Tax Planning

Fine-tune your tax withholding after filing your return

Keeping your withholding aligned with your expected tax liability can help you enjoy better cash flow during the year and avoid unwelcome surprises at filing time. Learn how to fine-tune it.
May 6, 2026
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Many taxpayers discover at filing time that their tax payments during the year didn’t align with their actual liability — either too much or too little was withheld from their paychecks. A small difference is to be expected, but withholding that’s significantly off target can have negative consequences. Overwithholding reduces the amount available to you […]
#TaxPlanning, #TaxTips, #Withholding
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Tax Planning

Material participation: Why it matters for LLP and LLC owners

LLC and LLP owners: Can you deduct your business losses this year? The answer may depend on whether your activity is considered passive under the IRS’s passive activity loss rules.
April 20, 2026
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The passive activity loss (PAL) rules may limit your ability to deduct losses from a business structured as a limited liability partnership (LLP) or limited liability company (LLC). Depending on how your ownership interest is treated under these rules, you may have more or less flexibility to claim losses in the current year. Here’s a […]
#businesstaxes, #PassiveActivityLoss, #TaxPlanning
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Tax Planning

What you need to know about filing an extension — and minimizing penalties

Not ready to file your federal income tax return by April 15? There are things you can do to avoid or reduce penalties.
April 7, 2026
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If you don’t have everything ready to complete your 2025 federal individual income tax return by the April 15 deadline, you can request an automatic extension. Filing Form 4868, “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return,” by April 15 can give you breathing room to file accurately and protect […]
#TaxDeadline, #TaxExtension, #TaxPlanning
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Tax Planning

Debt vs. equity: Classification counts when shareholders put money into their corporations

How you move money into your C corporation today can shape your tax outcomes tomorrow. Here’s why making bona fide loans to your business can be a tax-smart move.
March 30, 2026
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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 a major impact on your tax bill. Payments from shareholders to fund the business can either be classified as capital contributions (equity) or shareholder loans (debt). That might sound […]
#BusinessStrategy, #CorporateTax, #TaxPlanning
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Tax Planning

Business deductions for four-legged coworkers

Expenses related to animals that protect business property or inventory may qualify for tax deductions. But the IRS draws a clear line between a working animal and a household pet. Learn the tax rules and required documentation.
March 16, 2026
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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 vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: Dogs […]
#BusinessTaxDeductions, #SmallBusinessTaxes, #TaxPlanning
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