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The IRS began rolling out a new automatic penalty-relief process during the summer of 2026. Announced on July 8, 2026, the Automatic Exemption from Penalty program, or AEP, can prevent certain late-filing, late-payment, and late-deposit penalties from being assessed against otherwise compliant taxpayers. The rollout has already started and applies beginning with eligible 2025 annual…
The return of permanent 100% bonus depreciation has created a significant opportunity for business owners and investors seeking to reduce current taxable income. Under the legislation commonly called the One Big Beautiful Bill Act, qualifying property acquired and placed in service after January 19, 2025, may generally be eligible for a 100% first-year depreciation deduction.…
No one likes tax planning, but it’s better to start now than be the person in December saying, “I should’ve handled this in August.” Successful people don’t wait until the end of the year to start thinking about taxes. They understand that tax planning works best when there is still time to make decisions, evaluate…
When farmers think about tax-saving opportunities, accelerated depreciation on equipment is usually one of the first things that comes to mind. It is familiar, widely discussed, and often built into year-end planning. What is discussed far less often is a potentially valuable one-time tax opportunity tied to newly acquired farmland: Section 180 and the possibility…
For several years, Section 174 functioned less like a tax incentive and more like a penalty. Expenses that businesses had long deducted immediately, particularly wages and contractor costs tied to internal development, were suddenly required to be amortized over multiple years, often inflating taxable income without any corresponding increase in cash flow. That treatment was…
The Time-Sensitive Nature of Tax Mitigation Through Fringe Benefits When business owners and their advisors discuss tax mitigation strategies, fringe benefit plans consistently emerge as one of the most powerful tools available. However, there’s a critical timing component that many overlook: these plans must be implemented early in the year to maximize their effectiveness. Unlike…
“Don’t let the tax tail wag the business dog — but don’t ignore the tail either.” — Warren Buffett Every business owner eventually arrives at the same fork in the road: scale or stall. And often, the lever that helps one scale isn’t more capital or even more customers it’s strategic efficiency. One of the…
