2027 Section 179 Limits Increase for Business Equipment Purchases

The IRS has released inflation-adjusted figures for the Sec. 179 expensing election. This break allows you to deduct the cost of purchasing eligible business assets rather than depreciating them over multiple years. An annual limit applies, which begins to phase out dollar-for-dollar when acquisitions for the year exceed the phaseout threshold. Both amounts are annually […]

What higher 2026 AMT risk may mean for your year-end tax planning

Tax law changes taking effect this year will increase alternative minimum tax (AMT) risk for some higher-income taxpayers. If you may be affected, consider the AMT before implementing income or deduction timing strategies. A move that would reduce your 2026 regular tax might provide little or no benefit under the AMT — or could trigger […]

Settling a Loved One’s Estate: Obtaining Tax Records From the IRS

After losing a loved one, gathering tax records is an important step toward settling their affairs. The executor, estate administrator or other personal representative must show proof of authority to obtain records from the IRS. There’s generally a fee for copies of tax returns, but many tax return transcripts are available for free. A transcript […]

2027 Tax Changes: Higher Standard Deductions and Child Tax Credit

The IRS has announced tax year 2027 annual inflation adjustments for nearly 70 tax provisions, including the tax rate schedules, standard deduction amounts and other tax changes. The standard deduction rises to $16,600 for single filers and married couples filing separately, $24,925 for heads of household, and $33,200 for married couples filing jointly. These are […]

Which fringe benefits are tax-free to employees?

To attract and retain skilled workers, your small business needs to offer more than competitive pay. Your benefits package matters, too — and benefits with favorable tax treatment can be even more valuable to prospective and existing employees. Open enrollment is right around the corner for many businesses. As you review your benefits package for […]

Supporting an Aging Parent? You May Qualify for Valuable Tax Breaks

Providing financial support for an elderly parent can be personally meaningful but also challenging. Many taxpayers don’t realize that such support can create tax-saving opportunities at the federal level. For example, you may qualify for: 1) a $500 tax credit for a dependent parent, 2) head-of-household filing status, or 3) deductions for certain medical expenses […]

Don’t Let Your Flexible Spending Account Savings Go to Waste

If your employer offers a Flexible Spending Account (FSA), you may have enrolled to make pretax contributions to it up to $3,400 in 2026 (or a lesser amount set by your employer). The plan then pays or reimburses you for qualified medical expenses. If you also participate in a Health Savings Account (HSA), your FSA […]

Restricted stock deserves attention before year end

Executives and key employees often receive stock-based compensation in addition to salaries and bonuses. If restricted stock is part of your compensation, considering the potential tax consequences well before December 31 is a good idea. You may have decisions to make if: 1) you’ve recently received an award or are expecting one soon, 2) your […]

Nonprofit Tax Filing Deadline Approaching: Is Your Form 990 Ready?

The deadline is approaching for nonprofits that opted last May for an automatic six-month extension for filing their 2025 information return: Extended Form 990, Return of Organization Exempt from Income Tax, is due Nov. 16. Extended Forms 990-EZ and 990-PF are also due Nov. 16. And any tax, interest and penalties due must be paid. […]

What Could Democratic Control of Congress Mean for Federal Taxes?

Democrats won control of both the U.S. Senate and House in the Nov. 3 midterm elections. What does this mean for federal tax legislation over the next two years? Democrats could pursue repealing or revising some tax provisions of 2025’s One Big Beautiful Bill Act or implementing other tax law changes. However, President Trump’s veto […]