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Partnership Audit Rules and Documentation Requirements
Dr. Friday highlights expanded IRS partnership audit enforcement under the Bipartisan Budget Act framework. She stresses clean records for basis, all…
4 weeks ago
Choosing the Right Business Entity in 2026
Dr. Friday explains how entity choice planning still matters, even with the 21% corporate tax rate remaining in place. She recommends working with bo…
4 weeks, 1 day ago
Vehicle Depreciation Limits for Business Owners
Dr. Friday discusses annual vehicle depreciation limit adjustments and why business-use percentage matters. She reminds owners that personal-use vehi…
1 month ago
Self-Employment Tax Planning in an Inflation Year
Dr. Friday explains that self-employment tax rules still apply, including annual Social Security wage base changes and Medicare add-ons for higher ea…
1 month ago
ERC Claims Still Trigger Aggressive IRS Review
Dr. Friday warns that Employee Retention Credit claims from 2020 and 2021 are still under heavy IRS scrutiny. She emphasizes tracking the claim detai…
1 month ago
Business Meals vs Entertainment Deduction Rules
Dr. Friday reviews the current deduction split between business meals and entertainment. She explains what documentation is needed and why a true bus…
1 month ago
Gig Worker Reporting and Estimated Tax Basics
Dr. Friday explains how gig workers and freelancers now face tighter reporting under Forms 1099-K and 1099-NEC. She also highlights self-employment t…
1 month ago
Home Office Deduction Rules for the Self-Employed
Dr. Friday explains that the home office deduction can still apply to self-employed taxpayers who use a space exclusively and regularly for business.…
1 month, 1 week ago
Section 179 vs Bonus Depreciation: Which to Use?
Dr. Friday explains the difference between Section 179 and bonus depreciation when writing off business equipment. She notes that the best choice can…
1 month, 1 week ago
Step-Up in Basis Beats Gifting Property Early
Dr. Friday explains why inherited property can receive a step-up in basis, which may reduce future taxes. She cautions that quitclaiming property to …
1 month, 1 week ago