We’ve reached a point where artificial intelligence (AI) offers functionality and enhancements to most businesses. Yours may be able to use it to streamline operations, improve customer interactions, or uncover growth opportunities.
Closing Your Business: A Tax Checklist
If you’re shutting down your business — permanently or as part of a strategic exit — it’s important to follow IRS rules to officially close your small business and avoid future tax headaches.
Employer Credit for Family and Medical Leave
Thanks to the passage of the Tax Cuts and Jobs Act in 2017, and now further solidified and enhanced by the “One Big Beautiful Bill Act” (OBBBA) signed into law on July 4, 2025, there’s an updated tax benefit for employers: the employer credit for paid family and medical leave.
Startup Costs and Taxes: What You Need to Know Before Filing
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.