Question: My CPA said that if I didn’t have any business income this year, I couldn’t take a home-office deduction. Is that true?
Are Taxes Two-Timing You? How to Avoid Dual Taxation
Remote work and increased mobility have made living in one state while working in another more common than ever. While this flexibility has many perks, it can also trigger unexpected tax consequences.
Bonus Depreciation & Other Year-End Business Tax-Saving Tools
As this year comes to a close, business owners seeking to reduce their taxes for 2025 have a variety of opportunities. Here’s a look at two tax-saving tools: bonus depreciation and retirement plan contributions.
Make Sure Every Donation Counts
Charities obviously benefit when you donate to them. But you can also benefit by securing a tax deduction on this year’s income tax return if you donate by December 31, itemize deductions, and comply with the tax rules. Here are a few rules to keep in mind:
5 Smart Tips for Individual Year-End Tax Planning
Even during the last two months of the year, you can take steps to reduce your 2025 tax liability. Here are five practical strategies to consider.
Making a Tax-Free Gift in 2025 and 2026
As the year winds down, you may be hoping to combine smart estate tax planning with tax savings using the annual gift tax exclusion.
Throwing a Party for Your Workforce? Know the Tax Rules
The holiday season is here once again, and for some workplaces, that means holiday parties. Although the rules for deducting business entertainment expenses changed several years ago, you may still qualify for some holiday party write-offs for this year, possibly even the entire cost.
As you plan, understand the rules so you can avoid potentially costly missteps.
Easier Reporting Rules for Some Forms
A pesky reporting burden for businesses will be eased by legislation signed into law on July 4. Currently, businesses must issue a Form 1099-MISC to any payee (and to the IRS) when transactions reach $600 in a calendar year.
Real Estate Improvements: Deduct Now or Later?
Commercial real estate usually must be depreciated over 39 years. But certain real estate improvements — specifically, qualified improvement property (QIP) — are eligible for accelerated depreciation and can even be fully deducted immediately. While maximizing first-year depreciation is often beneficial, it’s not always the best tax move.
Year-End Tax Planning for Accrual-Basis Taxpayers
Projecting your business’s income for this year and next can allow you to time income and deductible expenses to your tax advantage. It’s generally better to defer tax — unless you expect to be in a higher tax bracket next year. Timing income and expenses can be easier for cash-basis taxpayers. But accrual-basis taxpayers have some unique tax-saving opportunities when it comes to deductions.