If your business occupies a large commercial space and you’re planning to relocate, expand, or renovate, don’t overlook the potential tax benefits of restoring a historic building. The Rehabilitation Tax Credit for Historic Buildings offers a valuable incentive that could significantly offset your project costs. What Is the Rehabilitation Tax Credit? The federal rehabilitation tax … Read more
Business Start-Up Tax Deductions: What You Need to Know Starting a new business can be exciting—but it’s also expensive. According to the U.S. Census Bureau, nearly 447,000 new business applications were filed in May 2025 alone. If you’re one of these entrepreneurs, you may not realize that many start-up expenses are not immediately deductible. Understanding … Read more
A sweeping piece of legislation in Congress — officially dubbed the One Big Beautiful Bill — could dramatically reshape several federal business tax breaks. While still under debate, the One Big Beautiful Bill is already generating buzz across business communities for its potential to deliver meaningful tax relief. Here’s a breakdown of five key tax … Read more
Summer is here, which means it’s vacation time! If you’re a business owner, you have a golden opportunity to combine a business trip with a few extra days of vacation and offset some of the cost with a tax deduction. But be careful, or you might not qualify for the business travel expense write-offs you’re expecting.
The IRS recently released guidance providing the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs).
As a business owner, you should be aware that you can save family income and payroll taxes by hiring your child.
There’s no easy way to determine reasonable compensation. Here are some steps you can take to make it more likely that the compensation you earn will be considered “reasonable.”
Self-Funding or Raising Capital through Friends and Family For brand new businesses, typically owners use their own savings, personal assets, or income to get the business established. Alternatively, you can consider raising money from friends or family in exchange for equity in the business, though there’s always the risk of straining personal relationships if clear … Read more
For federal income tax purposes, the general rule is that rental real estate losses are considered passive activity losses (PALs). Generally, individual taxpayers can only deduct PALs to the extent they have passive income from other sources. For instance, if you earn positive taxable income from other rental properties, that income typically counts as passive … Read more
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time.
