Tax Tips

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 […]

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

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

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

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

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

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