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Disaster Casualty Loss Deductions: Rules, Limits, and Examples
Each year, hurricanes, floods, wildfires, and other natural disasters cause significant damage to homes and personal property across the U.S. If you suffered losses due to a qualifying disaster, you may be able to claim…
Which Business Expenses Are Tax Deductible in 2025?
With 2025 now in the rearview mirror and the tax filing deadline approaching, businesses should begin organizing records related to deductible expenses for the 2025 tax year. However, determining which expenses qualify for a deduction…
2026 Individual Tax Changes: Deductions, Retirement Limits, and More
A new year brings updated tax figures for individual taxpayers. Many limits are adjusted annually for inflation and generally rise over time. For 2026, additional changes also take effect under the One Big Beautiful Bill…
Key Business Tax Limits and Thresholds for 2026
As a new year approaches, businesses need to stay informed about updated tax limits and thresholds that can affect deductions, retirement planning, and employee benefits. Below is a summary of key federal tax figures for…
More Individuals Will Qualify for ABLE Accounts Starting in 2026
Many people are familiar with Section 529 plans as a tax-advantaged way to save for education. Fewer realize there’s a similar option designed specifically to help individuals with disabilities save for qualified expenses. These are…
Avoiding Inadvertent S Corporation Termination: Key Compliance Tips
An S corporation combines the tax advantages of a partnership with the liability protection of a corporation. However, this favorable tax status comes with strict eligibility and compliance requirements. Even an unintentional misstep can result in the loss…
How the 2026 Tax Law Changes Will Affect Charitable Donation Deductions
Beginning in 2026, taxpayers who itemize deductions and make charitable contributions will encounter new limitations on how much they can deduct. In some situations, two separate limits may apply. On a positive note, individuals who…
2026 Tax Year: Key Changes to Information Reporting
If your business employs workers or engages independent contractors, you have annual information reporting responsibilities. The One Big Beautiful Bill Act (OBBBA) introduces changes affecting these rules, but these will not take effect until the…
RMD Checklist: What Retirees and Heirs Must Do Before December 31
As the year wraps up, most people are busy with holiday shopping, charitable donations, and planning time with family. But if you’re an older taxpayer with one or more tax-advantaged retirement accounts—or a younger beneficiary…
OBBBA Act: Bigger Business Interest Deductions Starting in 2025
Businesses can generally deduct interest they pay or accrue, but federal tax rules limit how much can be claimed each year. Recent changes under the One Big Beautiful Bill Act (OBBBA) will allow many companies to take larger…
6 Effective Ways to Lower Your 2025 Taxes Before December 31
Even though the year is nearly over, December still offers valuable opportunities to lower your 2025 tax bill. By acting before December 31, you may be able to meaningfully reduce your taxable income. Consider implementing…
Business Tax Planning: 6 Smart Year-End Strategies for 2025
Effective tax planning works best when done throughout the year, but December still offers valuable opportunities to reduce your 2025 tax liability. Below are six strategies business owners can consider before year-end. 1. Delay Invoicing…