When starting a small business, the last thing they are probably thinking about is potential small business tax problems they could run into. Why is this the case? Small business owners are navigating many complicated issues from quarterly tax payments to Economic Injury Disaster Loans. Simply put, there are a lot of details to get right—starting with a W-2 worker’s salary that must be reported to the IRS and state governments by the W-2 deadline — as well as the income and deductions business owners need to claim accurately on their own business tax returns.

Additionally, small businesses also have more complex tax responsibilities, including:

Since data shows that 39% of people in the U.S. report real estate as part of their past or expected inheritance, it is no surprise that subject comes up a lot at the tax desk.  While most people decide to sell it, there are others who turn it into a rental while others decided to move into it.  The big question always is 'What am going to have to pay in taxes when I receive this?'  After you read this, you should have a better understanding of that question.

What if you inherit a house

First of all, you’ll need to decide what to do with the property. Whether you sell it, keep it, or turn it into a rental, each option has different tax implications.

One of the most important tax rules for inherited property is the step-up in basis. A home’s basis is the amount the IRS uses as the starting point for calculating your capital gains tax.

According to a recent analysis by Self Financial, the average American will pay an estimated $762,272 in total taxes over their lifetime. (This actually represents a roughly 45% increase from the 2024 estimate of $524,625 in lifetime taxes and I'm sure it will go up form there.) The study looked at various taxes Americans pay throughout their lifetimes across several major categories: Federal and state income taxes, Property taxes, Sales taxes and Vehicle-related taxes.

As no surprise, income taxes make up the largest share of the lifetime tax burden. (Their analysis estimates that the average U.S. taxpayer pays about $532,910 in federal and state income taxes over a lifetime.) 

According to the study, Property taxes add roughly more than $145,000 over a lifetime. 

One of the question I get in the tax office every year concerns if you will owe tax for giving large gifts or for receiving large gifts.  The answer is that most people will never come close to exceeding the lifetime estate and gift tax exemption, which, due to the new 2025 Trump/GOP tax law, will remain extraordinarily high for the average household. 

An while giving gifts to your family may apply to these rules, the IRS has several categories of financial gifts that don’t count toward annual gift tax limits, no matter how much you give. But before we dive into which gifts the IRS treats as tax-free, it helps to know a little bit about the federal gift tax.

One of the questions I get alot are from people who have a great deal of money bult up over the years and they want to fund a Roth IRAs by doing conversions from their traditional IRA to a Roth IRA and/or making yearly Roth contributions.

While you can’t deduct the contributions you make to a Roth IRA, the money in the account grows tax-free. Of course, as with most things concerning taxes, there are some rules to prevent from cheating the system. In brief, you are subject to the five-year rule and withdrawals have to be after age 59½ to be not taxable and prevent penalties.  

Observed annually on July 30, National Whistleblower Day commemorates the nation’s first whistleblower law, enacted in 1778, and recognizes individuals who report wrongdoing and help protect public resources. Since the IRS program’s inception in 2007, whistleblower information has contributed to significant enforcement outcomes with more than $8 billion recovered and over $1.4 billion paid in awards.

“Historically whistleblowers have played an essential role in tax administration by calling attention to problems others have overlooked,” said IRS Chief Executive Officer Frank J. Bisignano. “Information provided by whistleblowers helps the IRS identify noncompliance, pursue enforcement actions, and ensure fairness for taxpayers who follow the law.”

As a small business owner, your “to-do” list is likely never-ending. Between managing daily operations, chasing invoices, and preparing for tax season, finding the right tools to streamline your workflow is essential. If you’ve been considering professional accounting software, there has arguably never been a better window of opportunity to make the move to QuickBooks Online (QBO) during this special 90% discount offer.

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With recent industry changes and seasonal promotions colliding, here is why you should act now to set your business up for financial success. 

1. The “Introductory” Edge