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Business Vehicle Tax Deduction Guide: Actual Expenses vs. Mileage Rate
If your business used one or more vehicles during 2025, you may be eligible for valuable tax deductions when filing your 2025 income tax return. Businesses are generally allowed to deduct costs related to the…
2025 Tax Credits for Parents: Child, Adoption & Education Benefits
Raising children can be expensive, but the tax code offers valuable relief for many families. One of the most powerful ways to lower your tax bill is through tax credits. Unlike deductions, which only reduce…
Advance Payment Tax Deferral: What Accrual Businesses Need to Know
An advance payment is money your business receives before delivering goods or performing services. For federal income tax purposes, these payments are generally taxable in the year they are received. If your business uses the…
Will the New SALT Cap Make Itemizing Worthwhile in 2025?
When filing your individual income tax return, one of the most important decisions is whether to claim the standard deduction or itemize deductions. Thanks to changes under the One Big Beautiful Bill Act (OBBBA), more taxpayers…
Should You Maximize Depreciation Deductions on Your 2025 Tax Return?
With 2025 tax return deadlines approaching, now is the time to evaluate last-minute tax decisions. While most tax planning opportunities must be implemented before December 31, some important choices can still be made when filing…
Married Filing Jointly vs. Separately: Which Is Better for Your 2025 Taxes?
If you’re married, one of the most important tax decisions you’ll make is whether to file your 2025 federal income tax return jointly or separately. Your choice impacts your standard deduction, tax bracket, eligibility for…
Can Your Small Business Still Claim the Health Insurance Tax Credit?
Tax credits are especially powerful because they reduce your tax bill dollar for dollar, unlike deductions, which only lower taxable income. One credit that often flies under the radar — yet can still offer meaningful…
Charitable Contribution Deductions for 2025: IRS Documentation Rules
If you plan to itemize deductions on your 2025 individual income tax return, charitable donations can help lower your tax bill. However, the IRS requires specific documentation to support these deductions. The type of substantiation you…
How Tangible Property Safe Harbors Can Boost Your 2025 Tax Deductions
Did your business pay for repairs or maintenance on tangible property in 2025—such as buildings, machinery, or vehicles? Many of these costs may be fully deductible on your 2025 tax return, provided they don’t qualify as…
How Trump Accounts for Kids Work: The New $1,000 Government Savings Program
What Are Trump Accounts for Children? The One Big Beautiful Bill Act (OBBBA) introduced a new tax-advantaged savings option for families called Trump Accounts (TAs). These accounts are designed to help children build long-term financial security…
How a SEP Can Help Business Owners Reduce 2025 Taxes
If you’re a business owner or self-employed and haven’t yet established a tax-advantaged retirement plan, you still have an opportunity to lower your 2025 tax liability. By setting up a Simplified Employee Pension (SEP) before filing your 2025…
2025 Tax Filing Season: FAQs, Deadlines, Refunds, and Extensions
The IRS will begin accepting and processing 2025 individual income tax returns on January 26. This start date closely mirrors last year’s filing season, even though the agency has experienced significant staffing reductions. Below are answers…