If you operate your business as a C corporation, you may be sitting on one of the most powerful wealth-building tools in the Internal Revenue Code: the Qualified Small Business (QSB) stock exclusion. Historically known as Section 1202, this provision allows founders and investors to exclude significant portions of their capital gains from federal income tax.
More Entities Gain Access to IRS Business Tax Account
The IRS has announced an expansion of its Business Tax Account (BTA), making the self-service platform available to partnerships, tax-exempt organizations, federal, state, and local governments, and Indian tribal governments.
Plan Carefully to Minimize Taxes on Your Inheritance
Getting a large inheritance can create new financial opportunities. But it’s important to handle inherited assets carefully, especially when it comes to taxes and planning. Understanding relevant tax rules can help you avoid surprises and make informed decisions.
Review Your Withholding After Filing
If you filed your 2025 return on time, you may now have valuable information that can help you fine-tune your 2026 withholding. A big refund indicates you withheld too much in 2025. If you expect your 2026 income and deductions to be very similar, consider reducing your withholding so that you won’t give the federal government such a large, interest-free loan this year.
Before You Shred: Know Which Tax Records to Keep
Tax documents can accumulate quickly. While clearing out old files can feel productive, it’s important not to discard anything until you’ve reviewed some record-retention guidelines.
How Hiring Your Child This Summer Can Reduce Taxes
The wages you pay your child are generally deductible as a business expense. For your child’s income tax purposes, wages received will be at least partially protected from federal income tax by his or her standard deduction. Any wages in excess of the standard deduction generally will be taxed at your child’s marginal rate, likely only 10%. So this strategy can reduce your family’s overall income tax liability.
Turn a Real Estate Sale Into a Tax-Smart Strategy
Selling investment or commercial real estate can result in a substantial tax bill if the property has appreciated significantly. One strategy to help ease your tax burden is an installment sale.
May 2026 Tax Due Dates
May 15 Calendar-year exempt organizations: File a 2025 information return (Form 990, Form 990-EZ, or Form 990-PF) or file for an automatic six-month extension (Form 8868). Pay any tax due. Calendar-year small exempt organizations: File a 2025 e-Postcard (Form 990-N) …
What Is the Net Investment Income Tax (NIIT)?
The Net Investment Income Tax (NIIT) is a 3.8% surtax that applies to certain types of investment income when your income exceeds specific thresholds. While often associated with high earners, it can also affect moderate-income taxpayers during years with large gains—such as the sale of assets or investments.
Teacher Tax Deduction and Classroom Expenses Explained
Many teachers continue to spend their own money on classroom supplies. Fortunately, the educator expense deduction allows eligible professionals to recover part of those costs—without needing to itemize.