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.
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?
Summer Activities That Could Impact Your Next Tax Return
While the spring tax deadline is behind us, what you do during the sunnier months can directly influence what you owe—or get back—when it is time to file again. Taking a few proactive steps now can save you from an unexpected tax bill later.
Backup Withholding: What Businesses Should Know
In most cases, you aren’t required to withhold taxes from payments to independent contractors. However, there are situations in which the “backup withholding” rules apply. Backup withholding is most commonly required when a contractor fails to provide a correct Social Security number or Employer Identification Number, or doesn’t properly complete Form W-9, “Request for Taxpayer Identification Number and Certification.”
Employers Face New Limits on Meal Expense Deductions
Does your business provide complimentary on-site food and beverages for employees? The rules for deducting certain business meals have changed. Beginning in 2026, employers generally can’t deduct For the 2025 tax year, generally, the former were 100% deductible, and the …
IRS Penalties During the Pandemic Could Be Refundable
A recent Court of Federal Claims decision, Kwong v. United States, held in the refund-claim-timeliness context that IRC Sec. 7508A(d) postponed certain tax-related deadlines during the COVID-19 disaster period. The IRS has appealed, and the law remains unsettled.
Get Ahead With a Midyear Tax Review
Life changes can affect your tax picture more than you might expect. Taking time now to review key areas can reduce the risk of certain penalties and uncover tax savings opportunities.
Start by reviewing your withholding and estimated tax payments. If your income has changed, you may need to update your Form W-4 so that your withholding accurately reflects your current circumstances. If you’re self-employed or have significant income not subject to withholding (such as dividends or capital gains), you may need to make quarterly estimated tax payments to avoid underpayment penalties.
Summer Day Camps May Qualify for the 2026 Child Care Credit
With summer vacations and school breaks around the corner, many parents are turning to day camps to keep their children active and supervised. Under the updated 2026 tax laws—specifically the provisions from the One Big Beautiful Bill (OBBBA)—those camp expenses could lead to a significantly higher tax credit than in previous years.
How IRS Tax Debt Affects Your Passport Under the FAST Act
Under the Fixing America’s Surface Transportation (FAST) Act, the IRS has the authority to certify individuals with “seriously delinquent tax debts” to the State Department. This certification can lead to the denial of a passport application or renewal and, in some cases, the revocation of an existing passport.
Navigating the June 15 Deadline for Americans Abroad
If you live or work outside the United States, your tax obligations remain largely the same as those of U.S. citizens, including for dual citizens. However, the IRS recognizes the unique challenges of filing from overseas by granting an automatic two-month extension. For the 2026 tax season, your federal income tax return and any tax due must be submitted by June 15, 2026.