Category: Financial

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 […]

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 […]

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 […]

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. […]

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 […]

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 […]

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 […]

If you are self-employed or operate a small corporation, it’s likely that you have not applied for your sick and family leave tax credits. If that’s the case, get your act together and file amended 2021 and 2020 tax returns now. You could find up to$32,220 in tax credits. To see if you could qualify […]

If you’re trying to decide between leasing and buying your next business vehicle, one question is probably foremost in your mind: Which option costs less? Unfortunately, comparing the costs of leasing and buying isn’t as simple as it looks. To do it right, you must consider not just out-of-pocket costs but also cash available, the […]

For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited partnerships and on certain other business entities. No later than December 31, 2024, all non-exempt business entities must file a beneficial owner information report (BOI […]