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…
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…
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…
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…
If you are shopping for an SUV in 2026 because you have heard you can “write off the whole thing,” the first thing to know is that the rule is…
If you’ve heard “hire your kids and it’s all tax-free,” you’ve heard the version that gets people in trouble. The real version is simpler and more boring: you can deduct wages…
The Augusta Rule (IRC §280A(g)) is one of the most powerful – and most misunderstood – tax strategies available to S-Corp and LLC owners. When used correctly, you can rent…
Originally published September 23, 2013: Okay, maybe it’s not a tax deadline in the strictest sense of the word, although there are some important cut-off dates coming up as early as October 1…