Tax, Accounting, and Business Insights

Don’t let the holiday season keep you from taking important steps to reduce your small business taxes in 2021. Here are 3 tips.

Included within the One Big Beautiful Bill Act (OBBBA) of 2025 is a provision for new Trump Accounts. You may have heard these referred to as “Trump baby savings accounts.” These are long-term savings accounts for minor children that function similarly to a traditional IRA, with some differences until the child turns 18 years old.

We’ll cover common questions below, including how to open a Trump account.

If you are considering buying or selling a business, it’s important to understand the tax implications.

A New Era for Charitable Giving The One Big Beautiful Bill Act (OBBBA) brings significant changes to charitable deduction rules for individuals, effective January 1, 2026. Whether you itemize or take the standard deduction, these updates may impact your giving strategy and tax planning. Here’s what you need to know—and how to maximize your benefits.

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, included tax changes that may impact your personal taxes.

Thoughtful business gifts can strengthen relationships with customers, prospects, and employees. But when it comes to deducting those gifts, the IRS has strict rules — including the long-standing $25 business gift tax deduction limit per person per year, unchanged since 1962. Still, with smart planning and clear documentation, you can maximize the tax benefits connected

As the year winds down, now is the perfect time to review your business expenses for deductibility. Accelerating deductible business expenses into this year can reduce your 2025 taxes — and, in some cases, provide permanent tax savings. This year’s year-end tax planning is especially important in light of the One Big Beautiful Bill Act

Understanding Qualified Improvement Property (QIP) Commercial real estate is typically depreciated over 39 years under standard IRS guidelines, but certain improvements—known as qualified improvement property (QIP)—may qualify for accelerated depreciation or immediate expensing. While maximizing first-year deductions can provide a significant tax benefit, doing so isn’t always the most strategic move. What Is QIP? QIP

A recent executive order has set the stage for all federal payments and disbursements to transition fully to electronic delivery. If you currently make or receive any federal payments, including federal tax return refunds and payments, Social Security payments, benefits payments, and vendor payments, you’ll soon be required to make/receive those payments via electronic funds transfer (EFT) methods like direct deposit, debit/credit card payments, digital wallets or a government-issued debit card.

The One Big Beautiful Bill Act (OBBBA) — signed into law on July 4, 2025 — extends or strengthens many business tax benefits. However, it also accelerates the phase-out of several clean energy tax incentives that businesses rely on.

A new 2022 per diem rate became effective October 1. Taxpayers can use these rates to substantiate expenses when traveling away from home.

Can You Claim a Business Bad Debt Deduction on Your 2025 Tax Return? If your business has unpaid customer invoices that you can’t collect, you may qualify for a business bad debt deduction on your 2025 income tax return. However, this deduction isn’t automatic — you’ll need to prove the debt is worthless and meet