News & Insights

Deferring Taxes on Advance Payments

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An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally advance payments must be reported as taxable […]

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Some Small Businesses Can Still Benefit from the Health Care Coverage Credit

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Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only the amount of income subject to tax. One tax credit that […]

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Before Claiming a Charitable Deduction for 2025, Make Sure You Can Substantiate it

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If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in […]

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IRS Issues Interim Guidance on 100% Depreciation for Qualified Production Property

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The IRS and Treasury Department have released interim guidance, in Notices 2026-11 and 2026-16, which clarify how businesses can apply the new 100% depreciation provisions under the One Big Beautiful […]

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Increase Your Current Business Deductions Under Tangible Property Safe Harbors

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Did your business make repairs to tangible property, such as buildings, equipment or vehicles, in 2025? Such costs may be fully deductible on your 2025 income tax return — if […]

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