Selling investment or commercial real estate can result in a substantial tax bill if the property has appreciated significantly. One strategy to help ease your tax burden is an installment sale.
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.
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.
Notices from the IRS are more common than you may realize. Each year, the IRS mails millions of letters to clarify information, confirm changes or request additional documentation. Receiving a notice may seem intimidating, but most notices can be addressed quickly with the right information and guidance.
If you buy, sell or trade digital assets, such as cryptocurrency or certain nonfungible tokens (NFTs), new reporting requirements will likely affect how your transactions are reported to and reviewed by the IRS. While these rules don’t change how digital assets are taxed, they significantly impact information reporting, increasing transparency and scrutiny.
If your business conducts research or product development, a significant tax law change could unlock tax savings. The 2025 tax legislation, commonly known as the One Big Beautiful Bill Act (OBBBA), reinstated the ability to immediately deduct domestic research and experimental (R&E) expenses.
Beginning in 2026, a significant change to retirement plan catch-up contributions takes effect. Part of the 2022 Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, the change affects higher-income taxpayers age 50 and older who contribute to certain types of employer-sponsored retirement plans.
You have until April 15, 2026, the tax filing deadline, to make 2025 contributions to an IRA. If you’re seeking more than the traditional mix of stocks, bonds and mutual funds, a self-directed IRA offers greater autonomy and diversification. But it also introduces added complexity.
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.
Many rental property owners are surprised to learn that federal tax law often restricts their ability to deduct losses, treating most rental activities as passive unless specific requirements are met. But if you can qualify for the real estate professional exception, you may be able to turn otherwise suspended losses into immediate tax savings.
