Make Church and Charity Gifts Business Write-offs
The current rules after the One Big Beautiful Bill Act (OBBBA) make it harder than ever for many business owners to get a meaningful tax benefit from charitable giving. In 2026, the standard deduction is $16,100 for single filers and $32,200 for married couples filing jointly; the state and local tax (SALT) deduction is capped […]
Tax-Saving Tips
November 2025 Your 2025 Year-End Tax Planning Guide As we approach the end of 2025, there’s still time to take action and make a real difference in your tax outcome for the year. With thoughtful planning and a few strategic steps, you can reduce your tax bill, strengthen your retirement savings, and position your finances […]
Learn How to Beat 2025 Estimated Tax Penalties Instantly,Today
Let’s say you made no estimated tax payments for the year. Your tax pro told you to pay $25,000 with each of the four installments. But you have done nothing as of October 1. Bad you—now you are in the penalty box. If you don’t do something special, you will pay a 7 percent non-deductible […]
The OBBBA Individual Tax Changes Grid for Your Desktop
The One Big Beautiful Bill Act (OBBBA) has reshaped the U.S. tax code for you—the individual taxpayer. Whether you’re a parent, student, homeowner, gig worker, or retiree, there’s something in this new law that could directly impact your tax bill. To help you stay informed and in control, we created the OBBBA Individual Grid—a five-page, […]
How to Qualify Conventions and Seminars for Tax Deductions
You might think, “Heck, if it’s a business convention, it has to be tax deductible.” But you could attend a true business convention and find that the costs are not deductible. We know you don’t want to lose your tax deductions. That’s why we are publishing this article. It explains how you can qualify your […]
Tax-Saving Tips
Your Retirement Plan Exposes You to a $150,000 Penalty How would you like to owe the IRS a $150,000 penalty because you failed to file a simple two-page form? It can happen all too easily if you have a solo 401(k) or another self-employed retirement plan. If you’re self-employed and you have a qualified retirement […]
Beat the Estimated Tax Penalty with Strategic Withholding
The due dates for quarterly estimated tax payments for your 2025 tax year are April 15, 2025; June 16, 2025; September 15, 2025; and January 15, 2026. When you miss one of those dates, the tax code penalizes you. The current penalty rate for underpaying the first payment on April 15, 2025, is 7 percent. […]
Beat the Taxman: Use the Tax Code–Created QCD to Kill YourRMD
When you reach age 73, you’ll have to start taking required minimum distributions (RMDs) from your traditional IRAs. If you have a lot of money in your IRAs, RMDs can be a real tax headache. RMDs are taxable income, so they increase your adjusted gross income and bump you into a higher tax bracket. They […]
Turn Your Vacation —Even a Luxurious One— into Tax-Deductible Business Travel
Here’s an idea: how about transforming your next vacation into business travel? With careful planning, your transportation to any destination could be fully deductible. This includes airfare—even first-class—luxury hotel stays, and cruise expenses. If you can tie your travel to business purposes, you can enjoy substantial tax savings, depending on your tax bracket. Two Main […]
Tax Reform Doubles Down on S Corporation Reasonable Compensation
For tax years 2018-2025, the Tax Cuts and Jobs Act (TCJA) tax reform gives you a valuable 20 percent deduction on your pass-through business income if you have the right business and the right taxable income. The S corporation is a pass-through entity. That’s one step in the right direction. In addition, the S corporation […]