Section 179 lets qualifying businesses deduct up to $2,560,000 of equipment, vehicles, and software costs in the year the asset is placed in service for 2026, with a dollar-for-dollar phase-out starting at $4,090,000 in total qualifying purchases and a hard ceiling at net taxable business income.
Self-employed filers can deduct 100% of qualifying health insurance premiums above-the-line via Form 7206 and Schedule 1 line 17, provided the business is profitable and neither spouse had access to subsidized employer coverage. The guide covers S corporation W-2 requirements, ACA marketplace subsidy circular calculations, age-based long-term care caps, and the five most common errors that trigger IRS disallowance.
Section 195 lets new businesses deduct up to $5,000 of startup costs and another $5,000 of organizational costs under Section 248/709 in the first year, with the remainder amortized over 180 months. Phase-out begins at $50,000 and eliminates the immediate deduction at $55,000.
A tax deduction reduces taxable income; a tax credit cuts your tax bill dollar for dollar. In the 22% bracket, a $2,000 credit saves the full $2,000 while the same-sized deduction saves just $440. Covers refundable vs. nonrefundable credits, 2026 amounts (EITC up to $8,231, CTC $2,200 per child), and strategies for stacking both.
A 2026 guide to Schedule C deductions for 1099 real estate agents, covering the 72.5-cent mileage rate, home office rules, marketing, dues, the 20% QBI deduction, and the write-offs most agents miss.
How IRS Form 2210 works, when you must file it, the three safe harbors that prevent the underpayment penalty, and how Schedule AI reduces the bill for taxpayers with uneven income. Covers 2026 penalty rates (7% in Q1, 6% in Q2), due dates, and common mistakes.
A practical guide to claiming charitable contribution tax deductions — covering qualified organizations, AGI limits (20%–60%), documentation requirements, and strategies like donor-advised funds and qualified charitable distributions for retirees.
The federal EV tax credit (up to $7,500) expired September 30, 2025 under the One Big Beautiful Bill Act. Here's who can still claim it on their 2025 return, how the new car loan interest deduction works, and what records to keep.
Self-employed workers can deduct home office expenses on Form 8829, but millions miss it each year. Learn the exclusive-use test, how to calculate your business-use percentage, when to claim depreciation, and which method—simplified or regular—yields a larger deduction.
Form 8832 lets LLCs override their default IRS tax classification—single-member (disregarded entity) or multi-member (partnership)—to elect C corporation treatment at the 21% flat rate, with a 60-month lock-in and a 75-day retroactive filing window.
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