Posts by Caras & Shulman

Common Growth Mistakes Small Businesses Make

Common Growth Mistakes Small Businesses Make

by | Apr 20, 2026 |

A recent survey found that 45% of small businesses reported growth, but 78% wanted to grow. This January 2026 data from Intuit QuickBooks Small Business Insights suggests that many small businesses are struggling to achieve their expansion goals. Small businesses usually don’t have extra cash, people or time to absorb mistakes. One wrong move can strain cash flow, overwhelm staff or stall momentum. The good news? Many growth missteps are predictable and preventable.

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The IRS Criteria for Distinguishing Hobbies From Businesses

The IRS Criteria for Distinguishing Hobbies From Businesses

by | Apr 13, 2026 |

Turning a favorite pastime into income can be rewarding, but it raises an important tax question: Is the activity a hobby or a business? The answer matters because different tax rules apply to each.
All income must be reported on your tax return, regardless of whether it’s from a hobby or a business. But related expenses (and losses) are deductible only if the activity is a business.

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Tax Tips for March 2026

Tax Tips for March 2026

by | Mar 26, 2026 |

Click on the links below to jump to each section in this article: Don't Let the AMT Catch You Off Guard 2025 IRA Contribution Deadline Is Coming Up Understand the Tax Details When Starting a Business   Don't Let the AMT Catch You Off Guard Are you subject to the alternative minimum tax (AMT)? In general, this tax applies if your “tentative minimum tax” exceeds your regular income tax liability. Significant long-term capital gains and dividend income or recently exercised incentive stock...

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Tax Tips for March 2026

Tax Tips for February 2026

by | Feb 26, 2026 |

Click on the links below to jump to each section in this article: 2026 Tax Law Changes for Businesses Which Parent Gets the Tax Breaks After Divorce? If You're Closing Your Business, Don't Forget These Tax Steps   2026 Tax Law Changes for Businesses Here’s a sampling of some significant tax law changes going into effect this year: Increase of the Section 179 expensing limit to $2.56 million and the phaseout threshold to $4.09 million (up from $2.5 million and $4 million, respectively, for...

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Estate Planning for 2026 and Beyond

Estate Planning for 2026 and Beyond

by | Feb 10, 2026 |

Until recently, much tax uncertainty surrounded estate planning. The Tax Cuts and Jobs Act doubled the federal gift and estate tax exemption to an inflation-adjusted $10 million, but only for 2018 through 2025. Fortunately for those with larger estates, in 2025, legislation was signed into law that increases the exemption to $15 million for 2026, with annual inflation adjustments going forward — and no expiration date. This provides more estate planning certainty, but not complete certainty. Lawmakers could still reduce the exemption in the future.

If your estate is large, transferring assets to loved ones or trusts sooner rather than later may be beneficial. It can lock in tax savings should the exemption be reduced in the future.

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