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Tap into the 20% rehabilitation tax credit for business space improvements
If your business occupies a large space and you’re planning to relocate, expand or renovate in the future, consider the potential benefits of the rehabilitation tax credit. This could be particularly valuable if you’re interested in historic properties. The credit is equal to 20% of the qualified rehabilitation expenditures (QREs) for a qualified rehabilitated building…
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The One, Big, Beautiful Bill could change the deductibility of R&E expenses
The treatment of research and experimental (R&E) expenses is a high-stakes topic for U.S. businesses, especially small to midsize companies focused on innovation. As the tax code currently stands, the deductibility of these expenses is limited, leading to financial strain for companies that used to be able to expense them immediately. But proposed legislation dubbed…
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4 common accounting errors for nonprofits to avoid
It may be tempting to try to save money and perform your nonprofit’s accounting tasks internally. But if your staff isn’t experienced and properly trained, mistakes are likely to occur — with potentially serious repercussions. Some accounting mistakes are common among newer nonprofits and smaller organizations that attempt to go it alone. In particular, work…
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Is college financial aid taxable? A crash course for families
College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the 2024–2025 school year. The average cost for tuition and fees for out-of-state students at public colleges was $30,780. For in-state students, the cost was $11,610. Of course, there are additional costs…
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DOs and DON’Ts to help protect your business expense deductions
If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting…
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How to keep cost cutting from increasing fraud risk
In the process of slashing expenses? Just be careful not to cut essential items, such as sufficient staffing to maintain strong internal controls, from your not-for-profit’s budget. Internal controls are critical for preventing occupational theft. Cybersecurity is something else your organization can’t afford to do without. The good news is fraud prevention measures don’t have…
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Milestone moments: How age affects certain tax provisions
They say age is just a number — but in the world of tax law, it’s much more than that. As you move through your life, the IRS treats you differently because key tax rules kick in at specific ages. Here are some important age-related tax milestones for you and loved ones to keep in…
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Startup costs and taxes: What you need to know before filing
The U.S. Census Bureau reports there were nearly 447,000 new business applications in May of 2025. The bureau measures this by tracking the number of businesses applying for an Employer Identification Number. If you’re one of the entrepreneurs, you may not know that many of the expenses incurred by start-ups can’t currently be deducted on…
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Trimming your nonprofit’s meeting and fundraiser budgets
Whether you’re planning an off-site retreat for board members, a luncheon for potential corporate funders or a formal fundraiser, you likely will encounter opportunities to cut expenses. Although no one wants a meeting or event to look “cheap,” most of your nonprofit’s stakeholders will appreciate attention paid to thrift. How can you reduce costs yet…
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Understanding spousal IRAs: A smart retirement strategy for couples
Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such cases, a spousal IRA can be an effective and often overlooked tool to help build retirement savings for both partners — even if only one spouse is employed. It’s worth…
