Overview
In Part 1, we explained how PTE owners can reduce federal taxable income by having their pass-through entity pay state income taxes at the entity level.
More Taxpayers May Qualify for the Casualty Loss Deduction
Starting in 2026, personal casualty loss deductions will no longer be limited to federally declared disasters. Certain state-declared disasters will also be eligible. For a disaster to qualify, the governor (or D.C. mayor) and the U.S. Treasury Secretary must agree …
Information Reporting Changes for the 2026 Tax Year
If your business has employees or uses independent contractors, you have associated annual information reporting obligations. The One Big Beautiful Bill Act (OBBBA) makes changes impacting these rules, but not for the 2025 tax year. Tips and Overtime Income For …
Avoiding Inadvertent S Corp Termination
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 …
Not All “Business” Expenses Are Tax Deductible
Valuation professionals often use discounted cash flow (DCF) techniques to determine the value of a business or estimate economic losses. A critical input in a DCF model is the cost of capital — the rate that’s used to discount future …
Important 2026 Tax Figures for Businesses
A new year brings many new tax-related figures for businesses. Here’s an overview of key figures for 2026. Be aware that exceptions, additional rules, or limits may apply.
Reminder: Use Correct Forms to Pay Employment Taxes
Small business owners are reminded to review the rules for filing two commonly-used employment tax returns: Form 944, Employer’s Annual Federal Tax Return and Form 941, Employer’s Quarterly Federal Tax Return.
A small business files one or the other; these two forms are not interchangeable and the employer should never flip-flop between the two forms on their own. They should always file in accordance with their designated filing requirements. Let’s take a look at the differences between these forms.
Maximizing Your Exit: The 4 Paths to Selling Your Business
Comparing Business Exit Options
Selecting your business successor is a fundamental objective when planning your exit strategy. The ideal path strikes a balance between financial security, tax efficiency, and legacy.
How Does the New Tax Deduction for Car Loan Interest Work?
Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might be able to deduct your car loan interest. But various rules and limits apply.
Last-Minute Tax Strategy: Accelerating Deductions
Have you been claiming the standard deduction the last few years? If so, you may want to rethink that for this tax year.
The expanded state and local tax (SALT) deduction may cause your total itemized deductions to exceed the standard deduction, and itemizing to make sense.