Tax Planning

Increase your current business deductions under tangible property safe harbors

Maine,down,east,cape,porpoise,harbor
February 3, 2026
H&B
0
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
Find Out More
Tax Planning

Avoiding inadvertent S corp termination

Businessman,holding,a,shield,in,his,hand,to,mean,protecting
December 23, 2025
H&B
0
S corporation structure provides most of the tax benefits of a partnership plus the liability protection of a corporation. But because of the strict requirements that apply to these entities, preserving S corporation status requires due diligence. Reap the benefits Like a traditional C corporation, an S corporation shields its shareholders from personal liability for the corporation’s […]
#BusinessTax, #SCorporation, #TaxPlanning
Find Out More
Business Planning & Consulting, Tax Planning

There’s still time for businesses to benefit from clean energy tax breaks

Environmental,tax,breaks,concept.,holding,glass,ball,with,green,tax
October 14, 2025
H&B
0
The One Big Beautiful Bill Act (OBBBA), signed into law July 4, 2025, extends or enhances many tax breaks for businesses. But the legislation terminates several business-related clean energy tax incentives earlier than scheduled. For example, the Qualified Commercial Clean Vehicle Credit (Section 45W) had been scheduled to expire after 2032. Under the OBBBA, it’s available […]
#BusinessTax, #OBBBA, #TaxUpdate
Find Out More
Tax Planning

The tax traps of personally guaranteeing a loan to your corporation

Businessman,validates,and,manages,business,documents,and,agreements,,legal,contract
October 1, 2025
H&B
0
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
Find Out More
Tax Planning

Corporate business owners: Is your salary reasonable in the eyes of the IRS?

Saving,money,and,growing,capital,financial,concept.,increase,wealth,,income,
May 5, 2025
H&B
0
Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest. But by proactively following certain steps, owners can help ensure their compensation is seen […]
#BusinessTax, #IRSCompliance, #SmallBusinessTips, #TaxPlanning
Find Out More