Getting Paid Early? Your Business May Be Able to Defer the Tax

Does your business receive advance payments from customers? For federal tax purposes, these payments generally are taxable in the year received. But accrual-basis businesses may have another option. If certain requirements are met, these businesses can defer some or all eligible advance payments to the next tax year. That means qualifying payments received in 2026 […]

How what you donate impacts your tax deductions

Have you already made contributions to charity this year? Are you considering making more between now and year end? If so, it’s important to be familiar with the tax rules for different types of donations so you can maximize your tax benefit — or at least avoid finding out at tax filing time that your […]

RMD Deadline Approaching: Don’t Wait Until Year End

Year end is an important time to check required minimum distributions (RMDs). If you’re age 74 or older in 2026 and already subject to the RMD rules, you generally must take your 2026 RMD from traditional IRAs and applicable employer retirement plans by Dec. 31, 2026. If you turned — or will turn — 73 […]

Don’t let the IRS treat your sideline as a hobby

Do you operate a side gig in addition to your regular day job? Whether you’ve turned a love for crafting into an online store or you play the guitar at a local venue, you’ll need to report the income from your sideline activity on your tax return. But can you deduct the related expenses? The […]

Are You Taking Full Advantage of the 20% QBI Deduction?

Sole proprietors and owners of pass-through entities, listen up! Last year’s tax legislation made permanent the Section 199A qualified business income (QBI) deduction. Generally, QBI is the net amount of qualified income, gain, deduction and loss from a U.S. business. In most circumstances, the deduction equals 20% of QBI (not to exceed 20% of taxable […]

Balancing financial reporting needs with compliance costs

Issuing financial statements that comply with U.S. Generally Accepted Accounting Principles (GAAP) requires significant time, expertise and resources. Although lenders and other stakeholders often prefer — or require — GAAP statements, some small business owners may find that tax-basis reporting is a practical alternative. If you use financial statements only for tax compliance and internal […]

Loaned Money to a Friend or Family Member? You May Be Able to Deduct the Loss

If you make a personal loan to a family member or friend, are you out of luck if he or she doesn’t pay you back? Actually, you may be able to deduct “bad debt” as a short-term capital loss if you follow the rules: 1) You must have made a bona fide loan, not a […]

HSAs vs. FSAs

Tax Debt Can Affect Your Passport: What You Need to Know

If you have significant tax debt, your passport may be at risk. The IRS defines seriously delinquent tax debt (SDTD) as an unpaid, legally enforceable federal tax liability exceeding $66,000 (for 2026) for which a federal tax lien has been filed and administrative remedies have been exhausted or a levy has been issued. Under a […]

There is still time to reduce tax liablility

Business owners and self-employed individuals with extended 2025 federal income tax returns may still have an opportunity to reduce their 2025 federal income tax liability. If you extended your tax return, you can make deductible 2025 employer contributions to certain retirement plans until the Oct. 15, 2026, extended deadline. If you don’t already have a […]