November 3, 2026 If you are self-employed and also have access to an office elsewhere, you may assume you cannot deduct a home office. Many people believe this, and IRS auditors sometimes raise it. But the law says otherwise, and the IRS’s own guidance backs you up. Your home office qualifies as your principal place …
You Can Have an Office in the Home and an Office Downtown Read More »
October 27, 2026 Long-term care insurance protects you against the financial consequences of chronic illness or disability. Medicare covers no more than 100 days of skilled or rehabilitation care, and Medicaid requires low income to qualify. Long-term care premiums are not cheap, but the tax code may let you write off some or all of …
2026 Tax Guide to Deducting Long-Term Care Insurance Read More »
October 19, 2026 The paid family and medical leave tax credit is now a permanent part of the tax code, and the 2026 rules changed enough that it deserves a fresh look even if you considered it before and passed. Here is what the credit does: If you have a written leave policy in place, …
2026 Paid Family Leave Credit: Does the Owner Qualify? Read More »
October 13, 2026 If you own rental properties, you know the frustration: your losses do you no good until you qualify as a tax law–defined real estate professional and materially participate in the properties. Both of these tests turn on hours, and the real estate professional test alone requires 750 hours. Here is a source …
Drive Time Increases Odds of Deducting Rental Property Losses Read More »
September 29, 2026 If you operate as a sole proprietor or single-member LLC, earn a good income, and have no payroll and little depreciable property, you may be losing most of the Section 199A 20 percent deduction. Switching to an S corporation can fix that. Here is the problem: Once your 2026 taxable income exceeds …
2026 Section 199A: Proprietorship or S Corporation? Read More »
September 22, 2026 If your business sells merchandise, there may be a valuable year-end tax planning opportunity that many small-business owners overlook. Under today’s tax rules, many qualifying small businesses can deduct the cost of inventory when it is purchased and paid for, even if the goods remain on the shelf at year-end. But there …
Tax Plan: Buy $500,000 of Goods on December 20 and Expense Them Read More »
September 15, 2026 If your first house-flipping project ended in a loss, don’t assume you’re limited to deducting only $3,000 per year. Depending on your specific facts, you may qualify to deduct the entire loss in the current year. The key issue is whether the IRS views you as a real estate dealer or as …
Dealer or Investor? Deducting the Loss on Your First Flip Read More »
August 27, 2026 If you own more than 2 percent of an S corporation, your dental, vision, and Medicare premiums can qualify for the same valuable tax treatment as your major medical insurance premiums. To secure the deductions, follow the same three-step process for all qualifying premiums. First, your S corporation must either pay the …
S Corp. Owners: Don’t Lose 2026 Dental, Vision, Medicare Breaks Read More »
August 18, 2026 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 considering …
Sell Now, Pay the IRS Later: Defer Capital Gains for Decades Read More »
August 4, 2026 If your business receives an Employee Retention Credit (ERC) refund in 2026 for wages paid in 2020 or 2021, you may have an important tax planning opportunity. Many businesses filed ERC claims years after they filed their original income tax returns. Because the IRS took so long to process many claims, some …
