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Douglas Freeman

Review your business expenses before year end

Leave a Comment / Business Expenses, Business Meals and Entertainment, Business Travel Deductions, Employee Reimbursement Plan, One, Big, Beautiful Bill Act, Ordinary Income Tax, Small Business, Small Business Owners, Small Business Tips, Tax Cuts and Job Acts (TCJA), Tax-Deductible Business Expenses, Taxes 2025, Year End Planning /

Now is a good time to review your business’s expenses for deductibility. Accelerating deductible expenses into this year generally will reduce 2025 taxes and might even provide permanent tax savings. Also consider the impact of the One Big Beautiful Bill Act (OBBBA). It makes permanent or revises some Tax Cuts and Jobs Act (TCJA) provisions

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The 2025 SALT deduction cap increase might save you substantial taxes

Leave a Comment / Federal Taxes, Local Taxes, Modified Adjusted Gross Income (MAGI), One, Big, Beautiful Bill Act, SALT, State Tax /

If you pay more than $10,000 in state and local taxes (SALT), a provision of the One Big Beautiful Bill Act (OBBBA) could significantly reduce your 2025 federal income tax liability. However, you need to be aware of income-based limits, and you may need to take steps before year end to maximize your deduction. Higher

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Should your business maximize deductions for real estate improvements now or spread them out?

Leave a Comment / Depreciable Business Equipment, Depreciation, One, Big, Beautiful Bill Act, Qualified Improvement Property (QIP), Real Estate, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

Commercial real estate usually must be depreciated over 39 years. But certain real estate improvements — specifically, qualified improvement property (QIP) — are eligible for accelerated depreciation and can even be fully deducted immediately. While maximizing first-year depreciation is often beneficial, it’s not always the best tax move. QIP defined QIP includes any improvement to an

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Why start-ups should consider launching as S corporations

Leave a Comment / Past-Through Entities, S Corporation, Small Business, Small Business Owners, Small Business Tips /

Launching a new business brings tough decisions. And that holds true whether you’re a fledgling entrepreneur starting your first company or an experienced businessperson expanding into a second or third enterprise. Among the most important calls you’ll need to make is how to structure the start-up for tax purposes. For many business owners, electing S corporation

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Boost your tax savings by donating appreciated stock instead of cash

Leave a Comment / (LTCG) Net Long-Term Capital Gain, (NIIT) Net Investment Income Tax, Charitable Contributions, Charitable Donations, Itemized Deduction, Tax Savings /

Saving taxes probably isn’t your primary reason for supporting your favorite charities. But tax deductions can be a valuable added benefit. If you donate long-term appreciated stock, you potentially can save even more. Not just a deduction Appreciated publicly traded stock you’ve held more than one year is long-term capital gains property. If you donate

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There’s still time for businesses to benefit from clean energy tax breaks

Leave a Comment / Clean Vehicle Credit, Federal Tax Deductions, One, Big, Beautiful Bill Act, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax Deduction /

The One Big Beautiful Bill Act (OBBBA), signed into law July 4, 2025, extends or enhances many tax breaks for businesses. But the legislation terminates several business-related clean energy tax incentives earlier than scheduled. For example, the Qualified Commercial Clean Vehicle Credit (Section 45W) had been scheduled to expire after 2032. Under the OBBBA, it’s available

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Designing the right bonus plan for your business

Leave a Comment / Employees, Sales, Small Business, Small Business Owners /

Today’s employees have a wealth of information at their fingertips and many distractions competing for their attention. Maintaining focus and productivity can be challenging. One proven lever for promoting engagement is a performance-based bonus plan. When carefully structured, these plans acknowledge individual contributions while accelerating the company toward its strategic goals. However, if not optimally

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Making the most of the new deduction for seniors

Leave a Comment / Deductions, Federal Income Tax, Federal Tax Deductions, Modified Adjusted Gross Income (MAGI), One, Big, Beautiful Bill Act, Senior Deduction /

For 2025 through 2028, individuals age 65 or older generally can claim a new “senior” deduction of up to $6,000 under the One Big Beautiful Bill Act (OBBBA). But an income-based phaseout could reduce or eliminate your deduction. Fortunately, if your income is high enough that the phaseout is a risk, there are steps you

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The 2025–2026 “high-low” per diem business travel rates are here

Leave a Comment / Business Travel Expense, Employees, Internal Revenue Service (IRS), Small Business, Small Business Owners /

If you have employees who travel for business, you know how frustrating it can be to manage reimbursements and the accompanying receipts for meals, hotels and incidentals. To make this process easier, consider using the “high-low” per diem method. Instead of tracking every receipt, your business can reimburse employees using daily rates that are predetermined

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