Tax Plan: Buy $500,000 of Goods on December 20 and Expense Them
If your business sells merchandise, there may be a valuable year-end tax planning opportunity that many small-business owners overlook. Under today’s tax rules, many qualifying small businesses can deduct the cost of inventory when it is purchased and paid for—even if the goods remain on the shelf at year-end. But there is one critical requirement: […]
How to Get the IRS to Pay Your Attorney Fees
If you successfully challenge the IRS, you may be able to recover your attorney fees and other professional costs—but only if you meet several strict requirements. One of the biggest hurdles is your net worth. Individuals generally qualify only if their net worth does not exceed $2 million. Married couples filing jointly have a $4 […]
Protect Your Home-Office Deduction from Spouse & Second Business
The home-office deduction can produce substantial tax savings, especially when it converts what would otherwise be commuting miles into deductible business mileage. But many business owners accidentally put this valuable deduction at risk. If you use your home office for more than one purpose, each use must qualify under the tax rules. A single non-qualifying […]
How to Find Your 2026 Section 199A Deduction with Multiple Businesses
If you own more than one business, you may be missing out on a larger Section 199A deduction without even realizing it. The Section 199A deduction allows many owners of sole proprietorships, partnerships, and S corporations to deduct up to 20 percent of their qualified business income. Even better, Congress has now made this deduction […]
Tool for Your Use: Updated 2026 Section 199A Calculator
Beginning in 2026, the Section 199A qualified business income deduction becomes a permanent part of tax planning for pass-through business owners. This deduction can allow owners of sole proprietorships, partnerships, S corporations, and certain other pass-through businesses to deduct up to 20 percent of their qualified business income. C corporations do not qualify. The 2026 […]
Section 179 or Bonus Depreciation: What’s Best After OBBBA?
Recent tax law changes under the One Big Beautiful Bill Act created powerful opportunities to write off business assets faster than ever. You now face an important decision: should you use Section 179 expensing or 100 percent bonus depreciation? The law restored 100 percent bonus depreciation for qualifying assets placed in service after January 19, […]
Do You Need a W-2 for Spouse-Employee 105-HRA Benefits?
If you employ your spouse in your business and use a Section 105-HRA to deduct family medical expenses, you may be wondering whether issuing a W-2 is necessary. The good news from a tax law standpoint, a W-2 is not required. IRS guidance and court decisions confirm that medical reimbursements under a properly structured Section […]
A Little-Known Way to Pay Family and Save on Taxes
Many business owners overlook a powerful strategy that allows them to pay family members, reduce taxes, and avoid payroll taxes altogether. You likely know the traditional approach: hire your child and put them on payroll. That strategy works well for younger children in a sole proprietorship. But once your child turns 18—or if you operate […]
$12,000 Door Replacement: Repair or 39-Year Asset?
When a five-figure commercial building expense hits your desk, the first question is simple: Can you deduct it, or must you depreciate it over 39 years? Consider a recent example. An office building owner replaced a failed sliding glass door and frame at a total cost of $12,000, including removal and installation. The new unit […]
Paying Too Much in Taxes? Let’s Fix That Before Year-End
FIf you feel like you’re paying too much in taxes, there’s still time to fix that before the year ends. Here are proven year-end tax planning strategies that can help you reduce your tax burden and keep more of your hard-earned money. Why Act Before Year-End? Tax planning isn’t just a once-a-year chore at filing […]
Test Your Tax IQ: Tax-Deductible Cruise Ship Travel
Here’s an example that may be relevant to your tax planning strategy—particularly when it comes to travel for business purposes that may also offer a more comfortable or enjoyable experience. Consider this case: A financial planner needed to meet a high-net-worth prospect in St. Thomas during the winter. Rather than have the meeting in snow-covered […]
What Most People Get Wrong About Taxes — And What to Do Instead
Most people misunderstand taxes in ways that can cost them significantly. Here are common misconceptions and what you should do instead to optimize your tax outcomes. What Most People Get Wrong About Taxes Tax Planning Is Only for the Wealthy or Big Businesses Many small business owners and freelancers believe tax planning doesn’t apply to […]