Tag: Business Tax

When a business receives advance payment, they are paid before they provide whatever is being paid for. Advanced payments generally must be reported as taxable income in the year they

The 2025 filing deadlines for tax returns and extensions are fast approaching. And while most tax planning moves need to be completed by December 31, there are some decisions that

Tax liability can be reduced dollar-for-dollar by tax credits. This makes them more valuable than deductions as deductions reduce only the amount of income subject to tax. Providing health insurance

If your business made repairs to tangible property such as buildings, equipment, or vehicles in 2025, you may be eligible to take them as tax deductions. As long as the

Before you file your 2025 tax return, consider setting up a tax-advantaged retirement plan if you own a business or are self-employed and haven’t already done so. You could potentially

Key Takeaways Effective December 24, 2025, the USPS now defines the postmark date as the date of first automated processing, not the mail drop-off date. Tax filings and payments must

Every year by January 31, businesses must provide certain information to workers and submit it to the federal government. This year, however, January 31 falls on a Saturday, so the

Partnerships, limited liability companies (LLCs) treated as partnerships for tax purposes, or S corporations are considered “pass-through” entities in tax lingo. This is because their taxable income items, tax deductions,

Now is a good time for businesses to begin gathering information about their tax deductible business expenses for 2025, with the year now in the rear view mirror and the

Ringing in the new year also means ringing in new 2026 tax figures for businesses. Review and take note of these changes for 2026 and be aware of exceptions or