Even successful businesses experience occasional down years. Fortunately, the federal tax code provides a way to help offset those losses, potentially reducing taxable income in future years. It's called the net operating loss (NOL) deduction, and it can be a valuable strategy for businesses facing fluctuating income.

Inheriting assets from a loved one can come with a significant—but often misunderstood—tax benefit known as the step-up in basis. This provision can reduce or eliminate capital gains tax on inherited property. Here's what you need to know.

When valuing a private business, IRS Revenue Ruling 59-60 remains one of the most foundational guides for determining value. Among the key factors it identifies is "the condition and outlook of the specific industry." But how exactly does the industry risk factor fit into the valuation, and how do investors and appraisers measure it?

If you're self-employed, run a small business, or earn rental or investment income, quarterly estimated tax payments may be critical to your tax compliance. These payments cover both income tax and, if applicable, self-employment tax. Missing a payment or miscalculating what you owe can lead to penalties and interest, even if you're due a refund at tax time.

In many popular vacation destinations, property values and insurance costs have soared. If your vacation home has appreciated significantly, now may be a good time to sell. While you could simply sell and accept the tax bill, three tax-saving strategies are worth considering.

The Tax Cuts and Jobs Act (TCJA) significantly restricted the types of theft losses that can be deducted on federal income tax returns. However, a recent Chief Counsel Advice memo (CCA 202511015) from the IRS offers new insight, suggesting that more fraud victims may qualify for theft loss deductions than previously thought.

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement, or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different succession strategies is key. Here are five options to consider, along with some of the tax implications.

Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such an investment might be something you’d rather forget, there’s a silver lining: you can claim a capital loss deduction on your tax return. Here are the rules when a stock you own is sold at a loss or is entirely worthless.

Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships, and even legal consequences. Below are six quick tips to help you stay on track.