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.… Read More »When Medical Expenses Are — and Aren’t — Tax Deductible
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”… Read More »Tax Filing Deadlines for Pass‑Through Entities in 2026
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… Read More »Casualty Loss Tax Deduction: What You Need to Know
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… Read More »Business Tax Deductions 2025: What You Can and Can’t Claim
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… Read More »2026 Tax Figures: Key Updates for Individuals
The start of a new year brings updated tax-related figures that businesses should keep in mind. Below is a summary of the key numbers for… Read More »Key 2026 Tax Figures Every Business Should Know
Beginning in 2026, more individuals with disabilities will be eligible to open tax‑advantaged ABLE accounts. These accounts, similar to Section 529 college savings plans, allow… Read More »Expanded ABLE Account Eligibility Coming in 2026
An S corporation offers the tax advantages of a partnership combined with the liability protection of a corporation. However, strict IRS requirements mean that maintaining… Read More »How to Avoid Inadvertent S Corporation Termination
Significant updates to charitable contribution rules will take effect in 2026, impacting how both itemizers and nonitemizers claim deductions. While some taxpayers will face new… Read More »Changes to Charitable Donation Deductions Are Coming Soon
If your business has employees or works with independent contractors, you’re required to meet annual federal information reporting obligations. While the One Big Beautiful Bill… Read More »Information Reporting Changes Begin in 2026 Under OBBBA
You likely have a lot of items on your to-do list as the year winds down—holiday shopping, charitable giving, and family gatherings. But for older… Read More »Don’t Miss the December 31st Deadline: Your RMD Year-End Checklist
Businesses can generally deduct interest paid or accrued for federal tax purposes, but limits apply. Starting in 2025, changes under the One Big Beautiful Bill… Read More »New Law Expands Business Interest Expense Deductions for 2025