You will need to file at least one IRS Form 5500-EZ if you have a one-participant retirement plan such as a solo 401(k)—that is, a qualified plan that covers only a business owner (and spouse), whether or not that business is incorporated, or covers only partners (and their spouses) in a business partnership.

If your corporation owns the vehicle you drive, using it the right way can put real money back in your pocket. This article shows how proper handling of personal use, reimbursements, and deductions can help you avoid IRS pitfalls—and keep more of your hard-earned cash.

Don’t let someone else’s mistake raise your tax bill. Incorrect 1099-NEC forms can cost you real money and potentially trigger an IRS audit—especially if they overstate your income. This article explains why these errors happen so frequently at year-end and gives you a step-by-step plan to correct the problem.

If you’ve been using the IRS standard mileage rate to deduct or get reimbursed for business use of your personal vehicle, you may be sitting on a hidden tax break. That’s because the mileage rate includes embedded depreciation—which reduces your vehicle’s tax basis. When it’s time to sell or trade in your vehicle, this can translate into a surprisingly large and fully deductible business loss under Section 1231.

Filing 1099-NECs can help you qualify for powerful tax breaks such as the 20 percent Section 199A deduction and immediate write-offs for repairs. Here’s why even small landlords should think twice before opting out.

You may deduct your costs of business travel. But what happens to your deductions when you travel by cruise ship? Do the rules change? Do the rules vary by business destination? The answer is that the tax-deduction rules change for cruise ship travel and they change depending on the business destination.

Think life insurance only pays out when you die? Think again. Discover how certain policies can offer living benefits—like tax-free cash—while you’re still around to enjoy it.

Business owners who have established 105-HRAs, Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs), and Individual Coverage Health Reimbursement Accounts (ICHRAs) to reimburse their employees for medical expenses need to pay an annual fee to help support the Patient-Centered Outcomes Research Institute (PCORI).

Stock traders can qualify as day traders who are in the business of selling securities if they frequently buy and sell securities to profit from daily market movements. Unlike stock investors, day traders can take business deductions for their expenses and can elect to use mark-to-market accounting. To qualify as a day trader, your trading activity must be substantial, continuous, and regular.