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When tax season rolls around, the word “extension” can cause confusion — and sometimes, a false sense of relief. Many taxpayers hear “I’m on an extension” and think that means they have extra time to pay their taxes, but that’s not quite right. Let’s break down what an IRS extension really means, why your CPA might file one, and what you should know about interest, penalties, and deadlines. What Is an IRS Extension? An IRS tax extension gives you extra time to file your tax

What is considered a business asset for income tax purposes? For tax purposes, a business asset is generally property, plant, or equipment used in the normal course of business that has a useful life of more than one year. Assets can be tangible (such as machinery, computers, furniture, and vehicles) or intangible/digital (such as certain software or licenses). Under IRC Section 263(a), the IRS requires businesses to capitalize the costs of acquiring, producing, or improving

When you’ve been using deductions for business meals, snacks, office lunches or employer-provided food, new law changes under the One Big Beautiful Bill Act (OBBBA) mean you’ll want to pay extra attention. The rules around meal and entertainment deductions are shifting — and for many businesses, the consequences will matter. What’s Changing Under OBBBA Currently, many business meals and food/beverage expenses are 50% deductible , provided certain IRS rules are met. Under the

As the year winds down, preparation for the new overtime reporting rules newly applies to employers. Employers are required to report to employees any “qualified overtime” amounts paid so that the employees may take the new deduction on their personal tax returns this year. The amount may be reported either in Box 14 of the W-2 or in a simple statement from the employer. Employees will be looking for that information to file their return and it should be provided to them by J

Handing out a bonus is one of the best ways to recognize your team’s hard work. Whether it’s a holiday thank-you, a performance reward, or a surprise incentive, employees love to know their efforts are valued. But here’s the part many business owners don’t realize: a bonus isn’t just a gift — it’s taxable income. That means every bonus must go through your payroll system, just like a regular paycheck. Why Bonuses Must Go Through Payroll: Tax compliance: The IRS and state agen

If you missed it, a major tax bill was enacted on July 4, 2025, officially titled “The One Big Beautiful Bill Act” (or BBB for short). At...

If so, you may be eligible to deduct your health insurance premiums as a business expense — but S-Corp shareholders have to follow...

As year-end approaches, many businesses are preparing 1099 forms for contractors and vendors. But what happens if a vendor’s taxpayer...

September often sneaks up on small business owners. With summer winding down, many forget that Q4 planning starts now and not in...