Four Tactics That Turn Suspended Passive Losses into Tax Deductions
If you own rental real estate, you may have passive losses that have been suspended for years. Although you cannot currently deduct these losses, they are not lost forever. With proper planning, you may be able to unlock them and use them to reduce your taxes. One common way to free suspended passive losses is […]
The Home-Office Deduction for Three Square Feet
Many business owners assume they cannot claim a home-office deduction because their home is too small. In fact, the tax law says otherwise. A home office does not have to be an entire room. If you use a clearly defined area of your home exclusively for business, you may qualify for the deduction—even if that […]
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 […]
How to Convert Your S Corporation into a Tax-Favored QSBC
Let’s turn our attention to an increasingly valuable tax planning opportunity involving qualified small business corporation (QSBC) stock, especially in light of recent law changes. QSBCs—essentially, certain qualifying C corporations—offer powerful tax advantages. Most notably, you may be able to exclude up to 100 percent of the gain on the sale of QSBC stock if […]
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, […]
OBBBA Boosts Standard Deductions
Starting in 2025, the One Big Beautiful Bill Act (OBBBA) increases and makes permanent the larger standard deductions introduced by the Tax Cuts and Jobs Act. The new standard deductions for this year (2025) are $15,750 for single filers, $31,500 for married couples filing jointly, and $23,625 for heads of household. The IRS will adjust […]
OBBBA: Convert Personal Vehicle to Business, Deduct Up to 100%
Do you have a personal vehicle? Thanks to the One Big Beautiful Bill Act (OBBBA), you may be eligible for a valuable “no new cash outlay” tax deduction beginning in 2025. Here’s how it works: If you convert a personal-use vehicle to business use, the law treats it as placed in service on the conversion […]
U.S. Tax Survival Guide for International Students — Don’t Let the IRS Mess with Your Study Abroad Dreams
By AG FinTax | Global Tax & Compliance Experts for Students Abroad So you’ve got your U.S. visa, your flight booked, and your Netflix watchlist ready for those jet-lagged nights. But have you packed your tax plan? Because here’s the truth: taxes in the U.S. aren’t just for people with a full-time job and a […]
Perhaps Your Last Chance for Home Energy Improvement Tax Credits
Current tax law allows homeowners to claim up to $3,200 per year in tax credits for energy-efficient home improvements. But these incentives may soon vanish. Pending tax legislation in Congress could eliminate these benefits for improvements placed in service after December 31, 2025. What’s Available? There are two key credits to know about. Up to […]
Avoid These 7 Costly Mistakes People Make Without a Financial & Tax Check-Up
Financial health isn’t just about how much you earn—it’s about how well you manage, protect, and grow what you have. Yet, many individuals and business owners unknowingly make expensive mistakes simply because they skip regular financial and tax check-ups. With 20 plus years of experience, I’ve seen firsthand how small oversights can lead to major […]
From Chaos to Clarity: How a Financial Check-Up Helps Small Business Owners Thrive
From Chaos to Clarity: How a Financial Check-Up Helps Small Business Owners Thrive Running a small business is no easy feat. Between managing operations, handling customers, and keeping up with industry trends, many entrepreneurs struggle to maintain a clear picture of their financial health. Without regular check-ups, disorganized finances can lead to cash flow problems, […]
Why Partnering with an R&D Tax Credit Expert Is a Game-Changer for CPA Firms
In today’s highly competitive and compliance-driven environment, CPA firms are constantly seeking new ways to deliver added value to their clients. While traditional accounting and tax services remain foundational, forward-thinking firms recognize the need to expand into specialized advisory areas—especially those that require technical expertise, like the Research and Development (R&D) Tax Credit. However, navigating […]