Taxes & Tax Prep

If you expect to owe substantial Virginia income tax, buying Virginia Land Preservation Tax Credits can reduce that liability at a discount. The opportunity is legitimate, but it is not a simple “buy a credit and save money” transaction. Annual use limits, transfer timing, carryforward rules, appraisal risk, federal tax treatment, and the seller’s documentation […]

If you sell products, one of the easiest ways to get surprised at tax time is through inventory. We see this often: a business owner spends heavily on inventory, looks at the bank balance, and assumes taxable income must be low. Then the tax return tells a different story. The problem is simple but important: […]

We love animals. Most pet owners do. And if you have ever paid for food, vet visits, grooming, medicine, boarding, or an emergency surgery, you have probably had the same thought at least once: surely some of this should be tax deductible. Usually, it is not. That is the plain tax answer. Most pet expenses […]

If you earn a high income in Virginia, it is easy to assume your state tax return is simple: top rate is 5.75%, file the forms, move on. That assumption is where people get blindsided. Virginia looks straightforward on the surface, but high earners run into a series of rules that quietly change the real […]

Virginia’s R&D tax credits have expired. For taxable years beginning on or after January 1, 2025, Virginia businesses generally can no longer earn the state Research and Development Expenses Tax Credit or the Major Research and Development Expenses Tax Credit. (Virginia Code §58.1-439.12:08; Virginia Code §58.1-439.12:11) That does not make the issue irrelevant. Businesses may still […]

If you earn strong W-2 income, you’ve probably heard the frustrating rule: rental losses usually can’t offset your salary. For most long-term rentals, that’s true. Short-term rentals are different. Under the right structure, a short-term rental can produce large first-year paper losses that may offset W-2 income or other non-passive income without needing real estate […]

Q: What tax deductions do most small businesses miss? A: Nearly every “ordinary & necessary” expense – advertising, software, contract labor, insurance, rent, supplies – can be deducted. The main traps are gifts over $25, entertainment, nondeductible personal-benefit costs (clothing, childcare) and assets that must be depreciated instead of expensed. TL;DR (quick cheat-sheet) Always deductible […]

If you are eyeing a G-Wagon and telling yourself it is a business deduction, you are not alone. Social media has turned Section 179 into a luxury-SUV sales pitch. The problem is that a lot of the advice floating around is incomplete, outdated, or missing the IRS rules that actually matter. (irs.gov) A G-Wagon can […]

If you are hearing that “100% bonus depreciation is back” and wondering what that means for your 2026 tax bill, the basic answer is that many businesses can once again deduct the full cost of qualifying property in the first year. But the part that trips people up is timing. This is not just a […]

If you’ve ever been hit with an IRS underpayment penalty, you already know how annoying it is. It is one of the most avoidable penalties in the tax code, yet people get tagged with it every year because they misunderstand one basic point: the U.S. tax system is pay-as-you-go. The IRS does not just care […]

If you’re selling investments at a loss and buying them back too quickly, you can accidentally trigger one of the IRS’s most misunderstood rules: the wash sale rule. The stakes are real. A single mistimed trade can wipe out a legitimate tax deduction, push that loss into the future, and create reporting issues that are […]

If you invest in real estate and feel trapped by taxes, you’re not imagining it. Most investors are boxed into passive loss limits, forced to carry forward deductions for years, and often exposed to the 3.8% Net Investment Income Tax (NIIT) on top of everything else. Real Estate Professional Status (REPS) is one of the […]