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Small Business

Why you might want to build a wall between your business and its real estate

Assets, C Corporation, Estate Planning, Limited Liability Company, Real Estate, Small Business, Small Business Owners, Small Business Tips /

Does your business own its real estate in a separate holding company, such as a limited liability company (LLC) or limited partnership? This practice can provide several advantages, including shielding property from your company’s creditors. It can also ease estate planning if, for example, you want to transfer business interests to your children while retaining […]

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Business deductions for four-legged coworkers

Business Deductions, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: In

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Options for forfeited employee FSA balances

Employee Benefits, Flexable Spending Accounts, FSA, Small Business, Small Business Owners, Small Business Tips /

Many businesses offer health care and dependent care flexible spending accounts (FSAs) as part of their employee benefits package. These plans provide valuable tax savings to employees and payroll tax savings to employers. If your company operates a calendar-year FSA with a 2½-month grace period, employees have until March 15 to incur eligible expenses for their

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What’s your potential business vehicle deduction?

2025 Mileage Deduction, Actual Expenses Method, Business Income Tax, Business Mileage, Depreciation Deduction (Section 179), Federal Income Tax, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax Deduction, Vechicle /

If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2025 income tax return. Businesses can generally deduct expenses attributable to business use of a vehicle plus depreciation. However, the rules are complicated, and your deduction may be affected by factors such as

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Deferring taxes on advance payments

Accrual Method of Accounting, Accrual-Basis Taxpayers, Cash Method of Accounting, Deferred Tax, Federal Income Tax, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally advance payments must be reported as taxable income in the year received. This treatment always applies if your business uses the cash method of accounting for tax purposes. But, if your business

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To maximize — or not to maximize — depreciation deductions on your 2025 tax return

Depreciation, Depreciation Deduction (Section 179), One, Big, Beautiful Bill Act, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

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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Some small businesses can still benefit from the health care coverage credit

Company Health Care Plans, Employee Benefits, Empolyee Health Coverage, Health Care Insurance, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax Credits /

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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Increase your current business deductions under tangible property safe harbors

2025 Tax Return, Depreciable Business Equipment, Section 179, Small Business, Small Business Owners, Small Business Tips, Tangible Property Deductions, Tax Return /

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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Advisory boards provide family businesses with independent perspectives

Family Business, Small Business, Small Business Owners, Small Business Tips /

Does your family business keep its strategic decisions within the family? It’s common for family businesses to assign relatives to positions of authority and require other employees to defer to them. But “common” doesn’t necessarily mean “good.” Not only is outside input recommended, but it can help reduce the risk of certain problems (such as

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There’s still time to set up a SEP and reduce your 2025 taxes

Federal Income Tax, Limited Liability Company, Partnerships, S Corporation, Self Employed, Simplified Employee Pension (SEP), Small Business, Small Business Owners, Small Business Tax Tips, Tax-Advantaged Retirement Plan, Taxes 2025 /

If you own a business or are self-employed and haven’t already set up a tax-advantaged retirement plan, consider establishing one before you file your 2025 tax return. If you choose a Simplified Employee Pension (SEP), you’ll be able make deductible 2025 contributions to it, saving you taxes. Not only is the SEP deadline favorable, but

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