Midyear Tax Planning Tips for Noncorporate Business Owners

Noncorporate business owners: Midyear is a good time to step back and think about taxes. After all, your business income affects your personal federal tax liability. If you’re a sole proprietor or owner of a pass-through entity, start by reviewing your expected 2026 income, tax bracket, deductions and cash flow to determine whether it makes […]

Adoption Assistance Programs Can Offer Valuable Tax Benefits for Employers and Employees

Employers: A qualified adoption assistance program is a family-friendly benefit worth looking into. It can help your employees manage adoption costs by allowing qualifying employer-provided payments or reimbursements to be excluded from federal taxable income. You can fund the program yourself or, in some cases, through pretax employee salary reductions under a Section 125 cafeteria […]

Consider your potential charitable deduction before donating artwork

If you give artwork to charity, the deduction you can claim depends on several factors, including the type of organization receiving the piece and how it will be used. Special substantiation and appraisal rules may apply as well. Relation to charitable function Your deduction for a donation of art will generally be reduced if the […]

IRS Direct Deposit Refunds Rise as Paper Check Delays Continue

According to the U.S. Treasury Dept., 98% of taxpayers receive their IRS refunds electronically. In 2026, direct deposit refunds increased by 14% over 2025, likely due to the IRS’s paperless initiative. Yet not all taxpayers can receive electronic refunds. The Federal Deposit Insurance Corporation has reported that 4% of U.S. households lack a bank account. […]

IRS Releases FY 2025 Data Book Highlighting Tax Filing and Refund Trends

The IRS has published its annual Data Book for fiscal year (FY) 2025. It provides a statistical overview of the tax agency’s operations. A few highlights: In FY 2025, the IRS processed 271.4 million federal tax returns and supplemental documents, including almost 162.8 million individual income tax returns. The total revenue collected exceeded $5.3 trillion. […]

Business deductions for four-legged coworkers

Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: Dogs […]

IRS Announces 27 States Participating in New Federal Scholarship Tax Credit Program

The IRS has announced that 27 states have elected to participate in the Federal Scholarship Tax Credit (FSTC) program. Under the program, beginning in 2027, eligible taxpayers can claim a federal tax credit for contributions to Scholarship Granting Organizations (SGOs) that provide scholarships for qualified elementary and secondary education expenses. To claim the credit of […]

What percentage of meal costs can your business deduct?

Test your Knowledge – What percentage of meal costs can your business deduct?

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Moving to a new state? Review the tax implications first

Whether you’re relocating for work, retirement, family or lifestyle reasons, state taxes can have a significant financial impact. Taxes vary widely from state to state. And establishing residency for tax purposes may be more complicated than you expect. Before moving, be sure you understand how changing states could affect your overall tax situation. A variety […]