Tax Planning

The tax traps of personally guaranteeing a loan to your corporation

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October 1, 2025
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If you’re considering guaranteeing, or are asked to guarantee, a loan to your closely held corporation, it’s important to understand the potential tax consequences. Acting as a guarantor, endorser or indemnitor means that if the corporation defaults, you could be responsible for repaying the loan. Without planning ahead, you may face unexpected tax implications. A […]
#BusinessTax, #CorporateTax, #TaxPlanning
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Tax Planning

Tax Court case provides lessons on best recordkeeping practices for businesses

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September 22, 2025
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Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this […]
#Recordkeeping, #TaxCourt, #TaxDeductions
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Tax Planning

Receive $10,000 in cash at your business? The IRS wants to know about it

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September 15, 2025
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Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Here are some answers to questions you may have. What are the requirements? Although many cash transactions are legitimate, the IRS explains that the […]
#Form8300, #IRSCompliance, #TaxReporting
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Tax Planning

Run a business with your spouse? You may encounter unique tax issues

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September 8, 2025
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Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. Otherwise, you must file an annual partnership return using Form 1065. […]
#SelfEmploymentTax, #TaxPlanning, #TaxSavings
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Tax Planning

New rules could boost your R&E tax savings in 2025

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September 5, 2025
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A major tax change is here for businesses with research and experimental (R&E) expenses. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) reinstated the immediate deduction for U.S.-based R&E expenses, reversing rules under the Tax Cuts and Jobs Act (TCJA) that required businesses to capitalize and amortize these costs over five years (15 years […]
#BusinessTaxPlanning, #REExpenses, #TaxSavings2025
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Tax Planning

Teachers and others can deduct eligible educator expenses this year — and more next year and beyond

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September 2, 2025
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At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But teachers are also buying school supplies for their classrooms. And in many cases, they don’t receive reimbursement. Fortunately, they may be able […]
#EducatorExpenses, #TaxPlanning, #TaxTips, #TeacherTaxDeduction
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