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Do you actively engage in day trading and meet the criteria for trader tax status (TTS)? If so, you may benefit from electing mark-to-market (MTM) accounting for your trading business—a strategic choice that can offer significant tax advantages. Why Consider Mark-to-Market Accounting? Under the MTM method, you treat all...

If you own a vacation home or rent out a second property, there’s a tax case you should know about—one that could save you thousands of dollars in lost deductions. Charles M. Akers owned a mountain cabin in Alpine, California, which he rented out through a property management company....

If you operate your business as an S corporation, you likely enjoy its tax-saving benefits—especially on Social Security and Medicare taxes. But there’s another powerful advantage you may not have considered: forming a qualified subchapter S subsidiary (QSub). What Is a QSub and Why Consider It? A QSub is...

Are you a high-income solo business owner seeking to supercharge your retirement savings while cutting your tax bill? If so, there’s a powerful tool that may surprise you: the defined benefit plan. Often associated with large corporations or government jobs, defined benefit plans can also be a strategic solution...

You and your business likely benefit from attending business conventions and seminars. It’s essential to know which expenses you can deduct—and how to ensure they qualify. As a business owner, you might assume that if a seminar is “business related,” it’s automatically deductible. But that’s not always the case....

Current tax law allows homeowners to claim up to $3,200 per year in tax credits for energy-efficient home improvements. But these incentives may soon vanish. Pending tax legislation in Congress could eliminate these benefits for improvements placed in service after December 31, 2025. What’s Available? There are two key...

If you’re considering solar panels or other renewable energy upgrades, now may be your last chance to take full advantage of the 30 percent Residential Clean Energy Credit (RCEC). What Is the RCEC? The RCEC is a federal, non-refundable tax credit equal to 30 percent of the cost of...

If you’re considering the purchase of an electric vehicle for your business or personal use, now is the time to pay close attention. On July 1, the U.S. Senate passed a tax bill that proposes to terminate the following three major electric vehicle tax credits, effective September 30, 2025:...

Stock traders who seek to earn profits by frequently buying and selling stocks to capitalize on daily market movements can qualify as day traders for tax purposes.  Day traders are in the business of buying and selling securities—in other words, they are businesspeople, not investors. There are many tax...

Have you established a 105-HRA, a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), or an Individual Coverage Health Reimbursement Arrangement (ICHRA) to reimburse your employees for medical expenses? If so, congratulations! These HRAs are an excellent way to cover your employees’ medical expenses and claim a tax deduction. But...

Could you use a quick infusion of tax-free cash? Your life insurance policy may provide one. And you don’t have to die to collect. To access money from your life insurance policy without dying, you must have the right type of policy—a permanent life insurance policy that lasts your...

Here’s an example that may be relevant to your tax planning strategy—particularly when it comes to travel for business purposes that may also offer a more comfortable or enjoyable experience. Consider this case: A financial planner needed to meet a high-net-worth prospect in St. Thomas during the winter. Rather...