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 […]
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, […]
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 […]
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 […]
Small Business Owners: Are You Missing This Tax Break?
Many business owners overlook a powerful strategy that allows them to pay family members, reduce taxes, and avoid payroll taxes altogether by choosing to hire a family member for a “one-time project.” You likely know the traditional approach: hire your child and put them on payroll. That strategy works well for younger children in a […]
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 […]
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 […]