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Some small businesses can still benefit from the health care coverage credit
Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only the amount of income subject to tax. One tax credit that hasn’t been getting much attention lately but that can still be valuable for some small businesses is the credit for providing health insurance to employees.…
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Before claiming a charitable deduction for 2025, make sure you can substantiate it
If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in accordance with IRS requirements. Exactly what’s required depends on various factors. In some cases, you must have a written acknowledgment from the charity. Substantiating cash…
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To maximize — or not to maximize — depreciation deductions on your 2025 tax return
The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of the tax year, there are some decisions you can make when filing your return that can save taxes now or in the future. One such decision is whether to claim accelerated depreciation…
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If you’re married, should you file jointly or separately?
Married couples have a choice when filing their 2025 federal income tax returns. They can file jointly or separately. What you choose will affect your standard deduction, eligibility for certain tax breaks, tax bracket and, ultimately, your tax liability. Which filing status is better for you depends on your specific situation. Minimizing tax In general,…
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IRS issues guidance on Trump accounts
The One Big Beautiful Bill Act (OBBBA) creates a new type of tax-advantaged account for eligible children. Section 530A accounts, also known as “Trump accounts,” can be established for children under age 18 who have a Social Security Number (SSN). Contributions to properly established accounts can begin on July 4, 2026. The IRS has released guidance that sheds more…
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Increase your current business deductions under tangible property safe harbors
Did your business make repairs to tangible property, such as buildings, equipment or vehicles, in 2025? Such costs may be fully deductible on your 2025 income tax return — if they weren’t actually for “improvements” that must be depreciated over a period of years. Betterment, restoration or adaptation In general, a cost that results in…
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Owning real estate in multiple states can negatively affect beneficiaries
A vacation home, rental property or future retirement residence may play an important role in your long-term plans. However, if you hold properties across multiple states, it can create estate planning issues that can be easily overlooked. If not addressed properly, these issues can have consequences for your heirs. Multiple properties can result in multiple…
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Increase estate planning flexibility by decanting an irrevocable trust
Irrevocable trusts provide various estate planning benefits, such as reducing estate taxes and helping to ensure assets are distributed as you wish. But estate planning isn’t a “set it and forget it” process. Families, tax laws and financial circumstances can change. A major downside of irrevocable trusts is that they’re difficult to update once they’ve…
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When nonprofit teams don’t see eye to eye on financial reporting
Tension between Accounting and Development teams is more than a simple workplace issue. It can have real financial consequences for a nonprofit organization. Misaligned processes and poor communication can affect financial reporting, compliance and even grant funding. Strengthening coordination between these departments may require refining procedures and fostering collaboration. Speaking different financial languages The first…
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When should you update your estate plan?
Many people think of estate planning as a “one-and-done” task — something you complete and file away. But an estate plan should evolve as your life and finances and relevant laws change. An outdated plan can create confusion, unintended tax consequences or outcomes that no longer reflect your wishes. The higher federal gift and estate…
