The One Big Beautiful Bill Act (OBBBA), signed into law July 4, 2025, extends or enhances many tax breaks for businesses. But the legislation terminates several business-related clean energy tax incentives earlier than scheduled. For example, the Qualified Commercial Clean Vehicle Credit (Section 45W) had been scheduled to expire after 2032. Under the OBBBA, it’s available only for vehicles that were acquired on or before September 30, 2025. For other clean energy breaks, bus

If you have employees who travel for business, you know how frustrating it can be to manage reimbursements and the accompanying receipts for meals, hotels and incidentals. To make this process easier, consider using the “high-low” per diem method. Instead of tracking every receipt, your business can reimburse employees using daily rates that are predetermined by the IRS based on whether the destination is a high-cost or low-cost location. This saves time and reduces paperwork

Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses,...

Intangible assets, such as patents, trademarks, copyrights and goodwill, play a crucial role in today’s businesses. The tax treatment of...

When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages...

Determining “reasonable compensation” is a critical issue for owners of C corporations and S corporations. If the IRS believes an owner’s...

Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial...

Your business can set up an educational assistance plan that can give each eligible employee up to $5,250 in annual...

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial...

Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include...

A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with...

Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related...

Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new...

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next...

Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and...

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual...

Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld...

With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to...

Let’s say you own real estate that has been held for more than one year and is sold for a taxable gain. Perhaps this gain comes from...

Get ready: The upcoming presidential and congressional elections may significantly alter the tax landscape for businesses in the United...