Can Your Business Deduct Pet Expenses? It Depends.

Pets can provide business tax advantages. It’s true! Your business may be able to deduct the cost of “employing” cats and dogs, so long as the animals serve a bona fide business purpose. Working animals that generally qualify include guard dogs and cats that protect facilities from rodents. If these workers are also part-time pets, […]

Uncapping the Payroll Tax Would Be the Largest Tax Hike in Decades—and Still Wouldn’t Save Social Security

Uncapping the Payroll Tax Would Be the Largest Tax Hike in Decades—and Still Wouldn’t Save Social Security https://bit.ly/4f1jAYa

What Parents and Grandparents Should Know About Trump Accounts

Contributions to Section 530A accounts (also known as Trump Accounts) are now eligible for the gift tax annual exclusion. If, for example, you contribute cash (including via check or EFT) to a child or grandchild’s account, that contribution won’t be subject to the federal gift tax or related reporting requirements, as long as your total […]

Repairs or Improvements? The Tax Difference Could Save You Money

For many business owners, the terms “repairs” and “improvements” are interchangeable. But the tax implications differ. If your business completes repairs, you can deduct the costs the year they’re made. Improvements are capital expenditures that generally must be written off over time. Determining whether work constitutes a repair or an improvement can be tricky. The […]

Should you make after-tax, non-Roth 401(k) contributions?

If you participate in a company 401(k) plan, you already know that you can make pre-tax contributions up to the annual elective deferral limit to a traditional, tax-deferred account. If your 401(k) plan offers a Roth option, you can use part or all of your limit to make after-tax contributions to a Roth account instead. […]

Mixing Business with Vacation? Know What’s Tax Deductible

Are you a business owner or self-employed and planning a business trip this summer? As long as the primary purpose of the trip is business, you may be able to deduct certain travel costs even if you add some vacation time. Deductible expenses may include your entire airfare as well as lodging costs, local transportation […]

IRS Filing Season Update: Progress Made, Challenges Remain

The National Taxpayer Advocate reports that most taxpayers had a smooth 2026 filing season, primarily due to continued IRS progress in transforming its IT systems. However, the 2026 midyear report to Congress (https://bit.ly/4g2hoSu ) also highlights ongoing issues, including refund delays for some taxpayers, identity theft case backlogs and processing challenges for certain returns. Looking […]

Unlock tax-free gains with QSB stock

If you run your business as a C corporation, you may be eligible for a potentially significant tax break for qualified small business (QSB) stock. This opportunity has existed for years, but recent tax law changes have enhanced it. What’s a QSB corporation? QSB corporations are a special type of C corporation. At the entity level, QSB […]

A Little-Known Home Sale Tax Break for Seniors in Care Facilities

If an aging parent or loved one becomes physically or mentally unable to care for themselves and moves into a licensed care facility (such as a nursing home or assisted living), a special rule may save tax when selling their home. If they owned and used the home as their principal residence for an aggregate […]

Don’t Wait Until December: Summer Is the Perfect Time for Charitable Donations

Many people wait until year end to think about tax-deductible charitable donations. But summer is a great time to clean out your closets and donate clothing and home goods to local nonprofits. In 2026, taxpayers who itemize can deduct cash and noncash contributions that exceed 0.5% of their adjusted gross income (AGI). For donations valued […]