If you are considering purchasing a business vehicle, you may be eligible for significant tax deductions, especially when combined with a qualifying home office. Here’s how: Heavy Vehicle Deductions In 2025, businesses can take advantage of: Section 179 expensing – Deduct up to $1,250,000 of qualifying business equipment, including heavy vehicles. SUVs are subject to… Read More

A common question among business owners is how to pay themselves from their businesses properly. The correct method depends on your business structure, so I wanted to give you this quick guide to help you navigate this issue. Sole Proprietors and Single-Member LLCs You cannot be on payroll. Instead, you take owner’s draws as needed.… Read More

You’re probably aware that when you sell your home, you may exclude up to $250,000 of your gain from tax if you’re unmarried (or married, filing separately) and $500,000 if you are married and file jointly. To claim the whole exclusion, you must have owned and lived in your home as your principal residence for… Read More

Do you own a traditional IRA, Roth IRA, SEP-IRA, or SIMPLE IRA? Usually, the income earned within these accounts is tax-free. This applies to common investments such as stocks, bonds, mutual funds, ETFs, CDs, and Treasury Bills. But if your IRA makes alternative investments, it may be subject to a special tax called the unrelated… Read More

Starting a new business is an exciting endeavor, but it also comes with complex tax considerations. A recent Tax Court case involving petitioners Kwaku Eason and Ashley L. Leisner highlights the importance of understanding when a business officially “starts” and the implications for deducting expenses. Case Summary Eason and Leisner decided to transition into real… Read More