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Tax Tips for November 2026

Tax Tips for November 2026

by | Nov 2, 2026 | ,

Click on the links below to jump to each section in this article: Review Your Health Care FSA Before Year End IRS Updates Travel Per Diem Rates COVID-Era Tax Penalty Relief Denied?   Review Your Health Care FSA Before Year End If you have an employer-sponsored Flexible Spending Account (FSA), now is a good time to check your balance. FSAs allow you to pay eligible health care expenses with pretax dollars, but they’re generally subject to a “use-it-or-lose-it” rule. For 2026, the plan may allow you to carry over up to $680 of unused funds to 2027. Alternatively, it may provide a grace period of up to 2½ months after the year ends to incur eligible expenses. For a 2026 calendar-year plan that has a grace period, that period ends March 15, 2027. A plan can’t offer both a carryover and...

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Tax-Smart Building Improvements

Tax-Smart Building Improvements

by | Oct 26, 2026 |

If your business is planning improvements to a building before year end, careful planning may allow you to maximize your 2026 tax deduction. A special safe harbor can allow qualifying small businesses to deduct such expenditures currently — but only if expenses don’t exceed the applicable limit.

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Could You Owe the NIIT?

Could You Owe the NIIT?

by | Oct 19, 2026 |

Selling a highly appreciated investment late in the year could trigger an additional tax cost: the 3.8% net investment income tax (NIIT). If you’re considering a significant transaction before January 1, first estimate the potential tax impact and evaluate planning opportunities.

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Get Ahead of Taxable Benefits

Get Ahead of Taxable Benefits

by | Oct 12, 2026 |

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. Identifying taxable benefits before the final payroll runs of 2026 can help prevent reporting errors, payroll tax problems and unexpected Form W-2 adjustments.

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Tax Tips for November 2026

Tax Tips for October 2026

by | Oct 5, 2026 |

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...

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Tax Tips for November 2026

Tax Tips for September 2026

by | Sep 3, 2026 |

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...

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