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Tax Return

Increase your current business deductions under tangible property safe harbors

Leave a Comment / 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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Corporate business owners: Is your salary reasonable in the eyes of the IRS?

C Corporation, Compensation, Corporate Business Owners: Is Your Salary Reasonable In The Eyes Of The IRS, Corporations, S Corporation, Tax Return, Tax-Deductible Business Expenses /

Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s compensation is unreasonably high or low, it may disallow certain deductions or reclassify payments, potentially leading to penalties, back taxes and interest. But by proactively following certain steps, owners can help ensure their compensation is seen

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What tax documents can you safely shred? And which ones should you keep?

IRS Audit, Tax Record Retention, Tax Return /

Once your 2024 tax return is in the hands of the IRS, you may be tempted to clear out file cabinets and delete digital folders. But before reaching for the shredder or delete button, remember that some paperwork still has two important purposes: Keep the return itself — indefinitely Your filed tax returns are the

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Can I itemize deductions on my tax return?

Charitable Contributions, Itemized Deduction, Tax Return /

You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the

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You may be able to make a deductible IRA contribution for last year this year

Contributions, IRA, Modified Adjusted Gross Income (MAGI), Roth IRA, Simplified Employee Pension (SEP), Small Business Owners, Tax Return, Taxes 2024, Traditional IRA /

If you’re getting ready to file your 2024 tax return and your tax bill is higher than you’d like, there may still be a chance to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA until this year’s April 15 filing deadline and benefit from the tax savings on

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Your guide to Medicare premiums and taxes

Medicare Premium Tax Deduction, Medicare Taxes, Modified Adjusted Gross Income (MAGI), Pass Through Taxation, Self Employed, Tax Return /

Medicare health insurance premiums can add up to big bucks — especially if you’re upper-income, married, and you and your spouse both pay premiums. Read on to understand how taxes fit in. Premiums for Part B coverage Medicare Part B coverage is commonly called Medicare medical insurance. Part B mainly covers doctors’ visits and outpatient

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Which leadership skills are essential to strategic planning?

Financial Statements, Small Business, Small Business Owners, Strategic Business Planning, Tax Return /

To help ensure continued stability and profitability, businesses need to engage in some form of strategic planning. A recent survey by insurance giant Travelers drives home this point. In its 2024 CFO Study: A Travelers Special Report, the insurer surveyed 610 chief financial officers (CFOs) from companies with 500 or more employees in various industries. One of

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Are you unfairly burdened by a spouse’s tax errors? You may qualify for “innocent spouse relief”

Federal Taxes, Innocent Spouse, Tax Return /

Navigating the complexities of tax law can be difficult, especially when faced with an unexpected tax bill due to the errors of a spouse or ex-spouse. The reason for such a bill has to do with the concept of “joint and several” liability. When a married couple files a joint tax return, each spouse is

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