When Work Clothing Is Deductible

Written by Coach Janelle CPA on January 28, 2026

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Should You Skip Home-Office Depreciation to Dodge Recapture?

Written by Coach Janelle CPA on January 21, 2026

Many taxpayers panic when they hear the term “depreciation recapture” and decide to skip depreciation on a home office to avoid future tax. That strategy usually backfires. The tax law creates unexpected consequences when you claim zero depreciation, and those consequences oft..

IRS Moves Toward All-Electronic Refunds: What You Need to Know

Written by Coach Janelle CPA on January 14, 2026

Your tax refund will no longer arrive by paper check. The IRS recently announced that it will stop issuing refund checks, with limited exceptions, and will require taxpayers to receive refunds electronically...

The Hidden Benefits of Filing a Gift Tax Return

Written by Coach Janelle CPA on January 10, 2026

The givers of gifts (donors), not the recipients (donees), file gift tax returns. If you give money or property, you may be legally required to file a gift tax return with the IRS—even if you owe no gift tax. In fact, most people who file gift tax returns do not pay any gift tax because each individual has a generous lifetime gift tax exemption of $13.99 million (for 2025). Married couples can effectively double this amount by combining their exemptions...

Do Pass-Through Entity Taxes Still Pay Off after One Big Beautiful Bill Act (OBBA)?

Written by Coach Janelle CPA on January 7, 2026

We want to alert you to a tax credit that is set to expire soon. You can claim a federal income tax credit for installing electric vehicle chargers or other alternative-fuel refueling equipment, but the credit disappears for anything you place in service after June 30, 2026...

Only Seven Months Left to Secure Your EV Charger Credit

Written by Coach Janelle CPA on January 3, 2026

Do you own a business organized as a pass-through entity (PTE)—such as a partnership, a limited partnership, an S corporation, or a multimember LLC taxed as a partnership or an S corporation? If so, you face an important tax decision...

Form 1099-DA Is Here—How It Will Impact Your Crypto Taxes

Written by Coach Janelle CPA on December 31, 2025

After four years of work, the IRS has finalized its cryptocurrency regulations, and crypto tax reporting now begins. Starting with the 2025 tax year, custodial crypto platforms must report taxable crypto transactions directly to the IRS...

2025 Year-End Tax Planning Guide: Review Your Stock Portfolio for Tax Efficiency

Written by Coach Janelle CPA on December 27, 2025

For small-business owners, properly structured medical plans can be powerful deduction tools. If you have a Section 105 Health Reimbursement Arrangement (HRA) for your spouse-employee, ensure that all reimbursements are completed before year-end so your family’s medical expenses qualify for a 2025 deduction...

2025 Year-End Tax Planning Guide: Review Your Stock Portfolio for Tax Efficiency

Written by Coach Janelle CPA on December 24, 2025

Year-end is an ideal time to review and adjust your investments. Offset Gains with Losses Match short-term gains (taxed as high as 40.8%) with long-term losses. Avoid Wash-Sale Traps Selling and repurchasing the same stock within 30 days cancels your loss. Wait until January to rebuy if you plan to claim the loss in 2025.

2025 Year-End Tax Planning Guide: Plan for Crypto Profits and Losses

Written by Coach Janelle CPA on December 17, 2025

Crypto investors had a strong 2025, and now is the time to manage taxes efficiently. Harvest Gains or Losses Tax-gain harvesting. Sell appreciated crypto now if you expect higher income next year. Pay tax at today’s rate, and immediately repurchase to reset your basis.

2025 Year-End Tax Planning Guide: Take Full Advantage of Retirement Savings Opportunities

Written by Coach Janelle CPA on December 13, 2025

Retirement plans remain one of the most powerful tax-saving tools available to small-business owners and self-employed professionals. Establish or Fund a Retirement Plan Before Year-End If you don’t yet have a retirement plan, setting one up before December 31 allows you to make both employee and employer contributions for 2025...

2025 Year-End Tax Planning Guide: Use Vehicle Deductions to Your Advantage

The One Big Beautiful Bill Act (OBBBA) expanded the deductions available for business vehicles in 2025. Timing and vehicle type are critical. Heavy SUVs, Pickups, and Vans These vehicles with a gross vehicle weight rating (GVWR) over 6,000 pounds may qualify for...

2025 Year-End Tax Planning Guide: Strengthen Your Business Deductions before December 31

Written by Coach Janelle CPA on December 6, 2025

If you’re on the cash basis, you can prepay qualifying expenses up to 12 months in advance and deduct them this year. That includes office rent, equipment leases, and insurance premiums. For example, if your monthly office rent is $3,000, prepaying $36,000 on December 31 to cover your 2026 rent gives you a $36,000 deduction in 2025—and it provides the landlord with the income when he wants it, in 2026. Be sure to mail the funds on Decemb

Selling a Term Life Insurance Policy Creates Thorny Tax Issues

Written by Coach Janelle CPA on November 26, 2025

Are you considering cashing out your term life insurance policy? Unfortunately, selling a term life policy to investors is nearly impossible unless you are terminally ill and unlikely to outlive the policy. You do have one potential option: you could name a relative as the...

One Big Beautiful Bill Acts’s (OBBBA) Secret Gift: Bigger Tax Breaks for Qualified Charitable Distributions (QCDs) from Your IRA

Written by Coach Janelle CPA on November 19, 2025

If you’re age 70 1/2 or older, the IRS allows you to make charitable contributions directly from your IRA to approved organizations, such as your church. These transfers, known as qualified charitable distributions (QCDs), have become even more powerful under the new One Big Beautiful Bill Act (OBBBA)—and could be one of the most effective ways to give...

One Big Beautiful Bill Act Revives Your Ability to Kill Capital Gains with Qualified Opportunity Funds (QOFs)

Written by Coach Janelle CPA on November 12, 2025

Are you involved in a dog breeding business or considering starting one? If so, you are in the IRS’s crosshairs. The IRS has long considered dog breeding to be an activity typically classified as a hobby, rather than a business, for tax purposes. When it comes to taxes, hobbies are usually tax disasters. Unlike a business, you can’t deduct your hobby expenses from hobby income (or any other income). But you must still report and pay tax on any hobb...

Beat the OBBBA/TCJA Rules That Punish Dog Breeding Hobbies

Written by Coach Janelle CPA on November 5, 2025

Are you involved in a dog breeding business or considering starting one? If so, you are in the IRS’s crosshairs. The IRS has long considered dog breeding to be an activity typically classified as a hobby, rather than a business, for tax purposes. When it comes to taxes, hobbies are usually tax disasters. Unlike a business, you can’t deduct your hobby expenses from hobby income (or any other income). But you must still report and pay tax on any hobb...

Learn How to Beat 2025 Estimated Tax Penalties Instantly, Today

Written by Coach Janelle CPA on October 31, 2025

Here’s an important tax planning strategy that can save you thousands in penalties if you’ve missed estimated tax payments for 2025. The Penalty Problem When you don’t make your 2025 estimated tax payments on time, the IRS charges a non-deduc...

Learn How to Beat 2025 Estimated Tax Penalties Instantly, Today

Written by Coach Janelle CPA on October 31, 2025

Here’s an important tax planning strategy that can save you thousands in penalties if you’ve missed estimated tax payments for 2025. The Penalty Problem When you don’t make your 2025 estimated tax payments on time, the IRS charges a non-deduc...

One Big Beautiful Bill Act Cheats Gamblers—Taxes Fictional Income

Written by Coach Janelle CPA on October 22, 2025

Do you like to gamble? If so, Congress has some bad news for you. The One Big Beautiful Bill Act limits how much you can deduct for gambling losses starting in 2026. Both casual and professional gamblers may deduct only 90 percent of their losses against their winnings. The remaining 10 percent of losses disappear permanently—you can’t use them in future years...

One Big Beautiful Bill Act Enhances Tax Breaks for Qualified Small Business Stock

Written by Coach Janelle CPA on October 15, 2025

Do you own stock in a high-growth small business? Or are you a founder, an investor, or an employee of one? If so, you need to understand how the One Big Beautiful Bill Act expands the tax benefits of qualified small business stock (QSBS)...

One Big Beautiful Bill Act: No Tax on Overtime? Not Really, but We’ll Take It!

Written by Coach Janelle CPA on October 1, 2025

Do you regularly earn overtime pay? If so, the One Big Beautiful Bill Act may help lower your federal income tax bill. New Overtime Deduction Before 2025, the IRS taxed every dollar of your overtime pay as ordinary income. Beginning this year (2025) and continuing through 2028, the OBBBA allows a new temporary deduction for qualified overtime income...

One Big Beautiful Bill Act: No Tax on Overtime? Not Really, but We’ll Take It!

Written by Coach Janelle CPA on October 1, 2025

Do you regularly earn overtime pay? If so, the One Big Beautiful Bill Act may help lower your federal income tax bill. New Overtime Deduction Before 2025, the IRS taxed every dollar of your overtime pay as ordinary income. Beginning this year (2025) and continuing through 2028, the OBBBA allows a new temporary deduction for qualified overtime income...

One Big Beautiful Bill Act Restores and Creates New 100 Percent Deductions for You, Now

Written by Coach Janelle CPA on September 27, 2025

If you plan to buy equipment, furniture, computers, or other personal property for your business, the recently enacted One Big Beautiful Bill Act (OBBBA) delivers great news. You can now deduct the full cost of such property in a single year—without limit...

One Big Beautiful Bill Act's (OBBBA) New 1099 Filing Rules

Written by Coach Janelle CPA on September 10, 2025

Filing tax forms is never fun—but it’s important to stay ahead of changes that can reduce your reporting burden. If your business pays independent contractors (non-employees) for services, you are required to file IRS Form 1099-NEC if total payments exceed a specific threshold. For decades, this threshold has been $600 or more..

One Big Beautiful Bill Act (OBBBA) Charitable Giving Shake-Up: Winners and Losers

Written by Coach Janelle CPA on September 3, 2025

Do you contribute to charitable organizations? If so, recent legislation—the OBBBA—includes significant changes to the tax treatment of charitable donations, starting in 2026. Some are helpful, others less so, depending on your income and filing status.

One Big Beautiful Bill Act (OBBBA) Enhances Your State and Local Tax (SALT) Deductions

Written by Coach Janelle CPA on August 27, 2025

If the $10,000 cap on state and local tax (SALT) deductions limits your write-offs, here’s good news: the One Big Beautiful Bill Act temporarily increases the cap starting in 2025...

One Big Beautiful Bill Act (OBBBA) Adds a Possible Senior Tax Deduction (Ages 65 and Older)

Written by Coach Janelle CPA on August 24, 2025

If you will be age 65 or older on December 31, 2025, you have a new opportunity for tax savings. The OBBBA created a new bonus tax deduction—available for seniors beginning this year (2025). You can claim this deduction whether or not you itemize...

The One Big Beautiful Bill Act (OBBBA) Increases the Tax Benefits of Employing Your Child

Written by Coach Janelle CPA on August 20, 2025

If you own a business and have children, the OBBBA just made the popular “hire your child” tax strategy even more attractive starting in 2025. Thanks to the OBBBA, the standard deduction for a single taxpayer increases to $15,750 in 2025 (with annual inflation adjustments going forward). This means your child can earn up to $15,750 in wages....

One Big Beautiful Bill Act (OBBBA): Convert Personal Vehicle to Business, Deduct Up to 100%

Written by Coach Janelle CPA on  August 16, 2025

Do you have a personal vehicle? Thanks to the One Big Beautiful Bill Act (OBBBA), you may be eligible for a valuable “no new cash outlay” tax deduction beginning in 2025.

Here’s how it works: If you convert a personal-use vehicle to business use, the law treats it as placed in service on the conversion date. Thanks to OBBBA’s reinstatement of 100...

Why Landlords Should File Form 1099-NEC

Written by Coach Janelle CPA on July 16, 2025

If you own rental property, you may have heard that you’re not required to file Form 1099-NEC for contractors, such as plumbers or handymen. While that’s often true, choosing not to file could be costing you valuable tax savings...

Personal Vehicle Used for Business Can Produce a Big Surprise Deduction

Written by Coach Janelle CPA on July 9, 2025

If you’ve used your personal vehicle for business—whether you’re a sole proprietor or you received mileage reimbursement from your S or C corporation—there may be a valuable tax deduction waiting for you...

Turn Your Corporate Vehicle into a Tax-Smart Asset

Written by Coach Janelle CPA on July 3, 2025

If your S or C corporation owns a vehicle that you also use personally, there are important tax rules you need to follow—and smart planning can help you save significantly. Let’s say you use a corporate vehicle 80 percent for business and 20 percent for personal use. The IRS doesn’t allow “free” personal use. You either..

Your Retirement Plan Exposes You to a $150,000 Penalty

Written by Coach Janelle CPA on June 25, 2025

How would you like to owe the IRS a $150,000 penalty because you failed to file a simple two-page form? It can happen all too easily if you have a solo 401(k) or another self-employed retirement plan...

Beat the Taxman: Use the Tax Code–Created QCD to Kill Your RMD

Written by Coach Janelle CPA on June 12, 2025

If you have one or more traditional IRAs and are age 73 or older, you’re probably familiar with three of the most dreaded letters in the tax world: RMD, short for required minimum distribution....

Solo Biz Owner? No Employees? Is the Mega Backdoor Roth for You?

Written by Coach Janelle CPA on June 5, 2025

If you are a business owner with no employees and prefer Roth-style retirement savings, you may want to consider the mega backdoor Roth strategy. This powerful tool allows you to contribute significantly more to a Roth account than the standard Roth IRA or even the regular backdoor Roth route—up to..

Backdoor Roth IRA Conversions: Smart Move or Hidden Tax Trap?

Written by Coach Janelle CPA on May 28, 2025

If you’ve ever wondered how to get more money into a Roth IRA despite income limits, the backdoor Roth IRA conversion strategy may have caught your attention. It’s a smart planning tool for high-income earners—but only when used with care...

Beat the Estimated Tax Penalty with Strategic Withholding

Written by Coach Janelle CPA on May 21, 2025

If you’re making quarterly estimated tax payments, missing a deadline can be costly. The IRS currently charges a 7 percent penalty for underpayments—and since penalties aren’t deductible, the real cost can feel closer to 11 percent.

Tax Code–Defined Statutory Employees Are Hybrid Self-Employed

Written by Coach Janelle CPA on May 14, 2025

When you hire a worker, one of the most important decisions you’ll make is classifying the worker as either an employee or an independent contractor for tax purposes. If you correctly classify a worker as an independent contractor, you’re not required to pay the employer’s share of Soc...

Alert: California, Illinois, and New York Laws Require Written Freelance Agreements

Written by Coach Janelle CPA on May 7, 2025

If your business hires freelance workers—also known as independent contractors—you need to be aware of new laws now in effect in California, Illinois, and New York. These laws are designed to protect freelancers by requiring written contracts and prompt payment....

Best Retirement Plan Options for a Solo-Owned C or S Corporation

Written by Coach Janelle CPA on April 30, 2025

Because you operate your business as a solely owned corporation (C or S) with no employees, several excellent retirement plans are available to you that can provide significant tax deductions and help you build wealth for retirement...

Wildfires, Floods, Hurricanes: How the IRS Has Your Back

Written by Coach Janelle CPA on April 24, 2025

Disasters are all over the news these days. Severe calamities that cause widespread damage, such as large wildfires, floods, hurricanes, and earthquakes, ordinarily result in a disaster declaration by the U.S. president...

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