Tax Planning

Review your business expenses before year end

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October 28, 2025
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Now is a good time to review your business’s expenses for deductibility. Accelerating deductible expenses into this year generally will reduce 2025 taxes and might even provide permanent tax savings. Also consider the impact of the One Big Beautiful Bill Act (OBBBA). It makes permanent or revises some Tax Cuts and Jobs Act (TCJA) provisions […]
#BusinessDeductions, #TaxPlanning, #YearEndPlanning
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Tax Planning

Boost your tax savings by donating appreciated stock instead of cash

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October 16, 2025
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Saving taxes probably isn’t your primary reason for supporting your favorite charities. But tax deductions can be a valuable added benefit. If you donate long-term appreciated stock, you potentially can save even more. Not just a deduction Appreciated publicly traded stock you’ve held more than one year is long-term capital gains property. If you donate […]
#CharitableGiving, #TaxPlanning, #YearEndPlanning
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Tax Planning

The 2025–2026 “high-low” per diem business travel rates are here

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October 7, 2025
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If you have employees who travel for business, you know how frustrating it can be to manage reimbursements and the accompanying receipts for meals, hotels and incidentals. To make this process easier, consider using the “high-low” per diem method. Instead of tracking every receipt, your business can reimburse employees using daily rates that are predetermined […]
#BusinessTravel, #PerDiemRates, #TaxPlanning
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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

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

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

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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