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.
How Does the New Tax Deduction for Car Loan Interest Work?
Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might be able to deduct your car loan interest. But various rules and limits apply.
Last-Minute Tax Strategy: Accelerating Deductions
Have you been claiming the standard deduction the last few years? If so, you may want to rethink that for this tax year.
The expanded state and local tax (SALT) deduction may cause your total itemized deductions to exceed the standard deduction, and itemizing to make sense.
NOL Deductions Can Ease the Pain of Business Losses
For income tax purposes, a business loss generally occurs when a business’s deductions for the year exceed its revenue. Any business, whether new or established, can face losses. Fortunately, the net operating loss (NOL) deduction can turn the pain of a loss this year into tax savings for next year and, perhaps, beyond.
6 Year-End Tax Strategies to Reduce Your Business Taxes
Year-round tax planning produces the best results, but December still offers opportunities to reduce your business taxes. Use these six strategies before year-end:
New QPP Deduction Can Save Manufacturers Significant Taxes
The One Big Beautiful Bill Act (OBBBA) allows 100% first-year depreciation for nonresidential real estate that’s classified as qualified production property (QPP).
Education Benefits Attract & Retain Employees While Saving Taxes
Your business can attract and retain employees by providing education benefits that enable team members to improve their skills and gain additional knowledge, all on a tax-advantaged basis. Here’s a closer look at some education benefits options.
Advertising and Marketing Costs May Be Tax Deductible
As a small business owner, you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Here’s what you need to know about this valuable tax deduction: