Business Tax Articles

As 2025 winds down, now is the time to review your business expenses and lock in potential tax savings. This article breaks down what’s still deductible under the latest tax laws, including updates from the One Big Beautiful Bill (OBBB) and the TCJA, and offers practical tips to help you plan ahead for 2026.

QIP offers businesses a way to accelerate deductions on nonresidential building improvements through bonus depreciation and Section 179 expensing. Recent legislation under the OBBB permanently reinstates 100% bonus depreciation for qualifying assets placed in service after January 19, 2025, while also increasing Section 179 limits. Strategic planning is essential to balance immediate tax benefits against potential future implications like depreciation recapture and excess business loss rules.

The OBBBA creates new Code Section 174A, which allows taxpayers to fully deduct domestic research costs in the year paid or incurred (the 174A deduction method), effective for tax years beginning after December 31, 2024. Taxpayers also have the option of electing to capitalize domestic research costs and amortize the amounts beginning with the month in which the taxpayer first realizes benefits from the expenses, with a 60-month minimum (the 174A amortization method). 

The IRS has released the 2025–2026  per diem rates for business travel, effective October 1, 2025. These rates simplify expense reimbursements by providing fixed daily amounts for lodging, meals, and incidentals based on whether the destination is a high-cost or low-cost area. Switching to the per diem method can save time, reduce paperwork, and ensure compliance for your business.

Thinking about guaranteeing a loan for your closely held corporation? Learn the tax implications, including business vs. nonbusiness bad debt deductions, and how to minimize risk. 

OBBB panel discussion held on September 25, 2025, with experts from Lumsden McCormick and Bond, Schoeneck & King.

Businesses that accept large cash payments have strict IRS reporting obligations. Transactions over $10,000 must be reported using Form 8300, and failure to comply can lead to steep penalties. Understanding what counts as cash, electronic filing rules, and proper recordkeeping is essential to stay compliant and avoid costly mistakes.

With the passing of the One Big Beautiful Bill Act (OBBB), a number of the tax incentives created or strengthened by the Inflation Reduction Act (IRA) of 2022 have been repealed. Learn about the credits that will be expiring early under the new tax legislation and consider taking advantage of them before the window to do so closes.

The One Big Beautiful Bill makes the Section 199A qualified business income (QBI) deduction permanent and expands income phase-in ranges starting in 2026, allowing many service-oriented businesses to claim larger deductions. It also introduces a minimum QBI deduction for eligible taxpayers and adjusts thresholds for inflation. Strategic planning, such as managing taxable income and increasing W-2 wages, can help maximize these benefits.

Owning a business with your spouse can be rewarding, but it also brings unique tax challenges that can impact your bottom line. From self-employment tax surprises to IRS partnership rules, understanding your options like electing joint venture status, forming an S corporation, or restructuring roles can help you minimize taxes and simplify compliance.