Drive Down Your Taxes: Deduct Your Personal Vehicle in 2025
Do you have a personal vehicle? Thanks to the One Big Beautiful Bill Act (OBBBA), you may be eligible for a valuable “no new cash outlay” tax deduction beginning in 2025. Here’s how it works: If you convert a personal-use vehicle to business use, the law treats it as placed in service on the conversion […]
Avoid Costly Tax Mistakes with Vacation Home Rentals
If you own a vacation home or rent out a second property, there’s a tax case you should know about—one that could save you thousands of dollars in lost deductions. The tax case shows the benefits of proactive tax planning when you own a vacation home or rent out a second property. Charles M. Akers […]
QSubs: A Smart Strategy for S Corporations
If you operate your business as an S corporation, you likely enjoy its tax-saving benefits—especially on Social Security and Medicare taxes. But there’s another powerful advantage you may not have considered: forming a qualified subchapter S subsidiary (QSub). What Is a QSub and Why Consider It? A QSub is a wholly owned subsidiary of your […]
Defined Benefit Plan, A Tax-Advantaged Retirement Planning for Business Owners
Are you a high-income solo business owner seeking to supercharge your retirement savings while cutting your tax bill? If so, there’s a powerful tool that may surprise you: the defined benefit plan. Often associated with large corporations or government jobs, defined benefit plans can also be a strategic solution for self-employed professionals and sole owners […]
Maximizing Deductions for Business Conventions
You and your business likely benefit from attending business conventions and seminars. It’s essential to know which expenses you can deduct—and how to ensure they qualify. As a business owner, you might assume that if a seminar is “business related,” it’s automatically deductible. But that’s not always the case. The IRS sets specific requirements depending […]
How to Meet Your HRA PCORI Fee Filing Requirement and Avoid Penalties
Have you established a 105-HRA, a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), or an Individual Coverage Health Reimbursement Arrangement (ICHRA) to reimburse your employees for medical expenses? If so, congratulations! These HRAs are an excellent way to cover your employees’ medical expenses and claim a tax deduction. But all three types of HRAs come […]
Avoid a Tax Headache: How to Fix a Mistaken 1099-NEC
Did you receive a Form 1099-NEC that overstates your income? You’re not alone—and it could mean you’re paying more taxes than you owe. This problem often arises at year-end. When a business issues a 1099-NEC based on what it paid rather than what you received. For example, if you were paid in January for the […]
Turn Your Corporate Vehicle into a Tax-Smart Asset
If your S or C corporation owns a vehicle that you also use personally, there are important tax rules you need to follow—and smart planning can help you save significantly. Read further to learn how to handle your corporate vehicle as a tax asset. Let’s say you use a corporate vehicle 80 percent for business […]
Understanding Excess Business Loss Limits
As you plan for 2025, it’s crucial to understand how recent tax law changes may impact your ability to deduct business losses. One such provision, the excess business loss disallowance rule, could limit how much of your business loss you can deduct in a given year—and delay the tax benefits you expect. What Is the […]
Boost Your Tax Benefits with Section 179 for Commercial Rentals
With bonus depreciation declining to 40 percent this year, Section 179 expensing is a powerful alternative. It allows you to deduct up to the full cost of personal property and eligible improvements in the year you place them in service. For 2025, the maximum deduction is $1.25 million, with phaseouts beginning at $3.13 million. Eligible […]