An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally advance payments must be reported as taxable income in the year received. This treatment always applies if your business uses the...
Many small and midsize businesses rely on QuickBooks® for day-to-day bookkeeping. But the platform also offers tools designed to improve efficiency and strengthen financial oversight. In recent years, QuickBooks has expanded its automation, reporting and integration...
The deadlines for filing 2025 tax returns (or extensions) are fast approaching. Although most tax planning moves must be completed by December 31 of the tax year, there are some decisions you can make when filing your return that can save taxes now or in the...
Important Mailing Reminder:Effective December 24, 2025, the United States Postal Service has implemented changes that may affect the postmark date, and that date may now be later than the date an item is dropped in the mail. Because tax deadlines are based on the...
What Is a Trump Account? A Trump Account is a federally created, custodial-style tax-advantaged savings account for children under age 18. Key features include: - Custodial IRA-like structure - One-time $1,000 pilot program contribution for eligible newborns - Up to...
If you’ve ever skimmed the auditor’s report for a public company and noticed a section titled critical audit matters (CAMs), you may have wondered what it means and whether it’s relevant to you. CAMs highlight complex, high-judgment areas that drive audit inquiries...
Married couples have a choice when filing their 2025 federal income tax returns. They can file jointly or separately. What you choose will affect your standard deduction, eligibility for certain tax breaks, tax bracket and, ultimately, your tax liability. Which filing...
Tax credits reduce tax liability dollar-for-dollar. As a result, they can be more valuable than deductions, which reduce only the amount of income subject to tax. One tax credit that hasn’t been getting much attention lately but that can still be valuable for some...
Launching a start-up comes with no shortage of big decisions and fast-moving priorities. In the rush to grow, financial fundamentals can sometimes take a back seat — often with costly consequences. Some common accounting missteps that new business owners should avoid...
Did your business make repairs to tangible property, such as buildings, equipment or vehicles, in 2025? Such costs may be fully deductible on your 2025 income tax return — if they weren’t actually for “improvements” that must be depreciated over a period of years....
