Tax Planning Archives

5 Tax Planning Opportunities High-Income Business Owners Should Evaluate in 2026

Key Takeaways Recent tax law changes have created new planning opportunities for high-income business owners. Pass-through entity elections and QSBS planning may provide significant tax savings when evaluated early. Proactive, year-round planning can help business owners retain more earnings and support long-term growth. For high-income business owners, profitability is not just about increasing revenue. It’s …

Key Takeaways New charitable giving rules in 2026 affect both itemizers and non-itemizers, making documentation and planning more important than ever. Higher income taxpayers may face reduced deduction benefits due to new AGI floors and itemized deduction phaseouts. Strategic planning can help business owners maximize both the financial and philanthropic impact of their charitable contributions. …

Key Takeaways Accelerated depreciation can improve short-term cash flow, but it often increases future tax exposure through recapture. The One Big Beautiful Bill Act restored 100% bonus depreciation, creating powerful but complex planning opportunities. Smart planning aligns tax strategy with pricing, investment timing, and long-term profitability goals. Business owners and investors often ask a simple …

Key Takeaways Meals at employer-operated eating facilities and meals provided for the convenience of the employer are now nondeductible. This change increases the after-tax cost of employee meal programs, which can affect overhead and pricing assumptions. Better tracking and a measured pricing review can help you maintain profitability without overcorrecting. The One Big Beautiful Bill …

Key Takeaways New IRS rules affect more businesses than many owners expect, even those that do not accept crypto Digital asset exposure often comes from systems and platforms, not customer payments Working with a CPA can help business owners understand risk and build a clear strategy Digital asset reporting rules took effect in 2025, representing …

Key Takeaways The One Big Beautiful Bill Act (OBBBA) makes most Tax Cuts and Jobs Act (TCJA) provisions permanent, keeping lower brackets, a larger standard deduction, and full business expensing in place. Temporary deductions for overtime pay, tips, and auto loan interest are available through 2028, creating short-term opportunities for additional savings. Business owners should …

Key points Business owners have retirement plan options beyond standard IRAs. Solo 401(k)s, SEP IRAs, SIMPLE IRAs, and cash balance plans can unlock powerful tax savings. The One Big Beautiful Bill (OBBB) introduces new deductions and planning opportunities. What Makes Retirement Planning Different for Business Owners? Running your own business comes with freedom and …

Key Points You can’t eliminate economic uncertainty but can prepare by setting clear goals and building flexible financial plans. Strong cash flow, diversified revenue, and adaptable operations create resilience. Policy changes like the One Big Beautiful Bill Act (OBBBA) show why regularly revisiting your plan is essential. How Do You Navigate a Shifting Landscape? …

Key Points: The SALT deduction cap will temporarily increase to $40,000 starting in 2025, creating short-term tax planning opportunities for high earners in high-tax states. Taxpayers with income between $500,000 and $600,000 may see reduced or no benefit due to phaseouts, making proactive income and deduction strategies essential. Business owners can bypass the SALT cap …

At Payne Nickles & Company, we believe effective accounting goes far beyond compliance; it should be a strategic advantage for your business. Our approach focuses on more than just preparing tax returns and reviewing statements. We can help our clients make proactive decisions all year long. This four-part series highlights practical—but often overlooked—strategies that can …