S Corporation Health Insurance: Avoid These Costly Deduction Mistakes
If you own more than 2 percent of an S corporation, the good news is that the rules for deducting your health insurance remain unchanged for 2026. By following a few important steps, you can continue to deduct the cost of coverage for yourself, your spouse, your dependents, and your children under age 27. To […]
A Valuable Tax Break for Pass-Through Businesses Continues in 2026
Beginning in 2026, the Section 199A qualified business income deduction becomes a permanent part of tax planning for pass-through business owners. This deduction can allow owners of sole proprietorships, partnerships, S corporations, and certain other pass-through businesses to deduct up to 20 percent of their qualified business income. C corporations do not qualify. The 2026 […]
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 […]
Smart Tax Strategy for Corporations: Use the Augusta Rule Wisely
What is the Augusta Rule? Here’s a valuable tax strategy, commonly known as the Augusta rule, that can help you generate tax-free income while claiming a legitimate business deduction. If you own a business structured as an S corporation, a C corporation, or a partnership, you may rent your personal residence to your business for […]