Even after year-end, business owners still have opportunities to uncover overlooked deductions, adjust classifications, and make strategic moves that can reduce taxable income. If your numbers aren’t where you want them, a closer review may reveal deductions worth thousands.
If you used one or more vehicles in your business during 2026, you may be eligible for expanded tax deductions. Under the latest laws, businesses can generally deduct expenses attributable to business use plus depreciation. While the rules remain complex, the 2026 thresholds are significantly more taxpayer-friendly than in recent years.
How you fund your C corporation, through shareholder loans (debt) or capital contributions (equity), can significantly impact taxes.
Debt may allow tax-free principal repayment and deductible interest, while equity can trigger double taxation when profits are distributed. Structuring funding correctly can improve tax efficiency, but it must meet IRS requirements to be respected.
Choosing a fiscal year instead of a calendar year can improve financial clarity, align reporting with your business cycle, and reduce year-end workload. It’s especially useful for seasonal businesses or those with uneven revenue patterns, but it may require IRS approval and changes to tax filing deadlines.
A growing number of employees are blending work and vacation—often called “workations.” While it may seem like a sign of commitment, the long-term impact can quietly erode productivity, morale, and business performance.
Does your business own its real estate in a separate holding company, such as a limited liability company (LLC) or limited partnership? This practice can provide several advantages, including shielding property from your company’s creditors. It can also ease estate planning if, for example, you want to transfer business interests to your children while retaining ownership of the real estate. In addition, there are good tax reasons to separate the two. Let’s take a look.
A recent survey found that 45% of small businesses reported growth, but 78% wanted to grow. This January 2026 data from Intuit QuickBooks Small Business Insights suggests that many small businesses are struggling to achieve their expansion goals. Small businesses usually don’t have extra cash, people, or time to absorb mistakes. One wrong move can strain cash flow, overwhelm staff, or stall momentum. The good news? Many growth missteps are predictable and preventable.
If you already contribute pre-tax dollars to a traditional 401(k) plan or IRA, you may also want to contribute to a Roth version. You’ll forgo tax savings now because Roth contributions are made with after-tax dollars. But diversifying retirement contributions across account types can help lower income tax bills later.
Turning a favorite pastime into income can be rewarding, but it raises an important tax question: Is the activity a hobby or a business? The answer matters because different tax rules apply to each.
All income must be reported on your tax return, regardless of whether it’s from a hobby or a business. But related expenses (and losses) are deductible only if the activity is a business.
Generally, scholarships received by degree candidates are tax-free to the extent they’re used for qualified tuition and related expenses. These include tuition, mandatory fees, and required books, supplies, and equipment.
