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.
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.
Never Too Late to Start! 6 Hidden Tax Deductions for Businesses
Every tax year is a new opportunity to save.
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.
Business Vehicle Deductions 2025-2026: What You Can Write Off
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.
Are College Scholarships Really Tax-Free?
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.
2026 Business Mileage Rate Gets a Boost
Are you a business owner or self-employed? Do you drive for business purposes? If so, you’ll be happy to know that the IRS’s standard mileage rate for business driving in 2026 is 72.5 cents per mile (up from 70 cents in 2025).
Businesses Regain Immediate Deduction for R&E Expenses
If your business conducts research or product development, a significant tax law change could unlock tax savings. The 2025 tax legislation, commonly known as the One Big Beautiful Bill Act (OBBBA), reinstated the ability to immediately deduct domestic research and experimental (R&E) expenses.
Tax FOMO: Are You Losing $1,000s in Tax Savings?
The Power of Hiring a CPA (And What Could Happen if You Don’t)
You know about FOMO, or “fear of missing out,” when it comes to skipping a good party. You should also have a very healthy fear of losing out on tax savings. How? By trusting anyone other than a qualified CPA to handle your taxes!
Unlock Bigger Deductions on Rental Real Estate
Many rental property owners are surprised to learn that federal tax law often restricts their ability to deduct losses, treating most rental activities as passive unless specific requirements are met. But if you can qualify for the real estate professional exception, you may be able to turn otherwise suspended losses into immediate tax savings.
Increase Business Deductions with Tangible Property Safe Harbors
Did your business make repairs to tangible property in 2025, such as buildings, equipment, or vehicles? In many cases, these costs may be fully deductible on your 2025 federal income tax return. However, expenses that qualify as improvements must generally be capitalized and depreciated over time.