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Douglas Freeman

Shift income to take advantage of the 0% long-term capital gains rate

(GST) Generation-Skipping Transfer Tax Consequences, (LTCG) Net Long-Term Capital Gain, Federal Taxes, Gifts, Investment Income Tax (NIIT), Kiddie Tax, Modified Adjusted Gross Income (MAGI) /

Are you thinking about making financial gifts to loved ones? Would you also like to reduce your capital gains tax? If so, consider giving appreciated stock instead of cash. You might be able to eliminate all federal tax liability on the appreciation — or at least significantly reduce it. Leveraging lower rates Investors generally are subject to […]

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What you need to know about deducting business gifts

Business Deductions, Business Meals and Entertainment, Gifts, Holiday gifts /

Thoughtful business gifts are a great way to show appreciation to customers and employees. They can also deliver tax benefits when handled correctly. Unfortunately, the IRS limits most business gift deductions to $25 per person per year, a cap that hasn’t changed since 1962. Still, with careful planning and good recordkeeping, you may be able

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Businesses should review their key payroll tax responsibilities

Federal Income Tax, Federal Unemployment (FUTA Tax, FICA, Local Taxes, Medicare Taxes, Payroll Tax, Social Security Tax, State Income Tax /

As a business owner, you know that running payroll involves much more than just compensating employees. Every paycheck represents a complex web of tax obligations that your company must handle accurately and consistently. Indeed, staying compliant with payroll tax rules is essential to maintaining your business’s reputation and avoiding costly penalties. That’s why it’s essential

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How the Social Security wage base will affect your payroll taxes in 2026

Employees, FICA, Medicare Taxes, Payroll Tax, Self Employment Tax, Social Security, Social Security Tax /

The 2026 Social Security wage base has been released. What’s the tax impact on employees and the self-employed? Let’s take a look. FICA tax 101 The Federal Insurance Contributions Act (FICA) imposes two payroll taxes on wages and self-employment income — one for Old-Age, Survivors, and Disability Insurance, commonly known as the Social Security tax,

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Year-end tax planning for accrual-basis taxpayers

Accrual Method of Accounting, Accrual-Basis Taxpayers, Business Income Tax, Taxes 2025, Year End Planning /

Projecting your business’s income for this year and next can allow you to time income and deductible expenses to your tax advantage. It’s generally better to defer tax — unless you expect to be in a higher tax bracket next year. Timing income and expenses can be easier for cash-basis taxpayers. But accrual-basis taxpayers have

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Writing an AI governance policy for your business

Artificial Intelligence (AI), Artificial Intelligence (AI) for Business /

Artificial intelligence (AI) is changing the way businesses operate. Its capacity to gather and process data, as well as to mimic human interactions, offers remarkable potential to streamline operations and boost productivity. But AI presents considerable challenges and concerns, too. With so many tools available, employees may inadvertently or purposely misuse the technology in ways

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Review your business expenses before year end

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

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?

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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