What's New/Resources - Caras Shulman

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.

How Renting Out Your Vacation Home Affects Your Taxes

by Caras & Shulman | Jul 20, 2026 | Featured Articles

When you’re not using your vacation home, renting it out can generate extra income. But it can also affect your taxes, depending on how often you rent and use the property personally.

Simple Retirement Solutions for Small Business Owners

by Caras & Shulman | Jul 13, 2026 | Featured Articles

Offering employees retirement options can be an effective way for small business owners to attract and retain talent. If you’re concerned about cost and administrative complexity, you’re not alone. Fortunately, several options are available, including a Simplified Employee Pension (SEP) plan.

Tax Tips for July 2026

by Caras & Shulman | Jul 1, 2026 | Tax Tips

Click on the links below to jump to each section in this article: Backup Withholding: What Businesses Should Know Can You Deduct Elder Care Costs? IRS Eases Partnership Sale Reporting Rules Backup Withholding: What Businesses Should Know In most cases, you aren’t required to withhold taxes from payments to independent contractors. However, there are situations in which the “backup withholding” rules apply. Backup withholding is most commonly required when a contractor fails to provide a correct Social Security number or Employer Identification Number, or doesn’t properly complete Form W-9, “Request for Taxpayer Identification Number and Certification.” When required, you must withhold 24% from payments to the contractor and remit those funds to the IRS using Form 945, “Annual...

How an Educational Assistance Program Can Strengthen Your Company’s Benefits Package

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

If your business is like many today, you’re seeking more ways to attract and retain talent. One option is to offer tax-advantaged educational assistance under Internal Revenue Code Section 127. Recent legislative changes have expanded the value of this benefit.

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What’s New / Resources

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

How Renting Out Your Vacation Home Affects Your Taxes

Simple Retirement Solutions for Small Business Owners

Tax Tips for July 2026

How an Educational Assistance Program Can Strengthen Your Company’s Benefits Package

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