If your parent or another elderly family member is moving into a nursing home, there may be tax implications. For example, long-term care expenses may qualify as an itemized deduction if they, along with other medical expenses, exceed 7.5% of adjusted gross income. (Only the amount over 7.5% is deductible.)
Small Business Tax Thresholds and IRS Accounting Exemptions
Although your company may feel expansive to you, you might wonder how the federal government officially classifies it for tax purposes. If your organization qualifies as a small business, you can lock in several critical tax advantages.
However, the specific rules for individual tax provisions vary. Depending on your exact operational size, you might be eligible for some small-business breaks while being excluded from others.
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).
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:
Tax Breaks for Medical Expenses
Depending on your situation, you may be able to claim certain medical expenses as deductions on your tax return. However, you must itemize deductions, and having enough expenses to qualify can be challenging. Here are five tips to keep in mind:
Startup Costs and Taxes: What You Need to Know Before Filing
The U.S. Census Bureau reports there were nearly 447,000 new business applications in May of 2025. The bureau measures this by tracking the number of businesses applying for an Employer Identification Number.
How the Big Beautiful Bill Could Change R&E Deductions
What Are R&E Expenses?
If your business invests in innovation, testing, or product development, you probably know the term R&D. But the IRS refers to these costs as Research and Experimental (R&E) expenses. While the terms sound similar, the tax treatment is specific, and recent rule changes have made it more critical than ever for small businesses to understand how R&D works.
Planning a Summer Business Trip? Turn Travel Into Tax Deductions
If you or your employees are heading out of town for business this summer, it’s important to understand what travel expenses can be deducted under current tax law. To qualify, the travel must be necessary for your business and require an overnight stay within the United States.
Stuck in the Middle: The Sandwich Generation
The term “sandwich generation” was coined to describe baby boomers caught between caring for their aging parents and their children. Today, it most commonly applies to Generation Xers and older Millennials. If you’re caught in the middle, it might be time for honest discussions about pressing issues such as funding children’s higher education and paying for a parent’s long-term care.
How to Manage Business Interest Expense Limits
Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions.