After you’ve filed your 2025 tax return, what’s next? It’s easy to move on to other things, but taking a little time to address some tax-related items now can help you stay organized and avoid issues later. Here are a few to-dos. Check your refund status If you’re getting a tax refund and haven’t received
Joan Ellenbogen
May 20, 2026
Apr 29, 2026
Should your business consider a fiscal year end?
- By Joan Ellenbogen
- Business
- 0 Comments
Most businesses close their books for tax and accounting purposes on December 31 because it aligns with the calendar year. But a calendar year isn’t always the best option. For some companies, choosing a fiscal year end that better reflects their business cycle can improve financial reporting and simplify year-end procedures and tax filing. Here’s
Mar 25, 2026
Business deductions for four-legged coworkers
- By Joan Ellenbogen
- Business, Deductions
- 0 Comments
Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: In
Mar 19, 2026
Your Health Savings Account and your estate plan: What you need to know
- By Joan Ellenbogen
- Estate
- 0 Comments
A Health Savings Account (HSA) can be a valuable asset in your estate. Contributions to an HSA are pretax or tax-deductible, the funds grow on a tax-deferred basis, and withdrawals for qualified medical expenses are tax-free. HSA balances may be carried over from year to year, continuing to grow on a tax-deferred basis indefinitely. Over
Mar 17, 2026
4 types of interest expense you may be able to deduct
- By Joan Ellenbogen
- Taxes
- 0 Comments
Personal interest expense generally can’t be deducted for federal tax purposes. There are, however, exceptions. Here are four, one of which is a new break under the One Big Beautiful Bill Act (OBBBA), which was signed into law in 2025. 1. Mortgage interest Perhaps the most well-known interest expense deduction, home mortgage interest may be
Mar 12, 2026
April 15 isn’t only the income tax return filing deadline, it’s also the gift tax return filing deadline
- By Joan Ellenbogen
- Estate, Financial Planning
- 0 Comments
If you made large gifts to family members or heirs last year, you may need to file a 2025 gift return by April 15. So, it’s important to understand whether you’re required to file a federal gift tax return — and when it might be beneficial to file one even if not required. When filing
Mar 3, 2026
Parents: Claim all the tax credits you’re entitled to
- By Joan Ellenbogen
- Taxes
- 0 Comments
Raising a family comes with plenty of expenses, but it may also make you eligible for various tax breaks. Some of the most valuable are tax credits, because they reduce your tax liability dollar for dollar (unlike deductions, which only reduce the amount of income subject to tax). Here’s what you need to know. Child,
Feb 25, 2026
To maximize — or not to maximize — depreciation deductions on your 2025 tax return
- By Joan Ellenbogen
- Business, Deductions
- 0 Comments
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 future. One such decision is whether to claim accelerated depreciation
Feb 12, 2026
Some small businesses can still benefit from the health care coverage credit
- By Joan Ellenbogen
- Business
- 0 Comments
Tax credits reduce tax liability dollar-for-dollar. So, 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 certain small businesses is the credit for providing health insurance to employees. Although it’s
Feb 10, 2026
Increase your current business deductions under tangible property safe harbors
- By Joan Ellenbogen
- Business, Deductions
- 0 Comments
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. Betterment, restoration or adaptation In general, a cost that results in