The Great Subscription Creep: How Software Costs Are Quietly Eating Your Budget
Quick question: How many software subscriptions does your business pay for right now? If you answered with confidence, you're in the minority. If you said "I think around 10 or 15?" you're probably closer to reality—but still low. The average small business now pays for over 15 different software subscriptions, and here's the uncomfortable truth: you're likely wasting 30% of that budget on seats nobody's [...]
When Medical Expenses are — and aren’t — Tax Deductible
If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make it hard to claim the medical expense deduction. At the same time, more types of expenses may be eligible than you might expect. Limits on the deduction Medical expenses are deductible only if they weren’t reimbursable [...]
Increase Your Current Business Deductions Under Tangible Property Safe Harbors
Did your business make repairs to tangible property, such as buildings, equipment or vehicles, in 2025? Such costs may be fully deductible on your 2025 income tax return — if they weren’t actually for “improvements” that must be depreciated over a period of years. Betterment, restoration or adaptation In general, a cost that results in an improvement to a building structure or any of its [...]
Before Claiming a Charitable Deduction for 2025, Make Sure You Can Substantiate It
If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in accordance with IRS requirements. Exactly what’s required depends on various factors. In some cases, you must have a written acknowledgment from the charity. Substantiating cash donations If you made a cash gift of under $250, documentation such [...]
Some Small Businesses Can Still Benefit from the Health Care Coverage Credit
Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only the amount of income subject to tax. One tax credit that hasn’t been getting much attention lately but that can still be valuable for some small businesses is the credit for providing health insurance to employees. Who’s eligible? Under the Affordable Care Act (ACA), certain small [...]
Construction Tax Planning Starts with Your Accounting Method
Construction company owners operate in one of the most complex business environments of any industry. Long-term contracts, retainage, fluctuating job costs, labor constraints, and uneven cash flow all affect how a company is managed day to day and how income must be reported for tax purposes—often in ways that feel disconnected from the cash actually available to run the business. Choosing the right accounting method [...]