What Business Owners Should Know About Intangible Asset Taxes
If you plan to sell a business or an intangible asset, you need to understand a critical tax rule that can significantly increase your tax bill. Tax law treats many self-created intangible assets as non-capital assets. This treatment means you must report the gain as ordinary income instead of lower-taxed long-term capital gain. This rule […]
Navigating Recent Tax Law Changes: Bonus Depreciation vs. Section 179 Expensing
Recent tax law changes under the One Big Beautiful Bill Act created powerful opportunities to write off business assets faster than ever. You now face an important decision: should you use Section 179 expensing or 100 percent bonus depreciation? The law restored 100 percent bonus depreciation for qualifying assets placed in service after January 19, […]
Navigating W-2 and Section 105-HRA for Family Medical Costs
If you employ your spouse in your business and use a Section 105-HRA to deduct family medical expenses, you may be wondering whether issuing a W-2 is necessary. The good news from a tax law standpoint, a W-2 is not required. IRS guidance and court decisions confirm that medical reimbursements under a properly structured Section […]
Upcoming Changes to ACA Premium Tax Credit Repayment Rules in 2026
If you purchase health insurance through the Affordable Care Act (ACA) marketplace and receive premium tax credits, a major rule change begins in 2026—and it could create a painful surprise. Under prior rules, if your income came in higher than expected, the amount of excess subsidy you had to repay was capped (as long as […]
Protecting Estate Tax Benefits through Portability Elections
With today’s $15 million federal estate and gift tax exemption ($30 million for married couples), it’s easy to believe estate tax planning is no longer a concern. But a recent Tax Court case proves otherwise—an estate lost $1.5 million simply because a portability election was not properly and timely filed. Protecting estate tax benefits through […]
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 […]
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 […]
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 […]