FinCEN announced a temporary enforcement pause on Beneficial Ownership Information (BOI) report filings under the Corporate Transparency Act, delaying penalties beyond the current March 21, 2025, deadline.

Suppose personal non-business property, such as your home, personal belongings, or personal car, is damaged or destroyed in a fire, flood, earthquake, hurricane, or similar event. In that case, you may qualify for a casualty loss deduction if the event was a federally declared disaster. But insurance recoveries and special casualty loss limitations may whittle away your deduction.

Stay ahead of tax season with our comprehensive 2025 Tax Resource Guide, putting essential tax rates, limits, and deductions at your fingertips. This downloadable desktop reference eliminates endless searching, giving you instant access to critical tax information, including updated Social Security ceilings, mileage rates, and retirement plan limits.

Think you can use bonus depreciation and Section 179 expensing to write off the business cost of a $120,000 Tesla Model X? The IRS says no—incorrectly. The tax code tells a different story. If this happens to you, you may have to fight to ensure your proper deduction.

Self-employed with no retirement plan? Discover the best options to slash your 2024 tax bill while securing your future with easy-to-set-up plans such as a SEP, Keogh, SIMPLE IRA, or solo 401(k).

When you operate your business as an S corporation or a C corporation, you must first remember that the corporation is a separate legal entity. If you incur travel expenses on behalf of the corporation, those are corporate expenses. You need an agreement either saying that you can deduct the expenses personally or saying that you will submit the expenses for reimbursement. One of these two choices is really bad.

If you have to file a paper document with the IRS, what happens if that document never reaches the intended recipient? You have, as they say on the farm, stepped in it. Here’s how to make sure you don’t suffer that fate.

Victims of federally declared disasters benefit from various tax relief measures, including the postponement of tax filing deadlines, penalty-free distributions of retirement funds, and tax-free treatment of disaster relief monies. Insurance recoveries are also tax-free up to strict limits.

Setting up a retirement plan can provide major tax advantages and long-term savings if you operate a solely owned C or S corporation with no employees. This article explores key options—including SEP-IRA, solo 401(k), SIMPLE IRA, and profit-sharing plans—helping you choose the best fit based on salary, contribution limits, and flexibility.

Don’t miss critical tax deadlines. Download the 2025 Federal Tax Calendar for Small Business and Self-Employed professionals.