The Qualified Business Income deduction remains one of the most valuable tax benefits available to business owners in 2026. However, many companies still fail to maximize it. The deduction comes with income thresholds, wage limitations, and planning requirements that directly impact how much business owners can deduct. Without proper planning, the deduction may shrink or
Category Archives: Advisory|Tax
06
May
May
Many business owners assume once a tax return is filed, the opportunity to reduce taxes disappears. That is not always true. In many cases, businesses overpay taxes because deductions were missed, income was reported incorrectly, or planning opportunities were never identified. An amended tax return can correct those issues and potentially recover substantial savings. Here
25
Mar
Mar
Many business owners ask the same question. How much money can I take out of my business? The real concern is not the amount. The concern is how that amount impacts your taxes. Taking money out of your business without a plan can lead to higher taxes, penalties, or missed opportunities. With the right strategy,
25
Feb
Feb
Are CPA fees worth it for growing businesses? Many owners ask this question as revenue increases and financial complexity expands. If your company generates between $5 million and $100 million in revenue, accounting should produce measurable financial results. You should see tax savings, strategic guidance, and reliable financial reporting. If you only receive a tax
03
Sep
Sep
Growing a business is exciting, but expansion without financial planning can quickly turn risky. That’s where a CPA becomes not just helpful, but essential. A CPA brings financial expertise that goes beyond number-crunching, providing strategic insights that help you scale responsibly and profitably. 1. Strategic Financial Planning Expansion requires capital, and capital requires clarity. A
26
Mar
Mar
Many business owners overpay in taxes each year without realizing it. At Whittaker CPAs, we work closely with companies in manufacturing, technology, and real estate, and we’ve seen firsthand how costly common tax mistakes can be. These industries offer powerful tax-saving opportunities, but only when your CPA knows how to uncover them. Here are the
26
Feb
Feb
When structuring a business, choosing the right tax designation can significantly impact your tax liability, compliance obligations, and long-term financial benefits. Two of the most common options are LLC taxation (default) and S-Corporation (S-Corp) taxation (an election made by an LLC or corporation). LLC Taxation A Limited Liability Company (LLC) is a business structure that
20
Nov
Nov
How to Avoid Capital Gains Tax When Selling Your Home If you’re planning to sell your home, you might be wondering: Will I owe taxes on the profit? The good news is that many homeowners can exclude up to $250,000 (or $500,000 for married couples) of their gain from capital gains tax under IRS Section
25
Sep
Sep
How Are Operating Expenses for Commercial Properties Treated for Tax Purposes? Operating a commercial property comes with a variety of ongoing costs. From utilities to property management fees, these expenses can add up quickly. However, the good news for commercial property owners is that many of these operating expenses are tax-deductible. With these deductions you
18
Sep
Sep
Commercial real estate owners have numerous opportunities to reduce their taxable income through various deductions. Understanding and applying these deductions can significantly improve profitability and cash flow. In this article, we’ll explore key tax deductions available to commercial property owners, helping you keep more of what you earn. Commercial real estate owners have numerous opportunities