Key Takeaways The IRS does not contact taxpayers by phone, text, or email; initial communication is always by mail. Scam calls often use urgency and fear to push individuals into sharing personal or financial information. Official-sounding company names do not mean a call is legitimate; many scams use fabricated or misused identities. Never provide sensitive information or […]
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Key Takeaways The IRS lease inclusion rule slightly reduces deductions for certain leased business vehicles. The adjustment exists to keep the tax treatment of leasing and purchasing vehicles relatively consistent. The lease inclusion amount depends on the vehicle’s value, the year of the lease, and IRS inclusion tables. As with purchased vehicles, deductions depend on the percentage of business use.
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Key Takeaways Conducting an annual pricing review helps small and mid-sized businesses maintain healthy profit margins as costs change. Pricing decisions should consider operating costs, economic conditions, tariffs, and supply chain pressures. Reviewing competitor pricing and market positioning helps businesses stay competitive while protecting profitability. Analyzing profitability by product or service line can reveal opportunities
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Key Takeaways Beginning in 2026, many employer-provided meals such as breakroom snacks and on-site lunches are no longer tax deductible under updated IRS rules. Business meals with clients and meals during overnight travel remain 50% deductible when properly documented. Certain events, such as company-wide celebrations or meals treated as taxable compensation, may still qualify for
Key Takeaways A large tax refund or low tax bill does not automatically indicate financial success. Tax returns are backward-looking and limited in what they reveal about cash flow, profitability, and long-term stability. Business success is better measured by factors like sustainable cash flow, retained earnings, and strategic planning. Over-focusing on minimizing taxes can obscure
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Key Takeaways The federal R&D tax credit is legitimate but far narrower than many promoters suggest. Qualifying activities must meet the IRS’s strict four-part test, including technical uncertainty and experimentation. Routine improvements, off-the-shelf technology adoption, and standard process changes generally do not qualify. The IRS is closely scrutinizing R&D claims, particularly those pushed by aggressive
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Key Takeaways Trump Accounts are a new federal, tax-advantaged savings option for children, available starting with the 2026 tax season. Eligible children (born 2025–2028) may receive a one-time $1,000 federal contribution when an account is opened. Annual contributions are generally capped at $5,000 per child and may come from parents, relatives, and in some cases
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Key Takeaways Recent changes to how mail is processed make last-minute filing riskier than many business owners realize. The postmark issue highlights a larger problem: tax season leaves little room for delays or missing information. Small and mid-sized businesses face added complexity around payroll, cash flow, and ownership decisions. Sharing information with your CPA early
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Key Takeaways Growth transactions introduce long-term tax and cash-flow consequences that aren’t always obvious upfront. How a deal is structured affects deductions, reporting, and future flexibility. Timing matters—especially for equipment, build-outs, and new hires. Expansion often increases scrutiny around documentation, payroll, and depreciation. Early planning with your CPA can prevent years of avoidable complexity. Growth
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Key Takeaways Many high-impact business deductions remain available in 2026, but documentation standards continue to tighten. Mileage, equipment, payroll, retirement, and professional fees are still powerful—if tracked correctly. Timing matters more than ever when it comes to depreciation and expensing. The IRS is placing greater emphasis on consistency, substantiation, and recordkeeping. The most effective tax
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Crowdfunding has become one of the most common ways for families, small businesses, and communities to support people in need. Whether it’s helping a neighbor with medical bills, assisting a local business after a fire, or supporting a friend experiencing hardship, GoFundMe and similar platforms make giving quick and easy. But when tax season arrives,
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Key Takeaways Retirement contribution limits are increasing across 401(k), IRA, and other plans beginning in 2026. Higher caps offer business owners more room for tax-advantaged savings and stronger retention tools for top employees. New rules require certain high-income employees to make catch-up contributions as Roth (after-tax) contributions. Reviewing plan design and contribution strategy before year-end
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