Andrew G. Klapac

Hit the Breaks: 2026 Tax Write-Offs for Business Driving

At the end of last year, the IRS announced its annualinflation adjustments to the optional standard mileage rates used to calculatethe deductible vehicle operating costs for business, charitable, medical ormoving purposes. And there's good news for those who drive for work: Thecents-per-mile deduction increased for this year—even though the average priceof gas around the country has decreased since last year at this time. On thedownside, the deduction for other purposes has either declined slightly orremained unchanged from 2025. Let's cruise into the specifics.

Favorable Changes to the Business Interest Deduction Rules

Under current law, the deduction for business interest expense is generally limited to 30% of...

Sooner or Later? Picking the Right Start Date for Your Social Security Benefits

Deciding when to start receiving Social Security benefits can be a tough call for seniors. You can...

Work Opportunity Tax Credit Is Set to Expire: What Employers Need to Know

In today's labor market, your business may need to think outside the box to find employees to fill...

Favorable Business Depreciation Tax Changes under New Law

There's good news for businesses considering buying equipment and other capital assets: The One Big...

How to Properly Report Your Company’s COGS

Do you own a business that manufactures or sells physical goods? For these businesses, accurate...

What Are the Tax Implications of Gold and Other Precious Metal Investments?

To hedge against stock market volatility and inflation, some IRA owners and investors put money...

Recent Survey Highlights Financial Struggles among Retirees

Fewer than one-quarter of currently retired people feel "very confident" they'll maintain a...

How to Trim Your 2024 Taxes by Contributing to a Retirement Plan in 2025

Many types of retirement plans allow contributions to be made after year end. And last-minute...

C Corporations: Tax Issues to Consider When Closing a Business

Are you thinking about closing your business? Rising prices, labor shortages, fluctuating demand...