As a small business owner, you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Here’s what you need to know about this valuable tax deduction:
Using PTE Elections to Optimize SALT Deduction Limits—PART 1
Overview
The SALT deduction cap limits federal itemized deductions for state and local taxes, including state income taxes, property taxes, and personal property taxes.
With the cap now increased to $40,000, more taxpayers can deduct state and local taxes, but PTE elections remain a powerful strategy for high-income owners, non-itemizers, and pass-through businesses seeking federal tax efficiency. The IRS continues to recognize entity-level PTE deductions under Notice 2020-75.
Important Information About Charitable Giving This Year
For many nonprofits and taxpayers alike, Giving Tuesday is the start of the charitable giving season. While most organizations are legitimate, taxpayers should always research charities before donating.
It is also a good idea to understand the expanded tax benefits of giving to causes that mean something to you personally. Taxpayers should also know that they may be able to deduct donations to tax-exempt organizations on their tax returns.
No Income? You Can Still Claim a Home-Office Deduction
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.