A Closer Look at Family Payment Tax Strategies
Here’s an often-overlooked tax strategy that can generate substantial family tax savings when handled correctly. In fact, using a family payment tax strategy can help you maximize these savings. If you pay a family member (or even a non-relative) for a one-time project, the tax treatment can be highly favorable—but only if you follow the […]
Don’t just donate. Deduct it through your business
Recent tax law changes make it more challenging to receive meaningful tax benefits from charitable giving. However, there are ways to use your business to support charities even in this new environment. Under the current 2026 rules, higher standard deductions and new limitations mean many taxpayers receive little or no benefit from itemizing charitable contributions. Additionally, […]
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 […]
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 […]
Dog Breeding and the IRS: Turning Your Hobby into a Legitimate Business
Are you involved in a dog breeding business or considering starting one? If so, you are in the IRS’s crosshairs. The IRS has long considered dog breeding to be an activity typically classified as a hobby, rather than a business, for tax purposes. When it comes to taxes, hobbies are usually tax disasters. Unlike a […]
Understanding the Overtime Deduction Under the OBBBA
Do you regularly earn overtime pay? If so, the One Big Beautiful Bill Act (OBBBA) may help lower your federal income tax bill by adding to the deduction of qualified overtime income. New Overtime Deduction Before 2025, the IRS taxed every dollar of your overtime pay as ordinary income. Beginning this year (2025) and continuing […]
OBBBA 2025 Update: Bigger Tax Savings for Business Owners Hiring Their Kids
If you own a business and have children, the One Big Beautiful Bill Act (OBBBA) just made the popular “hire your child” tax strategy even more attractive starting in 2025. Read more about the tax savings you can take advantage of for hiring your kids. Thanks to the OBBBA, the standard deduction for a single […]
Boost Your Roth Savings with this Mega Backdoor Roth Strategy
If you are a business owner with no employees and prefer Roth-style retirement savings, you may want to consider the mega backdoor Roth strategy. This powerful tool allows you to contribute significantly more to a Roth account than the standard Roth IRA or even the regular backdoor Roth route—up to $70,000, or $77,500 if you’re […]
Tax Code – Defined Statutory Employees are Hybrid Self-Employed
When you hire a worker, one of the most important decisions you’ll make is classifying the worker as either an employee or an independent contractor for tax purposes. If you correctly classify a worker as an independent contractor, you’re not required to pay the employer’s share of Social Security and Medicare taxes or to withhold […]
Retirement Plan Options for a Single-Owned C or S Corporation
Because you operate your business as a solely owned corporation (C or S) with no employees, several excellent retirement plans are available to you that can provide significant tax deductions and help you build wealth for retirement. The options for single-owned corporation retirement are varied and can be tailored to your needs. Some of the […]