An advance payment is money received by a business before delivering goods or services. For federal income tax purposes, these payments are generally taxable in the year received. This rule always applies if your businessRead More »Deferring Taxes on Advance Payments: A Guide for Businesses
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
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
Are you planning to make financial gifts to family members or loved ones? If you’re also looking to reduce your capital gains tax, consider gifting appreciated stock instead of cash. This strategy could eliminate orRead More »Smart Gifting: Reduce Taxes with the 0% Long-Term Capital Gains Strategy
Thoughtful business gifts are a powerful way to express appreciation to clients, partners, and employees. When managed properly, they can also offer valuable tax deductions. However, the IRS generally limits business gift deductions to $25 perRead More »IRS Rules for Deducting Business Gifts Explained
Projecting your business income for both the current and upcoming year can help you strategically time income and deductible expenses. In general, deferring income and accelerating deductions is beneficial—unless you anticipate being in a higherRead More »Optimize Your 2025 Taxes: Year-End Planning for Accrual-Basis Businesses
Health care costs continue to rise, prompting many to explore more cost-effective insurance options. One increasingly popular approach is combining a high-deductible health plan (HDHP) with a Health Savings Account (HSA). This pairing can lowerRead More »Save on Health Care in 2026 with an HDHP and HSA Combo
As 2025 winds down, now is the ideal time to assess your business expenses for potential tax deductions. Accelerating deductible costs into this year can reduce your 2025 tax liability—and in some cases, lead toRead More »Year-End Business Expense Review: What’s Still Deductible in 2025?
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
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