If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in accordance with IRS requirements. Exactly what’s required depends on various...

As construction companies grow, their accounting systems need to evolve right along with them. What worked in the early years may no longer provide the visibility or functionality necessary for your current work. Asking the right questions can help determine whether...

If you had significant medical expenses last year, you may be wondering what you can deduct on your 2025 income tax return. Income-based thresholds and other rules can make it hard to claim the medical expense deduction. At the same time, more types of expenses may be...

Sponsoring a high-deductible health plan (HDHP) along with Health Savings Accounts (HSAs) has become a widely used employee benefits approach. When the One Big Beautiful Bill Act (OBBBA) was enacted last year, it expanded HSA eligibility for many potential...

Many tax figures are annually adjusted for inflation and typically increase each year (or at least every few years). For 2026, some additional changes are going into effect under the One Big Beautiful Bill Act, signed into law July 4, 2025. Here’s an overview of some...

Acquiring equipment is a major strategic decision for small to midsize construction businesses. It affects everything from bid selection to cash flow management to financial stability. Whether buying or leasing makes more sense depends on various factors. Here are...

Beginning in 2026, individuals who itemize deductions and donate to charity will face a new limit on their charitable deductions. And in some cases, they’ll face two new limits. But there’s some good news for nonitemizing individuals who make charitable donations. New...

For employers that sponsor qualified retirement plans, it’s essential to stay on top of annual IRS inflation adjustments to contribution limits and other amounts. These changes affect everything from plan design to employee communication to payroll processes. For...

You likely have a lot of things to do between now and the end of the year, such as holiday shopping, donating to your favorite charities and planning get-togethers with family and friends. For older taxpayers with one or more tax-advantaged retirement accounts, as...

If you have a flexible spending account (FSA) through your employer to help pay for health or dependent care expenses, now’s a good time to check your balance. FSAs save taxes, but they generally require you to incur expenses to use the funds by year end or forfeit...

Just because it’s December doesn’t mean it’s too late to reduce your 2025 tax liability. Consider implementing one or more of these year-end tax-saving ideas by December 31. Defer income and accelerate deductions Pushing income into the new year will reduce this...