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The home-office deduction can produce substantial tax savings, especially when it converts what would otherwise be commuting miles into deductible business mileage. But many business owners accidentally put this valuable deduction at risk. If you use your home office for more than one purpose, each use must qualify under...

If you own more than one business, you may be missing out on a larger Section 199A deduction without even realizing it. The Section 199A deduction allows many owners of sole proprietorships, partnerships, and S corporations to deduct up to 20 percent of their qualified business income. Even better,...

If you’re planning to sell highly appreciated real estate, a closely held business, or private company stock, don’t let the tax consequences become an afterthought. There may be a way to defer the capital gains tax for years—even decades—but only if you plan before the sale. One strategy worth...

If you received an Employee Retention Credit (ERC) refund in 2026 for wages paid in 2020 or 2021, you may have an opportunity to recover the tax you pay on that refund. The IRS currently says that if you failed to reduce your wage deductions in the original years,...

Businesses that produce goods or purchase merchandise for resale have traditionally treated those items as inventory. Under the general tax rules, the business capitalizes inventory costs and deducts them only in the year the inventory is sold. The Tax Cuts and Jobs Act changed these rules for many small...

If you own a traditional IRA, failing to take your required minimum distribution (RMD) can cost you far more than taking it and paying the associated income tax. Owners of traditional IRAs, SEP IRAs, and SIMPLE IRAs generally must begin taking RMDs the year they reach age 73. (Roth...

Many business owners believe they can save on taxes by personally buying office furniture and then renting it to their S or C corporation. While this strategy sounds appealing, it generally does not produce any additional tax savings. In most cases, the corporation receives the same depreciation deduction whether...

If you own rental real estate, you may have passive losses that have been suspended for years. Although you cannot currently deduct these losses, they are not lost forever. With proper planning, you may be able to unlock them and use them to reduce your taxes. One common way...

If you use a classic or antique car in your business, you may be able to deduct it just as you would a newer business vehicle. The key requirement is business use. A vehicle must be subject to wear and tear, decline, or exhaustion, and you must use it...

Many business owners assume they cannot claim a home-office deduction because their home is too small. In fact, the tax law says otherwise. A home office does not have to be an entire room. If you use a clearly defined area of your home exclusively for business, you may...

If you own more than 2 percent of an S corporation, the good news is that the rules for deducting your health insurance remain unchanged for 2026. By following a few important steps, you can continue to deduct the cost of coverage for yourself, your spouse, your dependents, and...

Beginning in 2026, the Section 199A qualified business income deduction becomes a permanent part of tax planning for pass-through business owners. This deduction can allow owners of sole proprietorships, partnerships, S corporations, and certain other pass-through businesses to deduct up to 20 percent of their qualified business income. C...