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September 15 Individuals - Pay the third installment of 2026 estimated taxes (Form 1040-ES), if not paying income tax through withholding or not paying sufficient income tax through withholding. Calendar-year corporations - Pay the third installment of 2026 estimated income taxes, completing Form 1120-W for the corporation’s records. Calendar-year S corporations - File a 2025 income tax return (Form 1120-S) and provide each shareholder with a copy of Schedule K-1 (Form 1120S)

Are long-term care (LTC) insurance premiums tax-deductible? It depends. Qualified LTC policies are considered health insurance under federal income tax rules. So if you buy a policy, your premiums are treated as medical expenses for itemized deduction purposes. But your total eligible medical expenses for the year must meet the 7.5% of adjusted gross income threshold before you can start deducting LTC premiums. And there are age limits on how much you can deduct — for example

Improving accessibility at your business may come with a valuable tax break: Eligible small businesses can claim the Disabled Access Credit for certain costs related to improving accessibility for individuals with disabilities. A business may qualify if, in the prior tax year, it had gross receipts of $1 million or less or no more than 30 full-time employees. The credit equals 50% of eligible expenses above $250 but not above $10,250. Examples of potentially eligible costs in

One of the most common bookkeeping mistakes business owners make is mixing business and personal finances. Addressing this issue before year end can simplify tax preparation, improve the accuracy of your financial records and help reduce the risk of IRS questions. Business expenses generally must be “ordinary and necessary” to qualify for a tax deduction. If personal purchases are recorded as business expenses, you could overstate deductions. On the other hand, if legitimate

If you’re eligible to contribute to a Health Savings Account (HSA), consider taking a closer look at your contribution strategy. You may be able to reduce your 2026 taxes while strengthening your long-term financial security. Although many people use HSAs to pay current medical expenses, they can also help fund retirement. Maximize Tax Savings HSAs offer valuable tax advantages. Generally, contributions are pretax if made through payroll deductions or tax-deductible (without

As the end of 2026 approaches, look beyond investment performance and consider how taxes may affect your overall returns. Although tax considerations generally shouldn’t drive investment decisions, a year-end portfolio review may identify opportunities to reduce your taxes. Here are four to consider. 1. Harvest losses (or gains) Review the capital gains and losses you’ve realized so far this year. If you have a net capital gain, you may be able to offset some or all of it thr

When customers or others don’t pay what they owe your business, you may be able to claim a bad debt deduction to help offset the financial loss. But it isn’t automatic. Businesses must satisfy specific federal tax rules and maintain adequate records to support the deduction. Not Every Unpaid Debt Is Eligible Whether an unpaid debt is deductible depends on several factors. First, the debt generally must be connected to your trade or business. Examples include unpaid customer i

August 17 Employers: Deposit nonpayroll withheld income tax for July if the monthly deposit rule applies. Employers: Deposit Social Security, Medicare and withheld income tax for July if the monthly deposit rule applies. September 10 Individuals: Report August tip income of $20 or more to employers (Form 4070).

Making a personal loan to a family member or friend can create unexpected tax issues. If the loan carries little or no interest, the IRS might treat all or part of it as a taxable gift under the below-market loan rules. To pass muster with the IRS, your loan should be backed by a written promissory note that includes the interest rate, a schedule showing dates and amounts for interest and principal payments, and the security or collateral, if any. Charge an interest rate that

Due to rising fuel costs, the IRS has increased the 2026 cents-per-mile rates for calculating certain vehicle deductions. Effective July 1, 2026, the standard mileage rate for the business use of a car, SUV, van, pickup truck or panel truck is 76 cents per mile, up from 72.5 cents per mile for the first half of the year. The revised rate for medical and eligible moving purposes is 23.5 cents per mile, up from 20.5 cents per mile. For charitable driving, the 14 cents per mile

If you’re single with no children, an estate plan can help ensure your wishes will be carried out and important decisions remain in trusted hands. Without a will, state intestacy laws generally determine who inherits assets. While beneficiary designations may control certain accounts, assets without beneficiary designations or joint ownership typically pass according to state law. For singles with no children, state law may call for assets to be distributed to relatives such

With year-end fast approaching, now is a good time to review strategies that could affect your business’s 2026 tax liability. One area that may deserve attention is the tax treatment of advance payments. Some accrual-basis businesses may be able to defer recognizing a portion of that income. A Tax-Planning Strategy For federal income tax purposes, advance payments generally must be reported as taxable income in the year received. This treatment always applies if your business

Access to capital helps small businesses succeed and grow. Whether you need to cover cash flow gaps, fund expansion plans or invest in long-term assets, it’s important to understand all your financing options. This will help you make informed decisions and select funding that aligns with your goals. 5 Financing Options to Consider Your business may have access to several types of financing, with most options falling into five broad categories: 1. Lines of credit. This is a co

Families looking for another way to save for a child’s future may want to consider Section 530A accounts. Created by the 2025 tax legislation commonly referred to as the One Big Beautiful Bill Act, these tax-advantaged savings accounts, also known as Trump Accounts, are designed to help children build long-term assets. The ability to contribute became available on July 4, 2026. And some children may be eligible for a $1,000 government-funded deposit. The Basics A 530A account

Congress has officially pulled the plug on the federal tax break for bicycle commuting. The OBBBA permanently eliminated the qualified bicycle commuting reimbursement, ending a small but symbolic incentive for employees who bike to work. Congress created the benefit in 2009 to encourage bicycle commuting. Employers could reimburse employees for bicycle purchases, repairs, improvements, and storage when employees regularly rode a bicycle between home and work. The benefit appl

Family relationships and overlapping ownership can quietly sabotage well-intentioned tax planning. Internal Revenue Code Section 267 often causes the damage. This rule does not announce itself with penalties or warnings. Instead, it erases deductions, disallows losses, and delays expenses after the transaction feels complete. Section 267 targets transactions between related parties. The law focuses on who the parties are, not on whether the deal looks fair. When you sell prop

Many charitably minded individual retirement account (IRA) owners use qualified charitable distributions (QCDs) to satisfy required minimum distributions (RMDs) while avoiding income tax. One simple mistake, however, can turn an otherwise tax-free QCD into fully taxable income. After age 70 1/2, you may direct up to $111,000 in 2026 from your traditional IRA to a qualified charity; for married couples, each spouse may give that amount from their own IRA. The QCD can count tow

The One Big Beautiful Bill Act (OBBBA) dramatically expanded the employer childcare credit starting in 2026, turning a modest tax break into a significant planning opportunity for many businesses. The employer childcare credit allows businesses to claim a general business tax credit for qualified childcare expenses paid for employees. Qualifying costs include building, expanding, or operating an on-site childcare facility; contracting with licensed off-site childcare provider

Many married couples form an LLC to own rental property to obtain liability protection. After they create the LLC, they often ask an important tax question: Does the LLC force them to file a partnership return? The answer depends largely on where they live and how they own the property. Federal tax rules treat any unincorporated business with two owners as a partnership by default. When a husband and wife form a two-member LLC, the IRS normally requires a partnership return o

For decades, taxpayers trusted a simple rule: If you mailed a tax return or payment by the deadline, the IRS treated it as timely filed. Recent U.S. Postal Service (USPS) practices have changed that reality and created a serious trap for anyone who relies on last-minute mailing. Today, the USPS often applies postmarks at regional processing centers instead of at your local post office. Those centers may be many miles away, and reduced truck schedules can delay transport. As a