If you’re not fully prepared to submit your 2025 federal income tax return by the April 15 deadline, you can request additional time by filing Form 4868. This grants you an automatic extension until October 15, helping you avoid penalties related to late filing. However, it’s important to understand that an extension only applies to […]
Tax Filing Extension 2025: Avoid Penalties and File Correctly Read More »
Businesses that invest in innovation and development may be eligible for a valuable federal tax incentive: the research and development (R&D) tax credit. While the rules can be complex and not every activity qualifies, the potential tax savings can be substantial. Below are answers to some of the most frequently asked questions about this opportunity.
Research Tax Credit Guide: Eligibility, Benefits, and FAQs Read More »
If you’re preparing your 2025 tax return or planning ahead for 2026, understanding mileage deduction eligibility is essential. Recent tax law changes have significantly narrowed who can claim business-related vehicle expenses. However, deductions may still be available depending on how you use your vehicle. How Tax Law Changes Impact Mileage Deductions Employees Can No Longer
Can You Deduct Mileage? Updated IRS Rules for 2025 and Beyond Read More »
If you run your business as a C corporation, the way you inject money into the company — and how you later withdraw it — can significantly affect your taxes. When shareholders provide funding, it can be classified either as equity (capital contributions) or debt (shareholder loans). While this may seem like a technical distinction,
Should You Loan or Invest in Your Corporation? Read More »
Every year, you have a limited window to contribute to a traditional or Roth IRA. Once that deadline passes, the opportunity is gone for good. For 2025, the final day to make a contribution is April 15, 2026. Depending on your situation, you may be able to deduct some or all of your contribution and
Don’t Miss the 2025 IRA Contribution Deadline: What You Need to Know Read More »
Most businesses close their books on December 31 because it aligns with the calendar year. However, this traditional approach isn’t always the most effective option. For some companies, adopting a fiscal year that better matches their operational cycle can improve financial clarity, simplify reporting, and ease the burden of year-end accounting tasks. Here’s what you
Choosing the Right Year-End: Calendar vs. Fiscal Year for Businesses Read More »
Recent legislative changes have accelerated the expiration of several clean energy tax incentives. However, if you purchased an electric vehicle or made energy-efficient home upgrades in 2025, you may still qualify for valuable tax credits on your upcoming return. Unlike deductions, tax credits directly reduce the amount of tax you owe, making them especially beneficial
Clean Energy Tax Credits Ending Early: What You Can Still Claim for 2025 Read More »
Many business owners are surprised to learn that animals can qualify for tax deductions when they serve a legitimate business purpose. This benefit isn’t limited to farms—animals used across various industries may be eligible if they directly support operations. Understanding the Difference Between Working Animals and Pets To qualify for a tax deduction, an animal
Can Your Business Deduct Animal Expenses? A Complete Guide Read More »
Most people know that the deadline to file a 2025 federal income tax return is April 15, 2026. However, that date applies to several other important financial and tax-related actions. Missing these deadlines could mean losing out on tax benefits—or facing penalties and interest charges. Make Your 2025 IRA Contributions Before the Deadline Even though
What Else Is Due April 15? Key Tax Deadlines You Shouldn’t Miss Read More »
Many companies offer flexible spending accounts (FSAs) for health care and dependent care as part of their employee benefits programs. These plans allow employees to save on taxes while also providing payroll tax savings for employers. If your organization runs a calendar-year FSA plan with a 2½-month grace period, employees typically have until March 15 to incur
What Happens to Unused Employee FSA Funds? Employer Options Explained Read More »