Did you receive a Form 1099-NEC that overstates your income? You’re not alone—and it could mean you’re paying more taxes than you owe.

If you’ve been considering solar panels—or other renewable energy upgrades for your home—now is your last chance to take full advantage of the 30% Residential Clean Energy Credit.

Conventions and seminars can be a great way to sharpen your skills, network, and grow your business—but when it comes to tax deductions, not all events are created equal.

If you’ve used your personal vehicle for business—whether you’re a sole proprietor or you received mileage reimbursement from your S or C corporation—there may be a valuable tax deduction waiting for you.

If you notice irregularities, such as meetings happening without your knowledge or discrepancies in financial statements, it’s essential to take immediate action.

Let’s say you use the company vehicle 80% for business and 20% for personal use. Seems reasonable, right? But here’s the key: the IRS doesn’t allow you to use that personal portion for free.

On July 1, the U.S. Senate passed a new tax bill that could eliminate several major EV tax credits as early as September 30, 2025. That’s a big deal if you were counting on those incentives to offset the cost.

If you’ve set up a 105-HRA, QSEHRA (Qualified Small Employer Health Reimbursement Arrangement), or an ICHRA (Individual Coverage HRA) to reimburse employees for medical expenses—first off, nice work. These plans are a smart, tax-efficient way to support your team’s health while scoring a business deduction.

If you're self-employed and have a solo 401(k)—whether it's just for you or also includes your spouse—there’s an IRS form you don’t want to overlook: Form 5500-EZ. Once your plan’s assets go over $250,000, you’re required to file this form each year.

Does your business classify workers as independent contractors instead of employees? You should know that the U.S. Department of Labor is trying to make it harder for all businesses to use independent contractors.

Early withdrawals from a traditional IRA before age 59½ generally incur a 10% penalty tax on the taxable portion of the withdrawal. There are several exceptions to this rule that can help you avoid the penalty under specific circumstances. Below, we have outlined the key exceptions that may apply to your situation.

As you consider the process of shutting down your S corporation, it is crucial to understand the federal income tax implications that come with it. Here, we outline the tax basics for the corporation and its shareholders under two common scenarios: Stock Sale, and Asset Sale with Liquidation.

As you may already be aware, there is a contradiction in the tax laws regarding personal living expenses, specifically personal meals and business meal tax deductions. This is best illustrated by what tax professionals call the “Sutter rule.” Dr. Sutter, from whom the rule takes its name, lost the deductions for his chamber of commerce lunches and his lunches while serving on a hospital board, all because the cost of those business lunches did not exceed his personal meal

As you consider shutting down your sole proprietorship or your single-member LLC treated as a sole proprietorship for tax purposes, it’s crucial to understand the tax implications of this decision. Here’s an overview of key points you need to consider.

How about using the partnership form to avoid self-employment tax? This doesn’t work for general partnerships because general partners always have to pay self-employment taxes on their distributive share of the ordinary income earned from the partnership’s business.

Cost segregation may not be advisable for every property owner—for example, where it results in a loss that can’t be deducted due to the passive loss rules, or where the owner intends to sell the property within a few years and has to recapture as ordinary income the cost-segregated depreciation deductions.