Tax Articles

There’s much to consider before deciding whether to use the actual expense method or cents-per-mile method to deduct expenses for a vehicle your business placed in service in 2025.

Many people are surprised to learn that they can be required to file a federal gift tax return even when no gift tax is owed. Here are the rules.

Naming a trusted family member as executor may be a natural choice, but it may not be the best one. Here’s why naming a professional advisor as a co-executor is often a better option.

If your business uses the accrual method of accounting and received advance payments in 2025, you may be able to defer reporting some or all of that income until 2026 for federal tax purposes.

Claiming the maximum depreciation deductions you can on your 2025 income tax return will generally provide the greatest 2025 tax savings. But sometimes it may be better to depreciate business assets over a period of years.

Gift-splitting can be a valuable estate planning tool, allowing spouses to maximize the amount of wealth they can transfer tax-free. 

A Crummey trust provides a key tax benefit of an outright gift without some of the downsides. Gifts to the trust qualify for the gift tax annual exclusion, but unlike with an outright gift, you still determine, through the trust terms, how the assets will be managed and when they’ll ultimately be distributed to beneficiaries. Does a Crummey trust align with your broader financial and estate plan goals? 

Under the "Delivering for America" plan, the USPS has clarified that postmarks added to mail do not reflect a mailing date, they reflect a processing date. This has implications for the way time-sensitive mail, including tax return and tax payments, is received by federal agencies.

Starting in 2026, the One Big Beautiful Bill Act (OBBBA) introduces major changes to employer reporting requirements, including new W-2 codes for qualified tips and overtime income and contributions to Trump accounts. The law also raises the 1099 reporting threshold from $600 to $2,000, easing compliance for businesses. Employers should prepare now for updated forms and processes to ensure accurate reporting and employee eligibility for deductions.

The One Big Beautiful Bill Act (OBBBA) significantly expands business interest expense deductions starting in 2025. It allows a more generous calculation of adjusted taxable income (ATI) by excluding depreciation, amortization, and depletion, and broadens floor plan financing to include trailers and campers. These changes mean larger deductions for many businesses, though complex rules and exceptions still apply.