax Credit for Businesses
Mileage deductions can save taxpayers significant money, but eligibility rules have changed. With the One Big Beautiful Bill Act (OBBBA) making permanent adjustments, it’s essential to know whether you qualify for vehicle-related deductions in 2025Read More »Are You Eligible for Vehicle Expense Deductions?
When shareholders put money into their C corporation, the way those funds are classified — as debt or equity — can dramatically affect future tax liabilities. While equity contributions often lead to double taxation, shareholderRead More »Avoid Double Taxation: Structuring Shareholder Funding the Right Way
Each year, you can contribute up to the annual limit to a traditional or Roth IRA—or a combination of both. But once the deadline passes, that opportunity is gone forever. For 2025 contributions, the deadlineRead More »How to Maximize Your 2025 IRA Contribution Before April 15, 2026
Most businesses default to closing their books on December 31, aligning with the calendar year. While convenient, this isn’t always the best choice. For some companies, adopting a fiscal year end that better reflects theirRead More »The Benefits of Choosing a Fiscal Year End
Several clean energy tax incentives were cut short by the One Big Beautiful Bill Act (OBBBA). If you purchased an electric vehicle or made eco‑friendly home improvements last year, you may still qualify for valuableRead More »Claim Your Clean Energy Tax Credits Before They Expire
Did you know that animals serving a legitimate business purpose may qualify for tax deductions? This benefit isn’t limited to farms — many industries can claim expenses for working animals.Working Animals vs. Personal PetsTo qualify,Read More »Can Pets Qualify as Business Expenses?
April 15 isn’t just the deadline for filing your federal income tax return. Several other important tax obligations and opportunities also fall on this date. Missing them could mean losing out on savings or facingRead More »Beyond Tax Day: What April 15 Really Means
Flexible spending accounts (FSAs) are a popular benefit that provide tax savings for both employees and employers. But when employees don’t use all their funds, balances may be forfeited under the “use‑it‑or‑lose‑it” rule. Here’s whatRead More »Managing Unused Employee FSA Funds Effectively
Most personal interest expenses aren’t deductible for federal tax purposes. However, there are several exceptions worth knowing about. Below are four types of interest expenses that may qualify — including a new deduction introduced underRead More »New Tax Breaks: Deductible Interest Expenses Explained