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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…
Don’t Lose Your 2025 FSA Money: What to Do Before Year-End
If you participate in an employer-sponsored flexible spending account (FSA) for health or dependent care expenses, now is the time to review your remaining balance. FSAs offer valuable tax savings — but most require you…
Tax Implications to Consider Before Buying or Selling a Business
When you’re planning to sell your business or acquire another company, taxes can significantly affect both the structure and financial outcome of the deal. Understanding the potential tax implications early can make the difference between…
High-Income Taxpayers Face New Itemized Deduction Rules in 2026
Beginning in 2026, individuals in the highest federal income tax bracket will face a new cap on itemized deductions. If you expect to fall into the 37% bracket, you may want to take proactive steps…
QPP and the OBBBA: A Game-Changing Tax Break for Production Facilities
The One Big Beautiful Bill Act (OBBBA) introduced a powerful new tax incentive: 100% first-year depreciation for qualified production property (QPP). This deduction applies to certain nonresidential real estate and differs from traditional bonus depreciation, which…
Reduce Capital Gains Tax by Shifting Income to Loved Ones
Are you planning to make financial gifts to family members or other loved ones? If you also want to reduce the tax hit from appreciated investments, consider gifting stock instead of cash. With the right…
IRS Rules for Business Gifts: What’s Deductible in 2025
Introduction Thoughtful business gifts are a great way to show appreciation to customers and employees. They can also bring tax advantages — if handled correctly. Unfortunately, the IRS limits most business gift deductions to $25 per…
The 2026 Social Security Wage Base Explained for Employees and Self-Employed
The Social Security Administration has announced the 2026 wage base, and it’s set to rise again. Let’s break down what this means for both employees and self-employed individuals — and how it will impact your payroll…
How Accrual-Basis Taxpayers Can Cut Taxes Before Year-End
As the year draws to a close, projecting your business income for this year and next can help you strategically time income and deductible expenses for the best tax outcome. Generally, it’s wise to defer…
Is an HDHP with an HSA the Smartest Health Care Move for You?
Health care costs keep climbing, making it essential to find ways to manage expenses wisely. One increasingly popular option is pairing a high-deductible health plan (HDHP) with a Health Savings Account (HSA). This combination offers lower monthly premiums…