Overview
In Part 1, we explained how PTE owners can reduce federal taxable income by having their pass-through entity pay state income taxes at the entity level.
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.
Simplify Expense Reporting With High-Low Travel Per Diem Rates
The “high-low” per diem method is a simplified way to reimburse employees who travel for your business compared to tracking actual lodging, meal, and incidental expenses.
What Are the Tax Consequences of Employee Gifts?
The holidays are a time for gratitude, and many employers show appreciation by giving gifts to their staff. Different types of gifts can have different tax consequences.
So whether it’s a gift card, a holiday turkey, or a year-end bonus, it’s important to know how the IRS will treat the gift.
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:
Using PTE Elections to Optimize SALT Deduction Limits—PART 1
Overview
The SALT deduction cap limits federal itemized deductions for state and local taxes, including state income taxes, property taxes, and personal property taxes.
With the cap now increased to $40,000, more taxpayers can deduct state and local taxes, but PTE elections remain a powerful strategy for high-income owners, non-itemizers, and pass-through businesses seeking federal tax efficiency. The IRS continues to recognize entity-level PTE deductions under Notice 2020-75.
No Income? You Can Still Claim a Home-Office Deduction
Question: My CPA said that if I didn’t have any business income this year, I couldn’t take a home-office deduction. Is that true?
Are Taxes Two-Timing You? How to Avoid Dual Taxation
Remote work and increased mobility have made living in one state while working in another more common than ever. While this flexibility has many perks, it can also trigger unexpected tax consequences.
Make Sure Every Donation Counts
Charities obviously benefit when you donate to them. But you can also benefit by securing a tax deduction on this year’s income tax return if you donate by December 31, itemize deductions, and comply with the tax rules. Here are a few rules to keep in mind:
Making a Tax-Free Gift in 2025 and 2026
As the year winds down, you may be hoping to combine smart estate tax planning with tax savings using the annual gift tax exclusion.