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If you’re a business owner, the idea of selling your company and walking away without paying a single dime in federal taxes on your gain might sound too good to be true. But thanks to Section 1202 of the Internal Revenue Code, that dream isn’t just a fantasy—it can actually become a reality, provided you […]

Here’s the good news: although the One Big Beautiful Bill Act (OBBBA) makes significant changes to the treatment of charitable contributions, none of these rules take effect until January 1, 2026. That means taxpayers and businesses have all of 2025 to take advantage of the current, more favorable system. With some foresight, you can position

If you run your business as a C corporation, there’s a little-known tax trap you need to have on your radar: the Accumulated Earnings Tax, or AET. Here’s how it works  and why it can be a nasty surprise if you’re not prepared. Why the AET Exists The IRS doesn’t love it when C corporations

Unfortunately, not all of the news under the OBBBA is positive. While non-itemizers will celebrate new opportunities to deduct their contributions, those who itemize deductions, make substantial charitable gifts, or represent corporations with significant philanthropic budgets will encounter new limitations beginning in 2026. At the heart of these changes is a new “floor” requirement for

Normally, the IRS limits business meal deductions to 50%. But in 2021 and 2022, a special COVID – era law temporarily allowed 100% deductions for certain meals to help the restaurant industry. Even though this provision has expired, it’s still important to understand the rules both for past deductions and for correctly handling audits. The

When you understand the rules for deducting business mileage, you: Protect yourself if the IRS comes calling Reduce your tax bill legitimately Two Real-Life Lessons Take Henry. Before he knew the mileage rules, he deducted only 30% of his SUV’s cost. Once he learned the proper method, his deduction jumped to 92%. Then there’s Mark.

For years, one of the most common frustrations we’ve heard from clients who take the standard deduction goes something like this: “I give thousands of dollars to charity every year, but I can’t claim any of it on my taxes.” And unfortunately, that frustration has been justified. Under current law, charitable deductions are only available

Business travel can be exciting, new places, new opportunities, maybe even a decent hotel breakfast. But if you want to claim tax deductions for your trip, you need to play by the IRS’s rules when documenting your expenses. Here’s what to know to keep your records airtight (and your deductions safe). Corporation vs. Sole Proprietor:

If your kids work in your business, you might already appreciate the extra help (and the built-in trust factor). But here’s something you might not know: You can also give them education benefits and structure it so it’s a win-win for both of you: Your business gets a tax deduction Your child receives tax-free education

So, you’re thinking about taking the leap ditching the 9-to-5, becoming your own boss, and joining the growing wave of self-employed go-getters. Sounds empowering, right? It can be. But before you order those “CEO of Me” business cards, let’s have a real talk about one thing most people overlook in the excitement: taxes. Because while