Business

If your first house-flipping project ended in a loss, do not assume you are limited to deducting only $3,000 of it this year. Depending on your specific facts, you may qualify to deduct the entire loss right now. The key issue is whether the IRS views you as a real estate dealer or as an […]

If you own more than 2 percent of an S corporation, your dental, vision, and Medicare premiums can qualify for the same valuable tax treatment as your major medical insurance premiums. Many owners handle the medical piece correctly and simply forget the rest qualifies too. The process is the same three steps for all qualifying

The home-office deduction can produce substantial tax savings, especially when it converts what would otherwise be commuting miles into deductible business mileage. But many business owners accidentally put this valuable deduction at risk without realizing it. If you use your home office for more than one purpose, each use has to independently qualify under the

If you own more than one business, you may be missing out on a larger Section 199A deduction without even realizing it. The Section 199A deduction lets many owners of sole proprietorships, partnerships, and S corporations deduct up to 20 percent of their qualified business income. Congress has now made this deduction permanent, which means

If you are planning to sell highly appreciated real estate, a closely held business, or private company stock, do not let the tax bill become an afterthought. There may be a way to defer the capital gains tax for years, even decades, but only if you plan before the sale, not after. One strategy worth

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