Debt vs Equity: Classification Counts When Shareholders Put Money Into Their Corporations
If you operate your business as a C corporation, how you put money into your company — and how you take it back out — can have […]
Should Your Business Consider a Fiscal Year-End?
Most businesses close their books for tax and accounting purposes on December 31 because it aligns with the calendar year. But a calendar year isn’t always […]
Business Deductions for Four-Legged Coworkers
Did you know that you can claim tax deductions for animals that serve a bona-fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details.
Working animals […]
Options for Forfeited Employee FSA Balances
Many businesses offer health care and dependent care flexible spending accounts (FSAs) as part of their employee benefits package. These plans provide valuable tax savings to employees and payroll tax savings to employers.
If your company […]
What’s Your Potential Business Vehicle Deduction?
If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2025 income tax return. Businesses can generally deduct expenses attributable to business use […]
Deferring Taxes on Advance Payments
An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally advance payments must be reported as taxable income in the year received. […]
IRS Announces Streamlined Option to Request More Time After ERTC Claim Disallowance
On 4/27/2026, the Internal Revenue Service announced a new, streamlined way for taxpayers to extend the period of time for the IRS and the IRS Independent Office of Appeals […]
To Maximize . . . or Not to Maximize . . . Depreciation Deductions on your 2025 Tax Return
The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of the tax year, there are some […]
Some Small Businesses Can Still Benefit from the Health Care Coverage Credit
Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only […]
Increase Your Current Business Deductions Under Tangible Property Safe Harbors
Did your business make repairs to tangible property, such as buildings, equipment or vehicles, in 2025? Such costs may be fully deductible on your 2025 income tax […]
