Retirement Contributions for 2026: Plan Now, Avoid a Year-End Scramble As year-end approaches, retirement contributions deserve a place on your tax-planning checklist. Whether you contribute through an employer’s 401(k), fund an IRA, or maintain a retirement plan for your business, reviewing your options now can help you avoid missed deadlines and identify potential tax savings.
Philadelphia’s Proposed BIRT Exemption: Small-Business Relief With Two Big Questions Philadelphia’s small businesses need meaningful tax relief. But a proposal to exempt sole proprietors and single-member LLCs from the Business Income and Receipts Tax, commonly known as BIRT, raises two important questions: Would the exemption withstand a PA constitutional challenge? And could it create tax-saving
Social-media influencing can be a legitimate business. Income may come from brand partnerships, affiliate links, platform payments, merchandise sales, appearances, subscriptions, consulting, or advertising revenue. But having followers—or simply posting photos and videos—does not automatically turn personal spending into deductible business spending. The tax authorities might consider it as a hobby and disallow those related
If your business has outgrown the “scrappy startup” phase and is now firmly in the 7‑ and 8‑figure revenue range, your tax bill is probably growing faster than your confidence that it’s truly optimized. Many successful owners overpay the IRS not because they’re careless, but because their tax planning never evolved as the business did.
The IRS in their COVID Tax Tip 2021-89 communication reminds us that "The first step of good tax planning is good recordkeeping." We always recommend to 1) use checks, credit cards and debit cards for your expenses, so there is no need of keeping all the bills and invoices, 2) do not commingle - separate
