What's New/Resources - Caras Shulman

Tax Tips for October 2026

by Caras & Shulman | Oct 5, 2026 | Featured Articles

Click on the links below to jump to each section in this article: Charitable Givers Get a New Tax Break New Law Expands Disaster Tax Relief Maximize Tax-Free Gifts of Ownership Interests in Your Business 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. Only cash contributions qualify, such as gifts made by check, debit or credit card, payment app or payroll deduction. Contributions of property, such as clothing, household items or securities, don’t qualify. If you expect to claim the standard deduction, you may want to make qualifying charitable gifts before December 31. Doing so could reduce your taxable income while...

Make the Most of Your HSA Tax Benefits

by Caras & Shulman | Sep 23, 2026 | Featured Articles

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.

4 Tax-Smart Investment Moves Before Year End

by Caras & Shulman | Sep 16, 2026 | Featured Articles

As the end of 2026 approaches, look beyond investment performance and consider how taxes may affect your overall returns. Although tax considerations generally shouldn’t drive investment decisions, a year-end portfolio review may identify opportunities to reduce your taxes. Here are four to consider.

Could Bad Debts Lower Your 2026 Taxes?

by Caras & Shulman | Sep 9, 2026 | Featured Articles

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.

Tax Tips for September 2026

by Caras & Shulman | Sep 3, 2026 | Tax Tips

Click on the links below to jump to each section in this article: Ready Your Books for Tax Season Could Accessibility Upgrades Lower Your Tax Bill? Lending to Family or Friends? Know the Tax Rules 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. Business expenses generally must be “ordinary and necessary” to qualify for a tax deduction. If personal purchases are recorded as business expenses, you could overstate deductions. On the other hand, if legitimate business expenses are paid with personal funds but never recorded, you could miss...

Plan Now for Deferring Tax on Advance Payments

by Caras & Shulman | Aug 24, 2026 | Featured Articles

With year-end fast approaching, now is a good time to review strategies that could affect your business’s 2026 tax liability. One area that may deserve attention is the tax treatment of advance payments. Some accrual-basis businesses may be able to defer recognizing a portion of that income.

Choosing the Right Business Funding Solution

by Caras & Shulman | Aug 17, 2026 | Featured Articles

Access to capital helps small businesses succeed and grow. Whether you need to cover cash flow gaps, fund expansion plans or invest in long-term assets, it’s important to understand all your financing options. This will help you make informed decisions and select funding that aligns with your goals.

A New Type of Tax-Advantaged Account for Children

by Caras & Shulman | Aug 10, 2026 | Featured Articles

Families looking for another way to save for a child’s future may want to consider Section 530A accounts. Created by the 2025 tax legislation commonly referred to as the One Big Beautiful Bill Act, these tax-advantaged savings accounts, also known as Trump Accounts, are designed to help children build long-term assets. The ability to contribute became available on July 4, 2026. And some children may be eligible for a $1,000 government-funded deposit.

Tax Tips for August 2026

by Caras & Shulman | Aug 4, 2026 | Tax Tips

Click on the links below to jump to each section in this article: Single? You Still Need an Estate Plan Higher IRS Mileage Rates Take Effect Lending to Family or Friends? Know the Tax Rules Single? You Still Need an Estate Plan If you’re single with no children, an estate plan can help ensure your wishes will be carried out and important decisions remain in trusted hands. Without a will, state intestacy laws generally determine who inherits assets. While beneficiary designations may control certain accounts, assets without beneficiary designations or joint ownership typically pass according to state law. For singles with no children, state law may call for assets to be distributed to relatives such as parents, siblings, aunts and uncles, or cousins. If no relatives can be located,...

Revisit Your Emergency Fund Goals

by Caras & Shulman | Jul 27, 2026 | Featured Articles

An emergency fund is key to long-term financial security. Over time, changes in expenses, income, family needs and financial priorities can affect how much emergency savings you need. Regularly reviewing your reserves can help ensure they’re sufficient to support your lifestyle and broader financial strategy.

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What’s New / Resources

Tax Tips for October 2026

Make the Most of Your HSA Tax Benefits

4 Tax-Smart Investment Moves Before Year End

Could Bad Debts Lower Your 2026 Taxes?

Tax Tips for September 2026

Plan Now for Deferring Tax on Advance Payments

Choosing the Right Business Funding Solution

A New Type of Tax-Advantaged Account for Children

Tax Tips for August 2026

Revisit Your Emergency Fund Goals

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