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Record Keeping

Educators may be able to claim 2 deductions for 2026 classroom expenses

Leave a Comment / Educator Expense Deduction, Educators, Itemized Deduction, One, Big, Beautiful Bill Act /

Teachers and other educators often spend their own money on books, supplies, equipment and other classroom needs. For 2026, eligible educators may have two ways to deduct qualifying unreimbursed expenses. One deduction is available whether or not they itemize, and a new deduction under the One Big Beautiful Bill Act (OBBBA) is available to itemizers. […]

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Let’s trade! Business bartering is still taxable

Leave a Comment / (ATI) Adjusted Taxable Income, Barter Clubs, Bartering, Small Business, Small Business Owners, Small Business Tips, Tax-Deductible Business Expenses /

Trading items or services — without exchanging cash — has long been common among small businesses. Today, some use online barter exchanges to facilitate trades. In addition to preserving cash flow, these types of transactions may expand your purchasing power, help you move overstocked inventory and increase your business’s exposure to new markets. But bartering

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The right financial guidance can help maximize your business’s potential

Accounts Receivable, Cash Flow, Financial Projections, Financial Statements, Small Business Owners, Small Business Tips /

Financial information is the foundation for every important business decision. Whether your goal is to improve cash flow, launch a new offering, hire additional workers or expand into a new market, accurate data enables you to make decisions confidently. An experienced advisor can help prepare this data and ensure your business is poised to capitalize

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When the sale of an appreciated home triggers taxes — and when it doesn’t

(NIIT) Net Investment Income Tax, Capital Gains, Tax Considerations of Selling Your Home, Tax Rules for Selling Your Home /

Home values have risen significantly in many areas of the country over the last several years, leaving some homeowners with substantial gains when they sell. Of course a large profit is generally a good thing. But, depending on the amount of your gain, how long you’ve owned and resided in the home, and your income

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Behind on bookkeeping? Here’s how to get back on track

Bookkeeping, Cash Flow, Quickbooks, Small Business, Small Business Owners, Small Business Tips /

Running a business requires juggling countless responsibilities. Not surprisingly, bookkeeping tasks often end up on the bottom of to-do lists. The good news is that falling behind doesn’t necessarily mean your financial records are beyond repair. With a disciplined approach and the right support, you can regain control. Recognize the issue Many business owners don’t

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Your post-tax-filing checklist

2025 Tax Return, 2026 Tax Planning, Filing an Amended Tax Return, Individual Income Tax, Individual Tax Tips, Tax Refund /

After you’ve filed your 2025 tax return, what’s next? It’s easy to move on to other things, but taking a little time to address some tax-related items now can help you stay organized and avoid issues later. Here are a few to-dos. Check your refund status If you’re getting a tax refund and haven’t received

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Receive $10,000 in cash at your business? The IRS wants to know about it

Cash Transactions In Your Business, Federal Income Tax, Internal Revenue Service (IRS), Small Business, Small Business Owners /

Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Here are some answers to questions you may have. What are the requirements? Although many cash transactions are legitimate, the IRS explains that the

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Still have tax questions? You’re not alone

Federal Taxes, Filing an Amended Tax Return, Individual Income Tax, Individual Tax Tips, Statue of Limitations, Tax Refund /

Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. 1. When will my refund show up? Use the IRS’s “Where’s My Refund?” tracker at IRS.gov. Have these three details ready: Enter them, and the tool will

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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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Understanding the “step-up in basis” when inheriting assets

Assets, Estate Planning, Inheriting Money, Taxes and Tips /

If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done. What “basis” means First, let’s look at a couple definitions. Basis is

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