One of the most common bookkeeping mistakes business owners make is mixing business and personal finances. Addressing this issue before year-end can simplify tax preparation, improve the accuracy of your financial records, and help reduce the risk of IRS questions.
Could Bad Debts Lower Your 2026 Taxes?
When customers or others don’t pay what they owe your business, you may be able to claim a bad debt deduction to help offset the financial loss. But it isn’t automatic. Businesses must satisfy specific federal tax rules and maintain adequate records to support the deduction.
5 Tax-Smart Investment Moves Before Year-End
As the end of 2026 approaches, look beyond investment performance and consider how taxes may affect your overall returns. Although tax considerations generally shouldn’t drive investment decisions, a year-end portfolio review may identify opportunities to reduce your taxes. Here are four to consider.
Make the Most of Your HSA Tax Benefits
If you’re eligible to contribute to a Health Savings Account (HSA), consider taking a closer look at your contribution strategy. You may be able to reduce your 2026 taxes while strengthening your long-term financial security. Although many people use HSAs to pay current medical expenses, they can also help fund retirement.
Tax-Free Fringe Benefits for Employees: 2027 Guide
To attract and retain skilled workers, your small business needs to offer more than competitive pay. Your benefits package matters, too — and benefits with favorable tax treatment can be even more valuable to prospective and existing employees. Open enrollment is right around the corner for many businesses. As you review your benefits package for 2027, here are some benefits worth considering.
Small Business Tax Planning: Maximize Your Credits and Deductions
Keeping more of your hard-earned revenue isn’t just about making sales; it’s about strategic, year-round tax planning. For small business owners, understanding how tax credits and tax deductions work together can mean the difference between paying a steep year-end tax bill and pocketing substantial savings.
When an Employee’s Form W-4 Raises Red Flags
Your employees use Form W-4, “Employee’s Withholding Certificate,” to tell you how much federal income tax to withhold from their pay. Most forms are routine, but an altered certificate, unusual accompanying statement, or IRS lock-in letter may require special handling.
Knowing how to respond can help your business meet its withholding obligations without becoming involved in an employee’s personal tax dispute.
Choosing the Right Business Funding Solution
Access to capital helps small businesses succeed and grow. Whether you need to cover cash flow gaps, fund expansion plans, or invest in long-term assets, it’s important to understand all your financing options. This will help you make informed decisions and select funding that aligns with your goals.
What to Do If You’re Faced with an IRS Audit (8 Tips)
“I hoped this day wouldn’t come…but I need help with an IRS audit.”
Picture this: you own a small business. You just sent out invoices a week ago, and the checks are rolling in. As you walk to the mailbox, you have a smile on your face. You pull out the mail and see a half dozen checks…and an envelope from the IRS?
How To Avoid The IRS Hobby Tax Trap With Your Side Hustle
Turning a passion project or freelance gig into extra cash is a classic move, but it comes with a major compliance hurdle. Whether you are selling digital products online or picking up local client work, the IRS demands that you report every single dollar of that income. However, whether you can deduct your expenses depends entirely on whether the tax collector views your side hustle as a legitimate business or just a hobby.