Pushback on AI datacenters includes proposals in Congress

As the public in many communities pushes back on data center development, lawmakers are considering new tax policies for these enterprises. In the U.S. Senate, there’s a proposal to eliminate federal tax incentives for data centers, including ending eligibility for 100% bonus depreciation. This proposal would also introduce an excise tax on data centers’ gross […]

Self-employed? Don’t overlook valuable tax deductions

If you’re self-employed, you probably have questions about deducting business expenses on your federal income tax return. Here’s a quick overview of the filing requirements for sole proprietors and independent contractors, and five examples of expense deductions that are commonly overlooked or misunderstood. Filing basics Sole proprietors and independent contractors must report their business activity […]

Taxes are a key consideration in buying or selling a business

Planning to sell your business or acquire another one? Taxes can play a significant role in the outcome of the deal. For tax purposes, a merger or acquisition is generally structured as either an asset sale or a sale of stock (or another form of ownership interest). Sellers generally prefer stock sales, while buyers favor […]

Considering a gift to family members?

If you’re considering gifts to family members in a lower tax bracket, giving long-term appreciated stock rather than cash can offer valuable tax savings. You may be able to eliminate federal income tax on the capital gains if the loved one is in the 0% tax bracket for long-term gains. The recipient can potentially sell […]

Midyear tax planning: Review opportunities to save taxes this year (or next)

Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Let’s take a look at a few areas that commonly provide tax-saving opportunities. Your tax bracket The legislation commonly known as the One Big Beautiful Bill Act (OBBBA), which was signed into law on July 4, […]

IRS Proposes simplified trust reporting for charitable deductions

The IRS has proposed regulations that may simplify reporting for certain trusts claiming charitable deductions. Under the proposed regs, a trust wouldn’t need to file Form 1041-A, “U.S. Information Return Trust Accumulation of Charitable Amounts,” for a tax year if its only charitable deduction comes from contributions made by a passthrough entity in which the […]

September 15: Your Next Estimated Tax Payment Is Due

Is Sept. 15 flagged on your tax calendar? It’s the deadline for individuals to make their third 2026 estimated tax payment. Estimated payments are generally required if you expect to owe at least $1,000 in federal tax for 2026 after withholding and credits, and your withholding won’t equal at least 90% of your 2026 tax […]

Bankruptcy Doesn’t Mean You’re Done With Your Taxes

Chapter 7 (liquidation) bankruptcy is generally available if you’re an individual or business debtor, regardless of how much you owe and whether you’re solvent. Some tax debt may be dischargeable. But even if this debt is eventually erased, you must continue to comply with tax laws during the bankruptcy process. Make estimated tax payments (if […]

Managing overhead costs today

Persistent inflation, elevated interest rates and volatile energy costs continue to squeeze profit margins for many small and midsize businesses. While implementing price increases may seem like the simplest response, that’s not always necessary — and, in today’s competitive markets, price increases can even cause some of your customers to search for lower-cost providers. Sustainable […]

When Is a Lemonade Stand More Than Just a Lemonade Stand?

When is a lemonade stand not just a lemonade stand? If your child earns $400 or more annually in profit from a lemonade stand, lawn service or other self-employment, that income may be taxable. Kids may be able to deduct certain business expenses to lower their self-employment income and potential taxes. They also have several […]