May 2025
IRS Makes It Harder to Use the Section 530 Safe Harbor
Hiring firms can avoid paying back taxes and IRS penalties for misclassifying workers as independent contractors for employment tax purposes, by qualifying for the Section 530 safe harbor. But new guidance allows the IRS to consider non-tax treatment of the workers involved as well as whether the hiring firm used temporary employees, making it harder for hiring firms to qualify for Section 530 relief.
Protect Yourself: Digitize Tax Receipts
Protect yourself and your receipts by digitizing them. You will like the results. Without digitization, some of your receipts will disappear. Digitized receipts make the IRS smile, and of course, that makes you smile too.
Avoid Unwanted Partnership Tax Status: Elect Out
Think you’re just co-owning a property or project? The IRS might see it as a partnership—with tax headaches to match—unless you take one smart step to opt out.
Greed or Goodwill: Your Motive Makes a Scam Loss Deductible
If you’ve been scammed, the IRS might let you deduct your losses—but only if greed, not love or generosity, drove your actions. Learn the surprising rules around theft loss deductions and how the law draws a harsh line between profit-seeking victims and those just trying to help others.
Using Section 179 Deductions for Commercial Rental Properties
As bonus depreciation phases out, savvy commercial property owners are turning to Section 179 deductions to boost their tax savings. This strategy can allow for immediate expensing of qualifying real property improvements such as HVAC, roofs, and interior renovations.
Is the Professional Association a Tax Problem?
How does the professional association or the professional corporation compare with the regular C corporation and the S corporation?
QCD with IRA Checking Account—Easy, but Beware
Looking for a smart way to reduce your taxable income and support your favorite charities? Learn how using an IRA checking account can make qualified charitable distributions (QCDs) easier—just make sure you avoid a few common pitfalls.
Navigating Excess Business Loss Limits: What You Need to Know
The “excess business loss” rule limits how much business loss individual taxpayers can deduct each year, with any excess converted into a net operating loss (NOL) for future use. This restriction, in place through 2028, can delay tax benefits and impact planning for those with substantial non-business income.
April 2025
Alert: CA, IL, and NY Laws Require Written Freelance Agreements
California, Illinois, and New York have all adopted new laws requiring companies that hire freelance workers (independent contractors) to enter into written agreements with them containing certain minimum provisions, including a description of their services and payment provisions. Firms that fail to pay freelancers can be sued in court and ordered to pay twice the amount owed plus attorney fees. Failure to provide a contract alone can result in an award of damages.
Tax Code–Defined Statutory Employees Are Hybrid Self-Employed
Some types of workers that you would ordinarily classify as independent contractors for tax purposes under normal IRS tests must be classified as statutory employees for tax purposes. These include corporate officers, home workers, drivers who distribute certain products, life insurance salespeople, and traveling salespeople.
Beat the Estimated Tax Penalty with Strategic Withholding
Missed an estimated tax deadline? Discover how you can use strategic withholding from IRAs and W-2s—even late in the year—to wipe out penalties.
Backdoor Roth IRA Conversions: Smart Move or Hidden Tax Trap?
Want to boost your retirement savings with tax-free growth, even if you earn too much for a Roth IRA contribution? Learn how a backdoor Roth conversion can help—but be sure to avoid a costly tax surprise!
Solo Biz Owner? No Employees? Is the Mega Backdoor Roth for You?
If you’re a solo business owner with no employees, the mega backdoor Roth allows you to contribute up to $70,000 ($77,500 if age 50 or older) to a Roth account—far more than the standard backdoor Roth. This strategy lets you maximize tax-free growth and avoid required minimum distributions, making it a powerful tool for long-term wealth building.
Boost Tax Planning with the 2025 Phaseouts Desktop Reference
Understanding phaseouts helps you create tax planning strategies that are more efficient, as they provide crucial information on the income limits for various tax benefits based on your filing status. With this knowledge, you can make informed decisions on how to allocate your income and investments to minimize your tax liability and maximize your after-tax benefits.
Beat the Taxman: Use the Tax Code–Created QCD to Kill Your RMD
If you’re paying taxes on required minimum distributions (RMDs) from your traditional IRAs and you also donate to your church, school, or other qualified 501(c)(3) charities, the tax code offers a tax-advantaged solution: qualified charitable distributions (QCDs). This approach allows you to direct your IRA funds to charitable organizations while satisfying your RMD requirements and reducing your tax burden.
Avoiding the NIIT on a Rental Property Sale
Here’s the question: How do I avoid the net investment income tax (NIIT) on the sale of a rental property for a $1 million profit? I owned the property for 10 years and was the only person who worked on the property.
CTA BOI Reporting Is Over Except for Foreign Companies
The U.S. Treasury will not require U.S. corporations, limited liability companies, or other U.S. business entities to comply with the Corporate Transparency Act (CTA). This means you as a U.S. citizen and your U.S.-formed reporting companies will not have to file beneficial ownership reports with the Department of the Treasury Financial Crimes Enforcement Network (FinCEN). Foreign companies are still subject to the filing requirement.
March 2025
Regulatory Alert: FinCEN Delays March 21, 2025, BOI Deadline
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.
Deducting Disaster Losses for Individuals: Navigating the Rules
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.
Download Now: Your Must-Have 2025 Tax Resource Guide
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.
IRS Incorrectly Disallows $120,000 Tesla Model X Tax Write-Off
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.
The Best Sole Proprietorship Retirement Plans to Reduce Your 2024 Tax Bill
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).
The Right Way to Ask Your C or S Corporation for Travel Reimbursements
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.
It’s Tax Filing Season Again—Avoid the Post Office
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.
Wildfires, Floods, Hurricanes: How the IRS Has Your Back
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.
Best Retirement Plan Options for a Solo-Owned C or S Corporation
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.
Download Your 2025 Small Business Tax Calendar Now
Don’t miss critical tax deadlines. Download the 2025 Federal Tax Calendar for Small Business and Self-Employed professionals.
February 2025
Almost the Last Chance to Claim the 2021 Employee Retention Credit!
Don’t miss out today on claiming up to $21,000 per employee with the 2021 Employee Retention Credit. The window to make your claim is closing fast! Learn how your business can qualify and secure this substantial tax credit before it’s too late.
Beware of UBIT Lurking in Your IRA—It Causes Double Taxes
Ordinarily, the income generated by the assets in an IRA accrues tax-free. But IRAs must pay a special unrelated business income tax when they earn profits from investments in active pass-through businesses or when they use debt financing to purchase real estate or other assets.
2025 Federal Tax Penalties—Download This Desktop Reference Now
Are you aware of the latest tax-related changes for 2025? Tax penalties can cost you thousands if you’re not prepared. Discover the penalties to which you are exposed because you are a taxpayer.
Heavy Vehicle + Deductible Home Office = Major Tax Savings
As a small-business taxpayer, you likely have control of your business. With control, you can do much to increase your tax benefits with a qualifying heavy vehicle and a certain type of office in your home. So if you’re looking for some major tax savings, you will find a path to them in this article.
How to Correctly Pay Yourself and Take Cash from Your Business
Discover the best way to pay yourself from your business based on your entity type. Learn the key differences between FICA and self-employment taxes, and avoid common payroll mistakes for sole proprietors, LLCs, partnerships, and S corporations.
Triple Tax Advantages: Reimburse Employee-Spouse for Health Insurance
If you are self-employed or a single-member LLC taxed as a proprietorship and your spouse is your only eligible employee, you are in a unique position to deduct your health insurance costs. While there are many ways to get that coverage, one way—a properly established proprietorship reimbursement arrangement—can lead to three (possibly four) significant tax advantages for the business owner and spouse.
Desktop Reference—2025 Retirement Plans for You, the Owner
Are you maximizing your retirement savings? With our “Retirement Plans – 2025” desktop reference, you’ll have everything you need—clear contribution limits, tailored strategies for business owners, and updates from the SECURE Act 2.0—to make smarter savings decisions and better secure your future.
Don’t Cheat Yourself: Get Partner-Paid Expenses Right
If you are a partner in a partnership or a member of a multimember LLC taxed as a partnership and you personally pay for business expenses, you generally cannot deduct those expenses on your personal tax return. But you may deduct them if your LLC or partnership has a clear policy—either written or established as an unwritten practice—stating that although these may be legitimate partnership or LLC expenses, it will not reimburse you for them.
Avoid Losing Tax Deductions When You Start a Business
Starting a business is exciting, but knowing the rules about when it officially begins is critical for taxes. A recent case highlights how not knowing the rules can lead to your saying goodbye to tax deductions.