ARTICLES

New tax updates offer significant opportunities for small businesses to reduce taxable income and boost cash flow in 2025 and future years. If you plan to acquire new equipment, vehicles, or property improvements, now is the time to review your depreciation strategy.

Learn how the Qualified Business Income (QBI) deduction can lower your tax bill and which strategies help business owners maximize this valuable benefit.

High self-employment taxes can take a big bite out of your small business income. Converting to an S corporation may help reduce those taxes and boost your take-home pay. Learn how the structure works, what to consider before switching, and whether it’s the right move for your business.

There are updates to the IRS reporting rules -- raising the 1099 threshold from $600 to $2,000 starting in 2026. This change reduces paperwork, lowers compliance burdens, and provides relief for small businesses while maintaining accurate income reporting requirements.

Discover how the OBBBA impacts small businesses with new tax breaks, expensing rules, R&D deductions, and phase-outs of energy incentives.

Claiming business deductions? The IRS is watching closely. A recent Tax Court case shows how poor documentation can lead to denied write-offs for meals, supplies, home office use, and more. Read further to learn what went wrong and how to protect your deductions with the right records and practices.

Working a side gig? Learn how to manage taxes as an independent contractor — from tracking income and expenses to understanding self-employment tax and deductions.