The U.S. Census Bureau reports there were nearly 447,000 new business applications in May of 2025. The bureau measures this by tracking the number of businesses applying for an Employer Identification Number.
Claim the 20% Rehab Tax Credit for Business Space Upgrades
If your business occupies a large space and you’re planning to relocate, expand or renovate in the future, consider the potential benefits of the rehabilitation tax credit. This could be particularly valuable if you’re interested in historic properties.
Itemized Deductions for Estates and Trusts: What’s Still Allowed?
While individual taxpayers currently cannot claim miscellaneous itemized deductions through 2025, certain deductions for estates and non-grantor trusts remain available under IRS guidance. This distinction is critical for fiduciaries, estate administrators, and beneficiaries navigating tax filings.
Safe Harbor 401(k)s: Simplified Retirement Plans for Businesses
When many small to midsize businesses are ready to sponsor a qualified retirement plan, they encounter a common obstacle: complex administrative requirements. As a business owner, you no doubt already have a lot on your plate. Do you really want to deal with, say, IRS-mandated testing that could cause considerable hassles and expense?
11 Facts About Capital Gains and Losses
When you sell a capital asset, such as a home, household furnishings, or stocks and bonds held in a personal account, the difference between the amount you paid for the asset and its sales price is known as a capital gain or capital loss. Here are eleven facts you should know about how gains and losses can affect your federal income tax return.
Paying off Debt the Smart Way
With economic volatility, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people, especially those of pre-retirement age. Instead, it’s better to start by focusing on managing debt. When you handle debt wisely, you won’t have to shell out every cent of your hard-earned money to your lender or feel like you’re always on the verge of bankruptcy.
These tips will help you get started paying off debt the smart way and help you save extra money to pay down those debts even faster:
How the Big Beautiful Bill Could Change R&E Deductions
What Are R&E Expenses?
If your business invests in innovation, testing, or product development, you probably know the term R&D. But the IRS refers to these costs as Research and Experimental (R&E) expenses. While the terms sound similar, the tax treatment is specific, and recent rule changes have made it more critical than ever for small businesses to understand how R&D works.
OBBBA: Key Tax Changes for Individuals and Businesses
On July 4, President Trump signed into law the far-reaching legislation known as the One Big Beautiful Bill Act (OBBBA). As expected, it extends and enhances many of the tax breaks from the Tax Cuts and Jobs Act (TCJA). It also includes several of Trump’s campaign promises — though many are only temporary — and eliminates tax breaks related to clean energy. Here’s a rundown of some of the main tax law changes to be aware of as you plan for the 2025 tax year.
The Tax Impact of Business Bartering
Bartering is simply the exchange of services or property, and it’s a taxable event. For example, if a computer consultant trades services with an advertising agency, each must report income equal to the fair market value of the services they received, typically the amount the service provider would normally charge.
The rules are similar when property is part of the exchange. For example, if a construction company accepts unsold inventory as payment, it must report income equal to the inventory’s fair market value.
You May Owe the “Nanny Tax” Even Without a Nanny
Don’t let the name “nanny tax” fool you. It’s a tax that applies to the wages of a variety of types of household help you hire, such as a nanny, gardener, or housekeeper. Hiring extra help can ease the burden of home-related tasks, especially in the summer when the kids are home or the garden needs attention. Unless the worker is an independent contractor, you may be liable for federal payroll tax and other taxes (including state tax obligations).