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As 2026 draws to a close, your employer’s 401(k) plan may offer an opportunity to reduce your current income taxes while building your retirement savings — or to boost your future tax-free retirement income. If you haven’t been contributing, it […]

Many businesses use federal “per diem” rates to reimburse employees for out-of-pocket travel expenses. In Notice 2026-60, the IRS announced special per diem rates that are effective for the federal government’s fiscal year of October 1, 2026, through September 30, […]

For most small business owners, strong revenue growth is something to celebrate. But a profitable year can also significantly increase your income tax liability. If your business is on track for a banner year, now is the time to evaluate […]

IRS audit rates remain relatively low, but that’s little consolation if the IRS selects your return for an examination. Although most taxpayers will never face an audit, business owners often have more complex tax situations that can attract IRS attention. […]

Strong portfolio performance can bring an unwelcome surprise: an additional 3.8% federal tax. The income thresholds for the net investment income tax (NIIT) aren’t annually adjusted for inflation and haven’t changed since the tax took effect in 2013. So the […]

Contributing as much as possible to tax-deferred retirement accounts such as traditional 401(k)s and IRAs is a common recommendation. Contributions generally are pretax or deductible, and the power of tax-deferred compounding can help turbocharge growth. But some taxpayers can reach […]

Ordinary repair and maintenance costs are generally deductible in the year they’re paid or incurred, depending on your accounting method. Costs that improve property must be capitalized. However, under current tax law, capitalization doesn’t necessarily mean waiting years to recover […]

Summer is often a good time to revisit your estate plan, especially if you’re getting together with loved ones for vacations or family gatherings. Of course, if you own a closely held business, it should be a critical part of […]

As your manufacturing business expands into new markets, its state and local tax obligations become increasingly complex, spinning a web of different rules and obligations. Common business activities may produce a taxable connection, or “nexus,” that exposes your organization to […]

Accurate books start with a basic understanding of how financial transactions flow through your accounts. Today’s accounting platforms automate much of the double-entry process, making bookkeeping faster and more efficient. But even with increasingly sophisticated software, understanding the fundamentals of […]

Many small businesses start out as sole proprietorships. This structure is simple and inexpensive to establish and maintain — and it gives the owner direct access to profits without having to take formal distributions. But it also makes your taxes […]

Start-ups must choose a legal entity for their business activities. The type of entity you select affects how the business is taxed and who may be held personally liable for its debts and obligations, among other things. Two popular options […]