Know Before You Go: IRS Rules for Business Travel Deductions

If you’re a business owner or an independent contractor, before traveling for business, be sure you know what’s tax deductible. To qualify, travel must take you away from home or your main place of work for business reasons, and the demands of the work must be such that you have to sleep away from home. […]

Thinking About Solar Panels? The Tax Credit Deadline Is Closer Than You Think

As the weather cools, many homeowners are seeking ways to reduce their energy bills and possibly get a tax break by installing solar panels. If that’s your plan, don’t wait too long. The Residential Clean Energy Credit, originally set to be available through 2032, now ends Dec. 31, 2025, under the One Big Beautiful Bill […]

5 potential tax breaks to know before moving a parent into a nursing home

Approximately 1.3 million Americans live in nursing homes, according to the National Center for Health Statistics. If you have a parent moving into one, taxes are probably not on your mind. But there may be tax implications. Here are five possible tax breaks. 1. Long-term medical care The costs of qualified long-term care, including nursing […]

Tax Trouble? Remember, You Have the Right to a Representative

One of the 10 fundamental rights guaranteed to taxpayers by the IRS’s Taxpayer Bill of Rights is the right to representation. This means you’re allowed to have an authorized representative of your choice (such as a CPA, attorney or other qualified professional) to advise or represent you in dealings with the IRS. If the IRS […]

Shutdown + IRS Staff Shortages = Tax Season Delays?

The consequences of a government shutdown are hard to predict. Although the 2018–2019 shutdown didn’t hold up the start of the 2019 tax filing season, it did create significant backlogs and delays. The same could happen again as the IRS is currently operating with only half its staff. Another wrinkle: In July 2025, then-IRS Commissioner […]

The tax traps of personally guaranteeing a loan to your corporation

If you’re considering guaranteeing, or are asked to guarantee, a loan to your closely held corporation, it’s important to understand the potential tax consequences. Acting as a guarantor, endorser or indemnitor means that if the corporation defaults, you could be responsible for repaying the loan. Without planning ahead, you may face unexpected tax implications. A […]

Health Insurance Enrollment is Open

Health insurance open enrollment begins Nov. 1. One option is a high-deductible health plan (HDHP) paired with a Health Savings Account (HSA). You fund the higher deductible by contributing pretax income to the HSA. The 2026 contribution limits are $4,400 for self-only accounts and $8,750 for family coverage. You can withdraw HSA funds tax-free to […]

IRS issues guidance for vehicle loan deduction

The IRS has issued transitional guidance to auto lenders required to report certain vehicle loan interest for 2025. Under the One Big Beautiful Bill Act, interest on qualified passenger vehicle loans originated after Dec. 31, 2024, generally is deductible up to $10,000. Lenders must provide eligible taxpayers with the appropriate information to claim the deduction […]

Evaluating business decisions using breakeven analysis

You shouldn’t rely on gut instinct when making major business decisions, such as launching a new product line, investing in new equipment or changing your pricing structure. Projecting the financial implications of your decision (or among competing alternatives) can help you determine the right course of action — and potentially persuade investors or lenders to […]

Court Ruling Underscores Importance of Proof in Theft Loss Claims

In certain circumstances, investors may be able to deduct losses from theft. To be deductible, the loss must not be reimbursed, such as through insurance. The taxpayer also must prove by a preponderance of the evidence that an actual theft occurred under the relevant local law. In a complex case, a married couple invested in […]