If you run a business as a sole proprietor, single-member LLC, partnership, S corporation, or an LLC taxed as a partnership or S corp, your business income usually flows to your personal tax return. Because of that, your personal tax bracket matters. Midyear is a good time to check your numbers. You still have time to adjust income, expenses, and key decisions […]

Summer is a great time to step back and do a quick tax check-in. A few seasonal choices—travel, home use, and charitable giving—can affect your tax bill more than you might expect. Here are six summer-related tax opportunities to consider. 1) Rent out your home for 14 days or less If you rent out your […]

Fraud risk changes as technology and business practices change. As a result, fraudsters keep finding new ways to exploit weak spots. For business owners, the goal is to stay alert without overcomplicating controls. The Association of Certified Fraud Examiners (ACFE) helps by publishing Occupational Fraud 2026: A Report to the Nations. The report summarizes how fraud happens, who […]

Selling on credit is normal. Still, A/R can get out of hand fast. If receivables grow faster than collections, cash gets tight. Bad-debt risk also rises. The goal is simple: support sales and keep cash steady. To do that, track receivables and write-offs on a set schedule (monthly is best). Then compare the upside of credit (more […]

If you stepped away from work to raise kids, care for a family member, or take time for personal priorities, retirement saving may still be on your mind. The good news: you may still be able to contribute to an IRA—even if you don’t have wages—if your spouse has earned income and you file a […]

Capital gains can be a good problem to have. However, selling an investment can trigger tax. As a result, your tax bill can rise with your sale proceeds. With the right planning, you may reduce capital gains tax and avoid surprises. Below is a simple overview of the rules. Then, you’ll find four practical strategies to consider for 2026. […]

If you plan to travel abroad, unpaid federal tax debt can cause a surprise. In some cases, the IRS can certify you as having a “seriously delinquent tax debt.” Next, the U.S. State Department can deny a new passport or renewal. In limited cases, it can also revoke an existing passport. Congress created this rule in a […]

Small expenses can quietly drain profitability over time. The good news: you don’t always need a major overhaul to improve your bottom line. A handful of targeted changes—especially around cash flow, waste, and billing—can create measurable gains. Here are 10 practical ideas to help boost profits by cutting costs and tightening operations. 1) Improve cash […]

Several provisions of the One, Big, Beautiful Bill Act (OBBBA), signed into law on July 4, will affect homeowners starting in 2025. These changes are important as you plan for the current tax year, because they may impact whether you itemize or claim the standard deduction. In addition, tax credits for certain energy-efficient home improvements […]

Introduction Getting married affects much more than just your filing status. Combining incomes, assets, and financial accounts can impact your tax liability and overall financial planning in ways that often surprise newlyweds. To avoid hidden costs and issues, here’s a comprehensive guide to key tax and financial considerations before and after you tie the knot. […]

Choosing the right accounting method is a key business decision. The way you track income and expenses affects your tax bill, cash flow, and reporting. For 2026 and beyond, recent tax law changes mean more businesses qualify for the cash method. Here’s what you need to know to make the best choice for your company. […]

Understanding the New Landscape: College Athletes & NIL College athletics are changing rapidly. Since 2021, the NCAA has allowed student-athletes to profit from their Name, Image, and Likeness (NIL) while retaining their eligibility. Now, top recruits and elite transfer prospects can earn significant sums, sometimes reaching millions, through sponsorships, endorsements, and more. With this opportunity, […]

Why Business Valuations Matter In today’s complex and fast-changing economy, you need every tool to keep your business competitive. Business valuations aren’t just for buying or selling a company. They can help you secure financing, assess risks, and identify growth opportunities. Gain Actionable Insights A business valuation is a deep analysis to estimate your company’s […]

Will you cruise on your boat or camp in your RV this year? Your personal property can give you more than just enjoyment. You might qualify for valuable tax breaks if you follow certain rules. Here are four ways to maximize your tax savings. 1. Charter Your Boat as a Business Some boat owners rent […]

Home improvements can be expensive, but they also offer tax-saving opportunities. Many homeowners miss out on these savings because tax rules can feel complicated. This article will show you where you can save and what you need to know before you start your next project. Claim Mortgage Interest on Renovations If you itemize deductions, you […]

Are you a teacher or other educator who often pays for classroom supplies out of your own pocket? Your main objective is to improve the learning experience of the kids, but there may be a residual side benefit. If you qualify, you can claim a special deduction — the educator expense tax deduction — of up […]

Under U.S. Generally Accepted Accounting Principles, comprehensive financial statements include three reports: the balance sheet, income statement and statement of cash flows. Each report offers a different perspective on your business’s financial health. When reviewed together — along with footnotes that provide important context behind the numbers — your financials can highlight cash flow pressures, […]

For 2026, the federal gift and estate tax exemption is $15 million. That’s effectively $30 million for a married couple, assuming both spouses’ exemptions are available. (For 2027 and beyond, the exemption will be adjusted annually for inflation.) If the dollar value of your taxable estate exceeds the exemption, your estate will get hit with a federal […]

In a landmark decision, the Supreme Court found that some tariffs applied to certain imported goods were not lawful under the IEEPA. As a result, U.S. Customs and Border Protection (CBP) is now offering refunds for eligible companies through a new process. According to federal sources, more than 300,000 importers paid approximately $166 billion in […]

With tax season behind you, it’s natural to wonder how to keep tax records and what you can safely toss. Different documents have different retention rules. Keeping records too long — or not long enough — can create unnecessary risk or clutter. Understanding what to retain, and for how long, helps you stay organized and […]

When you owe back taxes, the IRS does not require you to spend all your income toward repayment. Instead, the IRS uses a system called Collection Financial Standards to determine how much you can reasonably afford to pay each month. These standards define the allowable living expenses the IRS will permit while you repay tax […]

When leaving a job, most people are told to roll their 401(k) into an IRA. And in many cases, that’s the right move—it keeps your money growing tax-deferred and gives you more control. But if your 401(k) includes company stock, there’s an alternative strategy worth considering—one that could significantly reduce your long-term tax burden. A […]

Introduction As businesses grow, so do the financial complexities behind them. What starts as basic bookkeeping quickly turns into questions about cash flow, profitability, forecasting, and long-term strategy. That’s where outsourced accounting and CFO services—often referred to as Client Accounting Advisory Services (CAAS)—come in. Instead of hiring a full in-house team, businesses can access experienced […]

Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value of tax credits may be limited by the general business credit (GBC), found in Internal Revenue Code […]

We’ve come full circle. Or, perhaps more accurately, the circle has expanded. Many decades ago, business continuity planning focused mainly on the sudden loss of a business owner and perhaps what the company might do if its offices burned to the ground. Then, technology took over — and planning began to concentrate on how to […]

The IRS typically updates Form 1040 every year — sometimes a little, sometimes a lot. Given the many tax law changes under the One Big Beautiful Bill Act (OBBBA), there’s plenty to talk about this filing season. Here are some highlights. Basic Changes The OBBBA permanently extends the individual federal income tax rates established under […]

If your business is expanding its geographical footprint beyond state or U.S. borders, it’s important to understand the transfer pricing rules. In a nutshell, transfer pricing refers to cross-border pricing arrangements for transactions between related companies (including parent and subsidiary or brother-sister companies with a common parent) in different jurisdictions. Typically, these transactions involve charges […]

Whether your company has one vehicle or dozens on the road, smart “fleet management” can save you money and help ensure that your drivers are safer. Succeeding at fleet management calls for a multifaceted approach to handling your vehicles — including familiarizing yourself with applicable tax laws, keeping up with maintenance and tracking vehicle usage […]

The One Big Beautiful Bill Act (OBBBA), enacted in the summer of 2025, includes a new temporary federal income tax deduction for auto loan interest. On January 2, 2026, the IRS published in the Federal Register proposed regulations addressing the write-off — which is available regardless of whether taxpayers itemize on their tax returns — […]

Hot off the press! Our latest newsletter covering the 2026 Annual Information Returns (Forms 1099, W-2s, and more) is now available here. Key Updates for 2025: 1099s, Worker Classification, and New Tax Deductions Staying compliant with tax regulations is more important than ever—especially with evolving rules around Forms 1099, worker classifications, and new deductions for […]

The demand for long-term care facilities in the United States continues to rise, along with the costs. Someone who turns 65 today has roughly a 70% chance of eventually requiring long-term care services, according to the latest data from the U.S. Department of Health and Human Services. Moreover, 20% of seniors will need it for […]

The volume of corporate litigation is an ongoing concern, in any economy. In recent years, there has also been a global trend to hold individuals accountable for their actions. For stockholders, employees, customers and clients who feel they have been wronged, finding the guilty party and holding them accountable can often be accomplished by filing […]

Determining the right successor for your family business can be more complex than it first appears. Sometimes what looks good on paper doesn’t play out well in reality. When the time comes to transition ownership and management to your chosen successor, what should you do if it seems like he or she isn’t ready or […]

Q<font=”arial””size=2″>uestion:</font=”arial””size=2″> For several years now, our organization has sponsored a wellness program for employees. Unfortunately, we’ve never seen a high level of participation. A handful of employees seem to love it and take full advantage of its features. But a much larger percentage either barely participate or ignore it completely. At a recent leadership meeting, one […]

New Funding Expands Eligibility for Trump Accounts  On December 2, President Trump announced that Michael and Susan Dell are donating $6.25 billion to expand the funding of tax-advantaged Trump Accounts. Introduced under the One Big Beautiful Bill Act, these accounts are intended to help children save for the future.   Previously, the government pledged to contribute $1,000 […]

If you’re unlucky enough to suffer a personal theft loss, you may be entitled to a federal income tax deduction. Or you may not. The rules are complex, but there’s some good news: Last year’s One Big Beautiful Bill Act (OBBBA) makes claiming these write-offs a little easier in the near future. Ground Rules Theoretically, […]