Tax Planning

Quadrupled SALT deduction limit means more taxpayers will benefit from itemizing on their 2025 returns

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February 18, 2026
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An important decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize deductions. A change under the One Big Beautiful Bill Act (OBBBA) will make it beneficial for more taxpayers to itemize deductions on their 2025 returns. Specifically, if you paid more than $10,000 in state […]
#ItemizedDeductions, #StandardDeduction, #TaxPlanning
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Tax Planning

Some small businesses can still benefit from the health care coverage credit

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February 11, 2026
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Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only the amount of income subject to tax. One tax credit that hasn’t been getting much attention lately but that can still be valuable for some small businesses is the credit for providing health insurance to employees. […]
#EmployerTaxCredit, #SmallBusinessTax, #TaxCredits
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Tax Planning

How to get inventory under control

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February 10, 2026
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Uncertainty regarding inflation, demand and foreign tariffs has made inventory management even harder for businesses than it was previously. Although there are many unknowns right now, one thing is generally certain: Carrying excess inventory is expensive. If you’d like to trim your buffer stock and maximize profitability, there are effective ways to do it without […]
#BusinessOperations, #InventoryManagement, #SupplyChain
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Tax Planning

Increase your current business deductions under tangible property safe harbors

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February 3, 2026
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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 return — if they weren’t actually for “improvements” that must be depreciated over a period of years. Betterment, restoration or adaptation In general, a cost that results in […]
#BusinessTax, #TaxCompliance, #TaxPlanning
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Retirement Planning, Tax Planning

There’s still time to set up a SEP and reduce your 2025 taxes

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January 27, 2026
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If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose a Simplified Employee Pension (SEP), you’ll be able make deductible 2025 contributions to it, saving you taxes. Not only is the SEP deadline favorable, but […]
#BusinessOwners, #SEPIRA #SimplifiedEmployeePension #RetirementPlanning, #TaxAdvantagedRetirement
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