How Do Sales Taxes Compare in Your State?

How Do Sales Taxes Compare in Your State? https://bit.ly/4wLJTbY

Wedding Donations Can Make a Difference—and May Offer Tax Benefits

Weddings can be exceptionally expensive. But if you’re getting married and planning a reception with food, you may be eligible for a tax deduction by donating the leftovers to a local food bank. Coordinate with your caterer and a vetted food pantry. You may also want to consider donating your wedding dress, bridesmaid dresses, decorations […]

Proposed Tax Relief for Fraud Victims

Recently, the U.S. House Ways and Means Committee unanimously passed the Tax Relief for Fraud Victims Act. Currently, federal tax deductions for personal casualty and theft losses are limited to federally declared disaster losses. Under the bill, victims of Ponzi schemes, cryptocurrency scams, identity theft and other fraud would be able to deduct their financial […]

What if …? How stress testing can help your business prepare for economic uncertainty

Even financially sound businesses can be vulnerable to market volatility and unexpected disruptions. Many companies discover too late that their financial position, internal controls or contingency plans aren’t built to withstand sudden shocks, potentially leading to cash shortfalls, debt covenant violations and reduced profitability. A “stress test” models how your cash flow, liquidity and overall […]

Running a Business with Your Spouse? Know the Tax Rules

If you and your spouse operate a profitable, unincorporated small business, you face some unique tax issues. The IRS will generally classify your business as a partnership for federal tax purposes. So, you’ll have to file an annual partnership return and both you and your spouse must receive Schedules K-1, which allocate taxable income, deductions […]

Make the Most of the 2026 Gift Tax Exclusion

If you want to transfer some of your wealth to your adult children or other family members, one of the simplest tools available is the gift tax annual exclusion. For 2026, the exclusion is $19,000 per recipient. If you’re married and your spouse consents to a joint gift, also called a “split gift,” the exclusion […]

Could an Installment Sale Reduce Your Tax Bill?

Selling investment or commercial real estate can trigger a hefty tax bill, but an installment sale may help soften the impact. If you’ve owned the property for more than one year, your gain may qualify for favorable long-term capital gains tax rates of 15% or 20%, depending on your taxable income. Receiving payments over multiple […]

Cost segregation studies can reveal substantial tax savings

Businesses that own commercial real property may be sitting on an overlooked treasure chest of tax savings — and a cost segregation study can be the key to unlocking it. This is a strategic tool that combines accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than […]

Is Your Business Protected from Tax Identity Theft?

Tax identity theft can victimize businesses as well as individuals. Perpetrators might file fraudulent returns using your organization’s employer identification number. Or they may impersonate your executives to steal employee W-2 data and create new, “synthetic” identities to file returns and apply for credit. To help prevent financial losses and the inconvenience of repairing your […]

A Smarter Way to Give to Charity

Qualified charitable distributions (QCDs) let traditional IRA owners age 70½ and older make tax-free distributions directly to eligible charities. QCDs also can count toward required minimum distributions (RMDs). Because QCDs don’t increase reportable income, they can reduce or eliminate the risk that RMDs will trigger income-based reductions of various tax breaks. For example, the $6,000 […]