How do you know if a business expense is tax deductible? The tax code says you can write off “ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.” An ordinary expense is common or customary in your industry. And a necessary expense is one that’s helpful […]

Making a personal loan to a family member or friend can create unexpected tax issues. If the loan carries little or no interest, the IRS might treat all or part of it as a taxable gift under the below-market loan rules. To pass muster with the IRS, your loan should be backed by a written […]

The IRS is reminding taxpayers that an effective way to combat tax-related identity theft is to sign up to receive an Identity Protection Personal Identification Number (IP PIN). It’s a six-digit number, and obtaining one is voluntary. An IP PIN is valid for one year and automatically replaced after expiration (typically in mid-to-late January). In […]

Looking beyond stocks and mutual funds for your retirement savings? A self-directed traditional or Roth IRA offers more flexibility by allowing investments in assets such as real estate, closely held stock and certain precious metals. But that flexibility comes with increased risk, including complex tax rules. Prohibited transactions involving you, certain family members or other […]

IRS tax liens are on the rise. The agency filed more than 214,000 federal tax lien notices in fiscal year 2025, up about 9% from the prior year and 36% from 2022. This increase reflects a return to more typical collection activity after pandemic-era enforcement slowdowns. A federal tax lien is the government’s legal claim […]

Scholarship awards can provide significant financial relief to families of college-bound students. Most, but not all, of the awards are tax-free. To qualify for tax-free status, scholarships must meet three criteria: 1) The student must be a degree candidate at an eligible educational institution, 2) the award must be used to pay for tuition and […]

Property developers who aren’t already aware of the New Markets Tax Credit (NMTC) program should take a look. Designed to encourage development in lower-income communities, the program was made permanent in 2025 by the One Big Beautiful Bill Act. Congress has authorized $5 billion annually for qualified equity investments in Community Development Entities (CDEs). Investors […]

Does your business hold intangible assets? Intangibles are nonphysical, long-term resources that can add significant value to a business. Examples include copyrights, licenses and customer lists. The tax implications can be complex. IRS regulations require the capitalization of costs to 1) acquire or create intangibles; 2) create or enhance a separate, distinct intangible; 3) create […]