Do you own a business organized as a pass-through entity (PTE)—such as a partnership, a limited partnership, an S corporation, or a multimember LLC taxed as a partnership or an S corporation? If so, you face an important tax decision.

Taxpayers often assume that clothing purchased for work qualifies as a tax deduction. The tax law takes a much narrower view.

When you skip depreciation, the IRS applies the allowed-versus-allowable rule. The depreciation you claimed counts as the “allowed” amount. The depreciation you should have claimed counts as the “allowable” amount. If you claimed zero depreciation but should have claimed $5,000, the tax law treats those amounts as different. That difference creates two problems.

If you operate multiple corporations, you might assume each one entitles you to its own set of tax benefits—separate Section 179 limits, additional credits, or even expanded retirement plan flexibility.

After four years of work, the IRS has finalized its cryptocurrency regulations, and crypto tax reporting now begins. Starting with the 2025 tax year, custodial crypto platforms must report taxable crypto transactions directly to the IRS.

Our firm didn't qualify for any new retirement plan credits (we've been around a while). But if you recently started a new retirement plan or need to do so, we'll provide some ideas here for potential savings. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are five things to consider:   1. Establish Your 2025 Retirement Plan   First, a question: Do you have your (or your corporation’s) retirement plan in place?   If not

Here are six powerful business tax deduction strategies you can easily understand and implement before the end of 2025.

If you have inherited (or may someday inherit) an individual retirement account (IRA), the 2025 changes may significantly impact your tax planning.   Key Updates   RMD requirements. Starting in 2025, annual required minimum distributions (RMDs) are mandatory for most inherited IRAs. Failure to comply may result in penalties of up to 25 percent, reducible to 10 percent if corrected promptly. 10-year rule enforcement.  Non-spousal beneficiaries must fully deplete inherited IRA

Should you take the bigger SALT deduction on your personal taxes—or continue using the Pass-Through Entity Tax (PTET) through your business?

You qualify for the deduction only if you work in an occupation that customarily received tips before 2025. The IRS determines which occupations meet this standard. It has recently published a preliminary list of qualifying occupations, and you can claim the deduction only if your job appears on this list.

Congress recently passed the One Big Beautiful Bill Act, or OBBBA, which introduces a new tax deduction for tips beginning in 2025. This provision, called “No Tax on Tips,” sounds broader than it really is.

Here’s good news beginning in 2025. The One Big Beautiful Bill Act (OBBBA) permanently eases the rules that limit the deduction for business interest expense.

If you’ve ever suffered damage or theft from an event like a flood, fire, or burglary, you may wonder if you can claim a tax deduction for your loss.

A QCD allows you to transfer funds directly from your IRA trustee to a qualified charity. The money never touches your hands, and the transfer is wholly excluded from your taxable income.

When you don’t make your 2025 estimated tax payments on time, the IRS charges a non-deductible 7 percent penalty that compounds daily.

The One Big Beautiful Bill Act (OBBBA) makes significant changes to the educator expense deduction—for 2025 and beyond. If you are a teacher, a coach, a counselor, or some other school professional, here’s what you need to know to maximize your tax savings.

The One Big Beautiful Bill Act (OBBBA) introduced a brand-new savings vehicle: Trump Accounts. At first glance, they appear to be traditional IRAs, but they come with special rules for beneficiaries under the age of 18.

Do you like to gamble? If so, Congress has some bad news for you. The One Big Beautiful Bill Act (OBBBA), recently passed, limits how much you can deduct for gambling losses starting in 2026.

The recently enacted One Big Beautiful Bill Act (OBBBA) makes Section 529 plans more valuable than ever by expanding the types of expenses you can pay with these funds.

Do you own stock in a high-growth small business? Or are you a founder, an investor, or an employee of one?