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Tax-Saving Tips March 2026
Brutal IRS Trap Wipes Out Goodwill Clothing Deductions If you donate clothing or household goods to charity, there’s an IRS trap you need to know about.In a recent Tax Court case, a taxpayer lost a $6,760 charitable deduction—not...
Read MoreTax-Saving Tips February 2026
USPS’s New Postmark Rules Set an Ugly Trap for Taxpayers For decades, taxpayers trusted a simple rule: If you mailed a tax return or payment by the deadline, the IRS treated it as timely filed. Recent U.S. Postal Service (USPS)...
Read MoreTax-Saving Tips October 2025
Learn How to Beat 2025 Estimated Tax Penalties Instantly, Today Here’s an important tax planning strategy that can save you thousands in penalties if you’ve missed estimated tax payments for 2025. The Penalty Problem When you don’t...
Read MoreTax-Saving Tips September 2025
OBBBA Restores and Creates New 100 Percent Deductions for You Now If you plan to buy equipment, furniture, computers, or other personal property for your business, the recently enacted One Big Beautiful Bill Act (OBBBA) delivers great...
Read MoreTax-Saving Tips August 2025
OBBBA: Convert Personal Vehicle to Business, Deduct Up to 100% Do you have a personal vehicle? Thanks to the One Big Beautiful Bill Act (OBBBA), you may be eligible for a valuable “no new cash outlay” tax deduction beginning in 2025....
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Tax-Saving Tips July 2025
Urgent: Want an Electric Vehicle? Act by September 2025 If you’re considering the purchase of an electric vehicle for your business or personal use, now is the time to pay close attention. On July 4, the president signed the One Big...
Read MoreTax-Saving Tips June 2025
Your Retirement Plan Exposes You to a $150,000 Penalty How would you like to owe the IRS a $150,000 penalty because you failed to file a simple two-page form? It can happen all too easily if you have a solo 401(k) or another...
Read MoreTax-Saving Tips May 2025
IRS Makes It Harder to Use the Section 530 Safe Harbor It can cost you a bundle if you misclassify a worker as an independent contractor instead of an employee for federal employment tax purposes. The IRS can make you pay back payroll...
Read MoreTax-Saving Tips March 2025
Deducting Disaster Losses for Individuals: Navigating the Rules The federal tax law provides relief if a disaster—such as a fire, flood, or hurricane—damages your personal (non-business) property, including your home, belongings, and...
Read MoreTax-Saving Tips February 2025
Almost the Last Chance to Claim the 2021 Employee Retention Credit! If your business has not yet claimed the 2021 Employee Retention Credit (ERC), you still have time—but you must act soon. What Is the ERC, and How Much Can You Claim?...
Read MoreTax-Saving Tips January 2025
Court Battles Rage: File Your FinCEN BOI Report Now or Wait? Here’s an update on the Corporate Transparency Act (CTA) and its beneficial ownership information (BOI) reporting requirements. Recent legal developments have created...
Read MoreTax-Saving Tips December 2024
Game On: TCJA Winners and Losers—Business on the Chopping Block Prepare for tax changes. The Tax Cuts and Jobs Act (TCJA) has been part of our tax landscape for nearly seven years, shaping how businesses and individuals plan their...
Read MoreTax-Saving Tips November 2024
2024 Last-Minute Year-End General Business Income Tax Deductions The purpose of these strategies is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances...
Read MoreTax-Saving Tips October 2024
Three Possible Ways to Deduct Your Dog or Cat Dogs, cats, and other household pets are expensive. Owners spend an average of $1,270 to $2,800 a year to own a dog. Can you ever deduct these costs from your taxes? The expenses for a...
Read MoreTax-Saving Tips September 2024
BOI Reporting Deadline Is Closing In The clock continues to tick. Here are the upcoming deadlines for filing your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement...
Read MoreTax-Saving Tips August 2024
Tax Guide to Deducting Long-Term Care Insurance Premiums Long-term care costs can be substantial, and neither Medicare nor Medicaid provide comprehensive coverage for most people. Long-term care insurance can help protect your finances...
Read MoreTax-Saving Tips July 2024
Claim Up to $32,220 in Missed 2021 Self-Employed COVID-19 Sick and Family Leave Credits Today Were you self-employed during 2021? If so, there is a good chance that you could have qualified for COVID-19 sick and family leave credits...
Read MoreTax-Saving Tips May 2024
Protect Yourself from Costly Payroll Fraud When you own and operate a business, you must exercise vigilant oversight, including watching over your payroll taxes. Here’s an example of why. Rodney Taylor entrusted his corporation’s...
Read MoreTax-Saving Tips April 2024
Turn Your Vacation—Even a Luxurious One—into Tax-Deductible Business Travel Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully...
Read MoreTax-Saving Tips March 2024
IRAs for Young Adults As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-year contributions deadline fast approaching on...
Read MoreTax-Saving Tips February 2024
Estimated Tax Penalties The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as...
Read MoreTax-Saving Tips January 2024
Corporate Transparency Act Requires BOI Reporting to FinCEN The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited...
Read MoreTax-Saving Tips December 2023
New FinCEN Filings Go into Effect on January 1 For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited...
Read MoreTax-Saving Tips 2023 Year-End Tax-Planning Edition
Last-Minute Year-End General Business Income Tax Deductions The purpose of this article is to reveal how you can get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in...
Read MoreTax-Saving Tips October 2023
Donating Clothing to Goodwill and the Salvation Army As the year comes to a close, many taxpayers consider making clothing and household item donations both to give back and to optimize their tax deductions. Recent cases,...
Read MoreTax-Saving Tips September 2023
HSAs for Business Owners When enacted, the Affordable Care Act (ACA) eliminated most small-business health plans that reimbursed individually purchased health insurance. Consequently, many small business owners with fewer than...
Read MoreTax-Saving Tips August 2023
ICHRA Unleashed: Transforming Small Business Health Benefits The individual coverage health reimbursement arrangement (ICHRA) allows businesses of all sizes, from large corporations to small businesses like yours, to reimburse...
Read MoreTax-Saving Tips July 2023
Strategic Insights for Employing Your Spouse If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to...
Read MoreTax-Saving Tips May 2023
Tax Credits for Electric Vehicles: The Latest from the IRS The IRS recently issued new guidance on electric vehicles. There are four ways you can potentially benefit from a federal tax credit for an EV you place in service in 2023...
Read MoreTax-Saving Tips April 2023
Know the $75 Rule for Business Expenses The $75 rule applies to certain business expenses where you do not need a receipt. But we emphasize that this rule does not apply to all tax deductions. Many taxpayers mistakenly apply...
Read MoreTax-Saving Tips March 2023
Holding Real Property in a Corporation: Good or Bad Idea? As the real estate market has cooled off in many parts of the country, investing in property may seem wise in the long run. But taxes can be a significant concern...
Read MoreTax-Saving Tips February 2023
2023 Health Insurance for S Corporation Owners: An Update Here’s an update on the latest developments in 2023 health insurance for S corporation owners. As a more-than-2-percent S corporation owner, you are entitled to some...
Read MoreTax-Saving Tips January 2023
When Cancellation of Debt (COD) Income Can Be Tax-Free Sometimes debts can pile up beyond a borrower’s ability to repay, especially if we are heading into a recession. But lenders are sometimes willing to cancel...
Read MoreTax-Saving Tips December 2022
$80 Billion to the IRS: What It Means for You You may have noticed that the IRS is in a bad way. It has a backlog of millions of unprocessed paper tax returns, and taxpayers can’t get through to the agency on the phone....
Read MoreTax-Saving Tips 2022 Year-End Edition November 2022
Last-Minute Year-End General Business Income Tax Deductions The purpose of this letter is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although, in the right...
Read MoreTax-Saving Tips October 2022
Say Goodbye to 100 Percent Bonus Depreciation All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end: 100 percent bonus depreciation. Since late 2017, businesses...
Read MoreTax-Saving Tips September 2022
Earn 9.62 Percent Tax-Deferred Interest with Series I Bonds Inflation is seldom a good thing. But when it comes to investing, the U.S. Treasury Department has an inflation opportunity that’s downright amazing. You can...
Read MoreTax-Saving Tips August 2022
Claim Your 2020 and 2021 ERC Now (Yes, in 2022) During much of 2020 and 2021, you may have qualified for the Employee Retention Credit (ERC). Lawmakers created this tax credit in response to the COVID-19 pandemic. With the...
Read MoreTax-Saving Tips July 2022
Self-Employment Tax Basics If you own an unincorporated business, you likely pay at least three different federal taxes. In addition to federal income taxes, you must pay Social Security and Medicare taxes, also called the...
Read MoreTax-Saving Tips June 2022
Alert: A Massive New FinCEN Filing Requirement Is Coming Do you own a corporation, limited liability company (LLC), limited partnership, limited liability partnership, limited liability limited partnership, or business...
Read MoreTax-Saving Tips November 2021
2021 Year-End Tax-Planning Edition 2021 Last-Minute Year-End General Business Income Tax Deductions Your goal should be to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in...
Read MoreTax-Saving Tips October 2021
Taxation of 529 College Savings Account Withdrawals The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free—and usually state-income-tax-free too. What you may not know is that not all 529...
Read MoreTax Saving Tips September 2021
Tax-Saving Tips September 2021 Save Your Employee Retention Credit In what clearly must have been a mistake, the IRS issued Notice 2021-49 to deny the employee retention credit (ERC) on the wages paid to most C and S corporation owners...
Read MoreTax Saving Tips August 2021
Don’t Miss Out on the Employee Retention Credit It’s hard to imagine that a small business does not qualify for some or all of the employee retention credit (ERC). And remember, this is a tax credit—one of the very...
Read MoreTax Saving Tips July 2021
Is Your Travel Day Personal or a Tax-Deductible Business Day? When you travel to a business location where you spend the night, you are in travel status. But will the tax rules make this a business or personal night? The rules also...
Read MoreTax-Saving Tips June 2021
Benefit Big from the Work Opportunity Tax Credit. The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers in your business...
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