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 »
If you are self-employed or work as an independent contractor, filing your Schedule C accurately is essential to reporting your business income and claiming allowable deductions. What Is a Schedule C? Schedule C is used to report income or loss from a business you operated or a profession you practiced as a sole proprietor or
Schedule C Checklist for Self-Employed Individuals Read More »
If you own rental property, you may have heard that you’re not required to file Form 1099-NEC for contractors, such as plumbers or handymen. While that’s often true, choosing not to file could be costing you valuable tax savings. Filing 1099s helps position your rental activity as a trade or business—a critical step if you
Why Landlords Should File Form 1099-NEC Read More »
If you’ve used your personal vehicle for business—whether you’re a sole proprietor or you received mileage reimbursement from your S or C corporation—there may be a valuable tax deduction waiting for you. When you use the IRS standard mileage rate (or when your corporation uses it to reimburse you), the mileage rate is not just
Personal Vehicle Used for Business Can Produce a Big Surprise Deduction Read More »
If your S or C corporation owns a vehicle that you also use personally, there are important tax rules you need to follow—and smart planning can help you save significantly. Let’s say you use a corporate vehicle 80 percent for business and 20 percent for personal use. The IRS doesn’t allow “free” personal use. You
Turn Your Corporate Vehicle into a Tax-Smart Asset Read More »
As a small business owner, planning for retirement is crucial not just for your future financial security, but also for taking advantage of tax savings now. The IRS offers several retirement plans designed to help small business owners save for retirement while reducing their taxable income. In this post, we’ll explore the different retirement plan
Maximizing Tax Savings with Retirement Contributions: A Guide for Small Business Owner Read More »
