tax planning Archives | Wheeler Accountants, LLP

Maximize Tax-Free Gifts of Ownership Interests in Your Business

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Business owners may be able to transfer wealth more tax efficiently by gifting ownership interests to family members. For 2026, the gift tax annual exclusion is $19,000 per recipient.

Get Ahead of Taxable Benefits

As year end approaches, businesses have plenty of tax and payroll tasks competing for attention. One easy-to-overlook area is employee and owner benefits.

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New Law Expands Disaster Tax Relief

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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.

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Charitable 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.

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Could You Owe the NIIT?

Selling a highly appreciated investment late in the year could trigger an additional tax cost: the 3.8% net investment income tax (NIIT).

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When 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.

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Ready Your Books for Tax Season

One of the most common bookkeeping mistakes business owners make is mixing business and personal finances. Addressing this issue before year end can simplify tax preparation, improve the accuracy of your financial records and help reduce the risk of IRS questions.

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Could Accessibility Upgrades Lower Your Tax Bill?

Improving accessibility at your business may come with a valuable tax break: Eligible small businesses can claim the Disabled Access Credit for certain costs related to improving accessibility for individuals with disabilities.

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Could 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.

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Make the Most of Your HSA Tax Benefits

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If you’re eligible to contribute to a Health Savings Account (HSA), consider taking a closer look at your contribution strategy. You may be able to reduce your 2026 taxes while strengthening your long-term financial security. Although many people use HSAs to pay current medical expenses, they can also help fund retirement.

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