A dollar received on December 31 and a dollar received on January 1 are taxed in different years. That one-day difference can change your tax bracket, your capital gains rate, and even which credits you qualify for.

Selling a stock, a rental property, a piece of equipment, or shares in a small business? The sale itself is often the easy part — it's the reporting afterward that trips people up. Small errors on your tax return can lead to IRS notices, overpaid tax, or penalties that were entirely avoidable. Here are the most common asset sale reporting mistakes we see, and how to steer clear of them.

A net operating loss (NOL) lets you carry a loss year forward to lower a future tax bill. The basic rule is the same for every taxpayer, but if you have foreign income, the loss can interact with your return a little differently. Here's the simple version.

Putting your spouse, child, or parent on the payroll is one of the most common — and most misunderstood — small business tax moves. Done correctly, family employment can shift income to lower tax brackets, unlock retirement plan contributions for a minor, and even eliminate certain payroll taxes entirely. Done carelessly, it's one of the fastest ways to draw an IRS examination, because the family relationship itself is a built-in audit flag.

The PTE election sounds technical, but the idea is simple: let your business pay a piece of your California tax so you can deduct it federally without a cap. Here's a plain-English breakdown of how it works and who it's for.

Most business owners have never heard of the Augusta Rule — a tax provision that lets you rent your own home to your business for up to 14 days a year, with the rental income excluded from your personal taxes entirely. This week's Tax Tip Tuesday breaks down how it works, who qualifies, and why the size of your home changes the math.

Basis is one of the most important numbers in your tax life — and one of the most consistently ignored.

The home office deduction is one of the most misunderstood — and most scrutinized — deductions on a tax return. I see it come up constantly in client conversations, and the same question surfaces every time: "Is it really worth claiming? Will it trigger an audit?" The honest answer? Done right, the home office deduction is completely legitimate and worth claiming. Done wrong, it's a red flag that can invite exactly the kind of IRS attention you want to avoid.

If you own an S corporation and take distributions, there's one number the IRS watches more closely than almost any other: your salary. Specifically, whether it's reasonable. Getting this wrong isn't just a technicality — it's one of the most common (and costly) audit triggers for small business owners. What Is Reasonable Compensation? The IRS requires that S-corporation shareholder-employees who perform services for the company pay themselves a reasonable salary before takin

Big news for taxpayers: Congress passed a sweeping tax package making major changes for individuals, families, and small businesses. If...