Married couples have a choice when filing their 2025 federal income tax returns: they may file jointly or separately. This decision will affect their standard deduction, eligibility for certain tax benefits, applicable tax bracket, and ultimately their overall tax liability. The filing status that is most advantageous will depend on each couple’s specific circumstances. Minimizing […]

Tax credits reduce your tax liability on a dollar-for-dollar basis and can therefore be more valuable than deductions, which only reduce the amount of income subject to tax. One credit that has received relatively little attention lately, yet may still offer meaningful benefits for certain small businesses, is the credit available for providing health insurance […]

Managing inventory has become more challenging as businesses face inflation pressures and supply chain uncertainty while responding to changing customer demand. Although maintaining adequate stock is necessary to meet customer needs, excess inventory can quietly erode profitability through higher carrying costs and operational inefficiencies. A thoughtful, data-driven approach allows businesses to maintain availability without sacrificing […]

Charitable giving can provide valuable tax benefits for individuals who itemize deductions, but those benefits depend on proper documentation. Because IRS substantiation rules vary based on the nature of a donation, understanding these requirements in advance can help ensure charitable contributions remain eligible for deduction on a 2025 tax return. Substantiating cash donations If you […]

Businesses regularly incur costs to keep buildings, equipment, and vehicles in working order. Depending on the nature of the work performed, some of these expenses may be deducted in the current year, while others must be capitalized and recovered over time. Understanding how the IRS distinguishes repairs from improvements can help businesses apply the rules […]

Does your family business tend to make key strategic decisions internally? It’s a familiar structure for family businesses to assign relatives to positions of authority and require other employees to defer to them. But “familiar” doesn’t necessarily mean “good.” Adding a few trusted outside voices can bring clarity and balance to high-stakes choices. Here’s how […]

The One Big Beautiful Bill Act (OBBA) created Trump Accounts (TAs) a new tax-advantaged way to help children build up savings for the future. Under a pilot program, you can make an election to set up a TA for your U.S. citizen child born in 2025 through 2028 and the federal government will fund the […]

If you’re a small business owner or are self-employed and don’t yet have a tax-advantaged retirement plan, consider setting one up 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, […]

Payroll fraud is a serious risk for businesses of all sizes, and its impact can be especially severe for small organizations. Understanding where these risks arise – and how to address them – is a critical first step in protecting your payroll process. According to the Association of Certified Fraud Examiners (ACFE), the median loss […]

The IRS opened the filing season for 2025 individual income tax returns on January 26, roughly the same timeframe as last year. This comes even as the agency continues to operate with reduced staffing levels. Below are answers to some common questions individuals may have as they prepare to file. When is my 2025 return […]