Home Sale Tax Planning for Married Couples: Key Rules and 2026 Exclusion Limits
If you are married and plan to sell your home, you may be able to exclude up to $500,000 of gain from tax. The length of your marriage does not matter. To claim the full $500,000, you need the following: If your spouse lived in the home before the wedding, that time counts. You can […]
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 […]
Is Your Business Required to File Form 720 This July?
If your business provides health benefits through health reimbursement arrangements such as a 105-HRA, a QSEHRA, or an ICHRA, you likely must file IRS Form 720 and pay the annual Patient-Centered Outcomes Research Institute (PCORI) fee by July 31, 2026. Although the fee is small, many business owners overlook this filing requirement. Failing to file […]
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 […]
A Business Owner’s Guide to the Augusta Rule
The so-called Augusta Rule can create a valuable tax-saving opportunity for business owners who operate through an S corporation, a C corporation, or a partnership. Under this rule, you may rent your personal residence to your business for up to 14 days per year and receive the rental income completely tax-free. At the same time, […]
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 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 […]
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, […]
How the 2026 Childcare Credit Can Save Small Businesses Thousands
Beginning in 2026, the One Big Beautiful Bill Act (OBBBA) increases the employer childcare credit for small businesses to 50 percent of qualified expenses, up to $600,000 per year. This means the OBBBA childcare credit for small businesses can provide significant tax relief. Even one-owner businesses can benefit—and the savings are substantial. If you operate […]