FAQs about the research credit
Companies that engage in research and development activities may qualify for a federal tax credit for some of those expenses. The credit is complicated to calculate, and not all research activities are eligible — but the tax savings can be significant. Here are answers to questions you might have about this potentially lucrative tax break….
What you need to know about filing an extension — and minimizing penalties
If you don’t have everything ready to complete your 2025 federal individual income tax return by the April 15 deadline, you can request an automatic extension. Filing Form 4868, “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return,” by April 15 can give you breathing room to file accurately and protect…
Debt vs. equity: Classification counts when shareholders put money into their corporations
If you operate your business as a C corporation, how you put money into your company — and how you take it back out — can have a major impact on your tax bill. Payments from shareholders to fund the business can either be classified as capital contributions (equity) or shareholder loans (debt). That might sound…
Are you eligible for mileage deductions?
Whether you’re filing your 2025 individual income tax return or planning for 2026, it’s important to know if you can deduct vehicle-related expenses. A change that was made permanent by last year’s One Big Beautiful Bill Act (OBBBA) limits who can claim a deduction for business mileage. But you might still be eligible, and deductions…
Should your business consider a fiscal year end?
Most businesses close their books for tax and accounting purposes on December 31 because it aligns with the calendar year. But a calendar year isn’t always the best option. For some companies, choosing a fiscal year end that better reflects their business cycle can improve financial reporting and simplify year-end procedures and tax filing. Here’s…
Don’t miss your opportunity to make a 2025 IRA contribution — whether you can deduct it or not
Generally, each year you can contribute up to the annual limit to a traditional or Roth IRA (or a combination of the two). But once the contribution deadline has passed, the opportunity to contribute for that year is lost forever. The deadline for 2025 IRA contributions is April 15, 2026. You may be eligible to…
Business deductions for four-legged coworkers
Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: In…
It’s your last chance to claim these clean energy tax breaks
Last year’s One Big Beautiful Bill Act (OBBBA) terminated several clean energy tax incentives earlier than previously scheduled. But if you bought an electric vehicle or made certain green home improvements last year, you might be eligible for a tax credit on your 2025 individual income tax return. Remember, tax credits reduce your tax liability…
Options for forfeited employee FSA balances
Many businesses offer health care and dependent care flexible spending accounts (FSAs) as part of their employee benefits package. These plans provide valuable tax savings to employees and payroll tax savings to employers. If your company operates a calendar-year FSA with a 2½-month grace period, employees have until March 15 to incur eligible expenses for their…
April 15 is the deadline for more than just your income tax return
You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline? If you don’t, you could miss out on valuable tax-saving opportunities or become subject to interest and even penalties. Making 2025 contributions to an IRA It may be 2026, but you can still…
