If you’re an owner, officer, or key employee of a closely held corporation, you may be asked to personally guarantee a business loan. Before signing, it’s essential to understand the potential tax consequences. Acting as a […]
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Supercharge Your Retirement Savings After Age 50 If you’re age 50 or older, you have a powerful opportunity to accelerate your retirement savings through catch-up contributions to your tax-advantaged retirement accounts. These extra contributions can significantly increase […]
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If your business accepts large cash payments, the IRS requires you to report them — and not just on your tax return. Failing to comply can lead to costly penalties. Here’s what you need to […]
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The One Big Beautiful Bill Act (OBBBA), effective July 4, 2025, introduces temporary federal income tax deductions for qualified tip and overtime income from 2025 to 2028. Marketed as “no tax on tips” or “no […]
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If you and your spouse run a profitable unincorporated small business together, you may face some tricky tax rules. Understanding how the IRS classifies your business — and planning ahead — can save you money […]
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As students return to school, parents often focus on buying supplies, clothes, and backpacks. But behind the scenes, educators are also spending their own money on classroom essentials—often without reimbursement. Fortunately, the IRS allows eligible […]
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Investing in Qualified Small Business (QSB) stock is now more attractive than ever thanks to expanded tax benefits introduced by the One Big Beautiful Bill Act (OBBBA), signed into law in July 2025. This legislation enhances the tax-saving […]
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Divorce is difficult for anyone, but for business owners, it introduces unique financial and legal challenges. Your business may be one of your most valuable personal assets—and often, it’s considered marital property under California community property laws. […]
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If you make quarterly estimated tax payments, mark your calendar: the third installment for 2025 is due Monday, September 15. This year’s payments may be impacted by the newly enacted One Big Beautiful Bill Act (OBBBA), signed […]
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