If your business is planning improvements to a building before year end, careful planning may allow you to maximize your 2026 tax deduction.
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New Law Expands Disaster Tax Relief
The Doug LaMalfa Federal Disaster Tax Relief Certainty Act was signed into law in September. It extends expanded personal deductions for disaster-related losses temporarily available under the Federal Disaster Tax Relief Act.
Continue readingCharitable Givers Get a New Tax Break
Beginning in 2026, taxpayers who take the standard deduction may deduct up to $1,000 of qualifying charitable contributions, or up to $2,000 for married couples filing jointly.
Continue readingWhen LTC Premiums Provide a Tax Break
Are long-term care (LTC) insurance premiums tax-deductible? It depends. Qualified LTC policies are considered health insurance under federal income tax rules.
Continue readingCould Bad Debts Lower Your 2026 Taxes?
When customers or others don’t pay what they owe your business, you may be able to claim a bad debt deduction to help offset the financial loss. But it isn’t automatic. Businesses must satisfy specific federal tax rules and maintain adequate records to support the deduction.
Continue readingHow Hiring Your Child This Summer Can Reduce Taxes
The wages you pay your child are generally deductible as a business expense. For your child’s income tax purposes, wages received will be at least partially protected from federal income tax by his or her standard deduction.
Continue readingPlan Carefully to Minimize Taxes on Your Inheritance
Getting a large inheritance can create new financial opportunities. But it’s important to handle inherited assets carefully, especially when it comes to taxes and planning.
Continue readingAre College Scholarships Really Tax-Free?
Generally, scholarships received by degree candidates are tax-free to the extent they’re used for qualified tuition and related expenses.
Continue reading2026 Business Mileage Rate Gets a Boost
Are you a business owner or self-employed? Do you drive for business purposes? If so, you’ll be happy to know that the IRS’s standard mileage rate for business driving in 2026 is 72.5 cents per mile (up from 70 cents in 2025). Meanwhile, medical and moving mileage rates are 20.5 cents per mile, while the charitable rate is 14 cents.
You can choose to deduct eligible vehicle expenses based on business use under the actual expense method or by applying the standard mileage rate, which simplifies recordkeeping. Bear in mind, however, that the IRS requires documentation in either case. Contact the office for help determining which approach delivers the greater tax benefit for your situation.
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Tax Breaks for Medical Expenses
Depending on your situation, you may be able to claim certain medical expenses as deductions on your tax return.
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