This one comes up a lot, so let us clear it up. The idea is that you personally buy office furniture, then rent it to your S or C corporation to create tax savings. It sounds clever. In practice, it usually does not save you anything. In most cases your corporation gets the same depreciation […]
Myth: Rent Furniture to Your Corporation to Save on Taxes Read More »
Here is one that surprises people. If you use a classic or antique car in your business, you may be able to depreciate it just like a newer vehicle. The key is real business use. The vehicle has to be subject to wear and used in your trade or business. Courts have allowed depreciation on
Yes, You Can Depreciate a Classic Car Used in Business Read More »
If your business is finally receiving an Employee Retention Credit refund in 2026 for wages you paid back in 2020 or 2021, there is a planning point worth knowing before you file. A quick refresher on why this gets messy. The Employee Retention Credit was a COVID-era payroll tax credit for businesses that kept employees
Received an ERC Refund in 2026? Read This First Read More »
Plenty of business owners skip the home-office deduction because they figure their space is too small to count. The tax law says otherwise. A home office does not have to be a whole room. If you use a clearly defined area exclusively for business, you can qualify even if it is only a few square
The Home-Office Deduction for Three Square Feet Read More »
If you own rental real estate, you may be sitting on passive losses that have been suspended for years. You cannot deduct them against other income while they are suspended, but they are not gone. With the right planning, you can release them and use them to cut your tax bill. Before getting to the
Rental Owners: How to Unlock Suspended Passive Losses Read More »
If you own more than 2 percent of an S corporation, here is some good news: the rules for deducting your health insurance have not changed for 2026. Handle a few steps correctly and you can keep deducting coverage for yourself, your spouse, your dependents, and your children under age 27. The mechanics matter, because
S-Corporation Owners: Your 2026 Health Insurance Deduction, Done Right Read More »
For years, the 20 percent qualified business income deduction came with an expiration date hanging over it. Starting in 2026, that uncertainty is gone. The Section 199A deduction is now a permanent part of the tax code, which means it belongs in your planning every year, not just while it lasts. Here is the short
The 2026 Section 199A Deduction Is Now Permanent Read More »
Filing tax forms is never fun—but it’s important to stay ahead of changes that can reduce your reporting burden. If your business pays independent contractors (non-employees) for services, you are required to file IRS Form 1099-NEC if total payments exceed a specific threshold. For decades, this threshold has been $600 or more in a calendar
OBBBA’s New 1099 Filing Rules Read More »
Do you contribute to charitable organizations? If so, recent legislation—the OBBBA—includes significant changes to the tax treatment of charitable donations, starting in 2026. Some are helpful, others less so, depending on your income and filing status. Good News for Non-Itemizers Currently, taxpayers who take the standard deduction (i.e., don’t itemize) generally cannot deduct charitable contributions.
OBBBA Charitable Giving Shake-Up: Winners and Losers Read More »
Do you have a personal vehicle? Thanks to the One Big Beautiful Bill Act (OBBBA), you may be eligible for a valuable “no new cash outlay” tax deduction beginning in 2025. Here’s how it works: If you convert a personal-use vehicle to business use, the law treats it as placed in service on the conversion
OBBBA: Convert Personal Vehicle to Business, Deduct Up to 100% Read More »
