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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Tax Planning

Investing in qualified small business stock now offers expanded tax benefits

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August 27, 2025
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By purchasing stock in certain small businesses, you can diversify your investment portfolio. You also may enjoy preferential tax treatment, some of which is getting even better under the One Big Beautiful Bill Act (OBBBA) that was signed into law in July: Qualified small business (QSB) stock now offers more tax-saving opportunities. QSB defined A […]
#QSB, #QualifiedSmallBusiness, #TaxSaving
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Tax Planning

Divorcing as a business owner? Don’t let taxes derail your settlement

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August 25, 2025
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Divorce is stressful under any circumstances, but for business owners, the process can be even more complicated. Your business ownership interest is often one of your largest personal assets, and in many cases, part or all of it will be considered marital property. Understanding the tax rules that apply to asset division can help you […]
#DivorcePlanning, #TaxPlanning, #WealthManagement
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Tax Planning

The next estimated tax payment deadline is coming up soon

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August 20, 2025
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If you make quarterly estimated tax payments, the amount you owe may be affected by the One Big Beautiful Bill Act (OBBBA). The law, which was enacted on July 4, 2025, introduces new deductions, credits and tax provisions that could shift your income tax liability this year. Tax basics Federal estimated tax payments are designed to ensure […]
#EstimatedTaxes, #QuarterlyTaxes, #TaxPlanning
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Tax Planning

Lower your self-employment tax bill by switching to an S corporation

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August 18, 2025
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If you own an unincorporated small business, you may be frustrated with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation. SE tax basics Sole proprietorship income, as well as partnership income that flows through to partners (except certain limited partners), is subject […]
#BusinessPlanning, #SelfEmploymentTax, #TaxPlanning
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