Closing a business can be overwhelming. But it’s important not to let tax duties fall through the cracks. File a federal income tax return for your business’s final year and, if you have employees, make final federal tax deposits and report employment taxes.
Increase Business Deductions with Tangible Property Safe Harbors
Did your business make repairs to tangible property in 2025, such as buildings, equipment, or vehicles? In many cases, these costs may be fully deductible on your 2025 federal income tax return. However, expenses that qualify as improvements must generally be capitalized and depreciated over time.
March 16, 2026 Tax Deadlines for Pass-Through Entities
Do you operate your business as a partnership, a limited liability company (LLC) taxed as a partnership, or an S corporation? These structures are known as pass-through entities because income, deductions, and tax credits pass through to owners and are reported on their individual federal tax returns.
Is Your Business Safe from Payroll Fraud?
Payroll fraud can be costly and devastating, especially for small businesses. According to the Association of Certified Fraud Examiners (ACFE), the median loss from payroll fraud schemes is $50,000, and long-term fraud, particularly by upper management, can reach millions of dollars.
There’s Still Time to Set Up a SEP and Save on Taxes
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.
February 2026 Tax Due Dates
February 17 Employers: Deposit nonpayroll withheld income tax for January if the monthly deposit rule applies. Employers: Deposit Social Security, Medicare, and withheld income taxes for January if the monthly deposit rule applies. Businesses: Provide Form 1099-B, 1099-S, and certain …