Exploring Tax Rules When Converting Your Business Vehicle to Personal Use
If you are a sole proprietor and considering converting a business vehicle to personal use, it’s important to understand the tax consequences before making the switch. While the conversion itself may appear simple, the tax impact can arise either immediately or later—and sometimes in unexpected ways. If you used the IRS standard mileage rate for […]
Navigating Section 267 in Family Transactions and Tax Planning
Family relationships and overlapping ownership can quietly sabotage well-intentioned tax planning. Internal Revenue Code Section 267 often causes the damage. This rule does not announce itself with penalties or warnings. Instead, it erases deductions, disallows losses, and delays expenses after the transaction feels complete. Section 267 targets transactions between related parties. The law focuses on […]
Boost Your Business with 2026 Childcare Tax Credit Expansion
The One Big Beautiful Bill Act (OBBBA) dramatically expanded the employer childcare credit starting in 2026, turning a modest tax break into a significant planning opportunity for many businesses. The employer childcare credit allows businesses to claim a general business tax credit for qualified childcare expenses paid for employees. Qualifying costs include Businesses do not […]
Why It’s Important to Review Your Tax Return Carefully
I prepare your tax returns with care, transparency, and integrity. I do not commit fraud, and I never cut corners. Still, I want you to understand a growing risk that affects taxpayers everywhere: dishonest tax preparers exist, and their misconduct can haunt clients for decades. Recent court cases show a troubling reality: When a tax […]
Navigating USPS Postmark Policies to Ensure Timely Tax Return Submission
For decades, taxpayers trusted a simple rule: if you mailed a tax return or payment by the deadline, the IRS treated it as timely filed, relying on USPS postmarks on tax returns. Recent U.S. Postal Service (USPS) practices have changed that reality and created a serious trap for anyone who relies on last-minute mailing. What […]
An Overview of Section 318 Attribution Rules for Business Owners
Many taxpayers assume that tax law looks only at the stock they actually own. Section 318 proves that assumption wrong. The Section 318 attribution rules can treat you as owning business interests you never purchased, simply because of family relationships, entity ownership, or even stock options. When that happens, your tax results can change dramatically. What […]
What Tax Changes are Coming in 2026?
We’ve got another tax season arriving, and it’s going to be a doozy thanks to the varying changes brought about by the One Big Beautiful Bill Act. Today, I want to cover the highlights of tax changes coming in 2026 and which ones will have the biggest impact on your return. What are the 2026 […]
S Corporation Strategies for Commissions: What Every Business Owner Needs to Know
We continue to see aggressive advice circulating about routing personal commissions through an S corporation to reduce self-employment tax. This strategy sounds attractive, but it fails under long-standing tax law and creates significant audit risk. Consider a common setup: An individual earns commissions under contracts issued in his personal name. He holds the required state […]
An Overlooked Tax Deduction for Mileage-Reimbursed Employees
If you receive mileage reimbursements from your employer or your corporation, you may face an unexpected tax result when you sell or trade your vehicle. Many employees assume that mileage reimbursements end the tax story. That assumption often leads taxpayers to miss a valuable deduction—or to get blindsided by a taxable gain. Hopefully this positive example […]
IRS Moves to Electronic Tax Refunds: Key Implications for Business Owners
Your tax refund will no longer arrive by paper check. The IRS recently announced that it will stop issuing refund checks, with limited exceptions, and the IRS has made moves to require taxpayers to receive tax refunds electronically. Why the Change? Paper checks cost more, create security risks, and take much longer to process. In […]