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, […]
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, […]
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 […]
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 […]
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 […]
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 […]