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, […]
Essential Tax Insights for Businesses Operating Multiple Corporations
If you operate multiple corporations, you might assume each one entitles you to its own set of tax benefits, including separate Section 179 limits, additional credits, or even expanded retirement plan flexibility. Unfortunately, under controlled group corporation tax rules, the tax code doesn’t see it that way. Hidden within IRC Section 1563 are rules that […]
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 […]
Avoid a Tax Headache: How to Fix a Mistaken 1099-NEC
Did you receive a Form 1099-NEC that overstates your income? You’re not alone—and it could mean you’re paying more taxes than you owe. This problem often arises at year-end. When a business issues a 1099-NEC based on what it paid rather than what you received. For example, if you were paid in January for the […]
2024 Last-Minute Medical Plan Tax Strategies
All small-business owners with one to 49 employees should have a medical plan for their business. Sure, it’s true that with 49 or fewer employees, the tax law does not require you to have a plan, but you should. When you have 49 or fewer employees, most medical plan tax rules are straightforward. Here are […]