Tax Law Updates

  2026 Expensing Rules for Business Assets: What Every Business Owner Should Know Purchasing business equipment, software, vehicles, or building improvements can provide significant tax savings—but only if you understand how the IRS expensing rules work. For 2026, businesses generally claim depreciation in the following order: Apply any Section 179 deduction. Apply bonus depreciation. Depreciate...

  IRS Mileage Rate for 2026: What Business Owners Need to Know If you use your personal vehicle for business, the IRS standard mileage rate can provide a simple way to calculate your deductible vehicle expenses. For 2026, the IRS increased the standard business mileage rate, giving many business owners a larger deduction for qualifying...

  Business Asset Write-Offs for 2026: What Business Owners Need to Know Purchasing equipment, technology, vehicles, or making improvements to your business property can provide valuable tax savings—but only if you understand how the IRS asset write-off rules work. For 2026, business asset write-offs generally follow this order: Apply any Section 179 deduction. Apply bonus...

    How to Claim Mileage on Your Tax Return in 2026 If you drive for business, you may be able to deduct your vehicle expenses and reduce your taxable income. However, how you claim mileage depends on your tax situation. For most self-employed individuals, business mileage is deductible. For most employees, unreimbursed business mileage...

  What 1099 Workers Need to Know for 2026 If you’re a freelancer, contractor, consultant, rideshare driver, delivery worker, or earn income through side gigs, chances are you’ll receive one or more Forms 1099. Understanding what these forms mean—and what they don’t mean—can help you avoid tax surprises and stay compliant with IRS rules. A...

  Business Driving Deductions Explained: What You Can Claim in 2026 If you use your vehicle for business, you may be eligible to deduct a portion of your driving expenses on your federal tax return. However, the rules depend on whether you’re self-employed, an eligible employee, or reimbursed by your employer. For 2026, the IRS...

  Standard Mileage vs. Actual Expenses in 2026: Which Method Saves You More? If you use your vehicle for business, choosing the right deduction method can significantly impact your tax savings. For 2026, eligible business owners can generally choose between the standard mileage method and the actual expense method. While both methods allow you to...

  1099 Taxes Explained for Side Hustlers Whether you earn extra income through freelancing, ridesharing, food delivery, online selling, consulting, or other side gigs, you’ve probably heard about Forms 1099. A common misconception is that receiving a 1099 creates a tax bill. In reality, the form simply reports income that is already taxable. Understanding what...

    Estimated Taxes for Self-Employed Workers in 2026 If you’re self-employed, taxes generally aren’t withheld from your income during the year. Instead, you’re usually responsible for making quarterly estimated tax payments to the IRS. Understanding when estimated taxes are required—and how to calculate them—can help you avoid underpayment penalties, improve cash flow, and eliminate...

    R&E Tax Credit Rules for 2026 The federal Research & Experimental (R&E) Tax Credit continues to be one of the most valuable tax incentives available to businesses investing in innovation. Whether you’re developing new products, improving manufacturing processes, creating software, or advancing technology, qualifying research activities may generate significant tax savings in 2026....