When the Time Is Right: Protecting Your Future After the Loss of a Spouse
Losing a spouse is difficult, and taxes are likely the last thing on your mind. But the tax consequences arrive on a delayed schedule that creates a valuable planning window—one that closes quickly if no one is watching. Here is the timeline: For the year when your spouse dies, you may still file a joint […]
A Fresh Look at the Paid Family and Medical Leave Tax Credit
The paid family and medical leave tax credit is now a permanent part of the tax code, and the 2026 rules changed enough that it deserves a fresh look even if you considered it before and passed. Here is what the credit does: If you have a written leave policy in place, you earn a […]
How an S Corporation Can Unlock the Section 199A Deduction
If you operate as a sole proprietor or single-member LLC, earn a good income, and have no payroll and little depreciable property, you may be losing most of the Section 199A 20 percent deduction. Switching to an S corporation can fix that. Here is the problem: Once your 2026 taxable income exceeds $276,750 (single) or […]
S Corporation Health Insurance Deduction
If you own more than 2 percent of an S corporation, your dental, vision, and Medicare premiums can qualify for the same valuable tax treatment as your major medical insurance premiums. To secure the deductions, follow the same three-step process for all qualifying premiums. First, your S corporation must either pay the premiums directly or […]
ERC Refunds and the Tax Benefit Rule
If you received an Employee Retention Credit (ERC) refund in 2026 for wages paid in 2020 or 2021, you may have an opportunity to recover the tax you pay on that refund. The IRS currently says that if you failed to reduce your wage deductions in the original years, you should report the receipt of […]
Buying or Launching a Business? Know the Tax Rules
Starting or buying a business often requires significant spending before the business officially opens. Fortunately, the tax law allows you to deduct at least some of these start-up costs instead of waiting until you sell the business to receive a tax benefit. Deducting Start-up Costs In general, you may deduct up to $5,000 in qualifying […]
A Guide to Deducting Unreimbursed Partnership Expenses
Partners in partnerships and members of LLCs taxed as partnerships often pay business-related expenses out of their own pocket. Common examples include meals with prospective clients, vehicle expenses, professional education, subscriptions, and home-office costs. In many cases, these unreimbursed expenses may be deductible on the partner’s personal tax return. Only if the partnership agreement or […]
New Law Restores Valuable Tax Deductions for Businesses
Your business may have a valuable opportunity to claim larger deductions or refunds for research and experimentation (R&E) expenses. Starting in 2022, businesses had to amortize domestic R&E costs over five years rather than deducting them immediately. This rule created cash-flow problems for many businesses that developed new products, improved processes, wrote custom software, or […]
The Power of QSBC Stock
Let’s turn our attention to an increasingly valuable tax planning opportunity involving qualified small business corporation (QSBC) stock, especially in light of recent law changes. QSBCs—essentially, certain qualifying C corporations—offer powerful tax advantages. Most notably, you may be able to exclude up to 100 percent of the gain on the sale of QSBC stock if […]
A Strategic Guide to Motor Home Tax Deductions
Here’s an important tax planning opportunity—and caution—regarding the deduction of a motor home used for business purposes. The Jackson case highlights that many taxpayers lose this deduction not because it is improperly structured/documented. When this situation is handled correctly, a motor home can qualify as a business transportation vehicle, a lodging facility, or both, allowing for substantial […]