Insights on tax, equity, and building wealth
Guides and analysis from the Harness team and the advisors on the platform.
S Corp Reasonable Salary—How to Set a Fair and IRS-Compliant Pay
Electing S Corp status can be a smart tax move for small business owners, freelancers, and single-member LLCs. It allows you to take part of your income as salary and the rest as distributions, which aren’t subject to self-employment tax. But with that benefit comes one rule the IRS pays close attention to—your salary has to be “reasonable.”
The Small Business Tax Deductions Checklist: Maximize Your 2025 Savings
For small businesses, the start of a new tax year can usher in the potential for lost profits in the shape of new lax laws. With thresholds and deductions shifting on a near-continuous basis, what applied last year to your business may not necessarily apply now, and you stand to lose money if you don't stay up-to-date with any relevant changes.
Tax Advisor Weekly — November 14, 2025
With the U.S. government officially reopened after a record-breaking 43-day shutdown, tax professionals now face a post-crisis landscape filled with political volatility, delayed services, and looming policy battles. President Trump signed the stopgap funding bill late Tuesday night, restoring operations across federal agencies—but without the healthcare subsidies Democrats had demanded.
Tax Advisor Weekly — November 7, 2025
With Washington gridlocked and the courts weighing high-stakes questions, tax policy is shifting on multiple fronts. The Supreme Court has now heard arguments over the legality of Trump’s sweeping emergency tariffs, which have netted over $150 billion for the federal government this year alone.
10 Common Tax Mistakes Small Businesses Make
Running a small business means juggling sales, payroll, expenses, growth plans, and somewhere in the mix—taxes. The IRS has increased its focus on small business compliance in 2025, especially around payroll taxes, digital payments, worker classification, and estimated tax payments. Most tax errors aren’t intentional. They happen because business owners are moving fast, wearing too many hats, or relying on outdated assumptions about what’s required.
The Hidden Tax Advantage of Bad Investments
Whether it's due to broader market downturns or just poor performance in a specific venture, investors face the ever-present risk of financial loss. The silver lining is an opportunity to reduce your tax burden through strategic tax loss harvesting across multiple asset classes.
Tax Advisor Weekly — October 31, 2025
As the dust settles from President Trump’s summer tax overhaul, policy impacts are showing up in unexpected places. Taxpayers are likely to see larger-than-expected refunds in 2026 due to IRS withholding delays. Meanwhile, new capital gains exemptions may change exit planning for business owners.
5 Challenges for Accounting Professionals in 2025
It's fair to say the accounting profession is currently dealing with a range of issues unlike anything it's experienced in recent history. A combination of technological disruption, increased regulatory complexity, and shifting client expectations are reshaping the industry at a rapid pace.
What You Should Know About the SALT Deduction in 2025
The tax arena is shifting quite dramatically in 2025, with the One Big Beautiful Bill Act raising the SALT deduction cap from $10,000 to $40,000. This fourfold increase creates major tax-saving opportunities, especially for those in high-tax states constrained by the previous limit.
Trump’s Plan to Eliminate US Expat Taxes: What It Means for Americans Abroad
In a major, but yet-to-be-enacted legislative effort, the U.S. government is seeing movement regarding the burden of Citizenship-Based Taxation (CBT) on Americans living abroad. While a shift has been strongly advocated by Donald Trump, the core system of worldwide taxation remains in place.
Cybersecurity Best Practices 2025 Every Tax Professional Should Know
Cyber threats aren’t slowing down—and for tax professionals, the stakes in 2025 are higher than ever. From phishing scams to ransomware and data breaches, client information is a prime target. The reality is simple: protecting sensitive financial data has become just as critical as delivering accurate tax advice.
The 2026 Charitable Deduction Reset: What High-Earners Should Do Before the Rules Change
Philanthropy is undergoing a major shift in 2026 as a result of the One Big Beautiful Bill Act. The legislation is introducing new charitable deduction floors and caps, which will change the face of charitable giving, particularly for high-net-worth donors.
Section 301 Tariffs for Small Businesses in 2025: Current Rates, Exclusions, and FAQs
The near-constant shift in tariff policies, and Section 301 tariffs in particular, is creating a difficult terrain for small businesses to operate in. What makes the situation especially challenging is how these tariffs stack on each other. Original Section 301 duties combine with newer measures such as fentanyl tariffs and reciprocal tariffs on Chinese imports, putting a major strain on small business profit margins and making it difficult to plan and price products.
Tax Advisor Weekly — October 24, 2025
From the courtroom to the supply chain, U.S. economic policy sent shockwaves through tax planning again this week. A new S&P Global analysis shows Trump-era tariffs may cost businesses over $1.2 trillion in 2025—with consumers bearing most of the burden. Meanwhile, the Supreme Court is now the battleground for legal fights over Trump's executive powers, from tariff authority to agency control.
What Advisors Need to Know About IRS Cybersecurity Guidelines
Cybersecurity isn’t a side project for tax advisors anymore, it’s become one of the most important parts of running a trustworthy practice. The IRS has been clear: every firm, whether a solo shop or a large partnership, is expected to follow specific safeguards to protect taxpayer data. These IRS cybersecurity guidelines aren’t only there to reduce risk, they shape how clients view your professionalism and reliability.
1031 Exchange Updates You Should Know
Although 1031 exchanges remain an effective wealth preservation vehicle for real estate investors, the rules governing them have undergone a number of updates. New regulatory interpretations and legislative adjustments have transformed how these tax-deferral mechanisms operate. What worked smoothly in previous years now requires careful planning through modified requirements.
529 to Roth IRA Rollovers 2025: A Guide to Eligibility & How to Do It
Despite 529 accounts being an effective way for parents to save for their children's education, many families have hesitated in the past to fully fund their 529 accounts. This is largely due to concerns that unused funds will face penalties if a child's education plans change, which often leads to under-saving for college expenses.
Everything You Need to Know About Green Building Tax Credits in 2025
The green building landscape is rapidly evolving, and 2025 is shaping up to be a pivotal year for developers navigating tax policy. Federal and state governments are doubling down on incentives designed to accelerate sustainable construction, reduce emissions, and boost energy efficiency. For developers and builders, this presents a unique opportunity to not only lower their tax liabilities but also align with long-term market and environmental trends.
Housing Affordability Policy 2025: Impacts on Builders & Investors
The year 2025 marks a defining moment in U.S. housing policy. As affordability concerns reach historic highs, federal legislators are stepping in to reshape how housing is built, financed, and distributed across the country.
6 Strategies for Generational Wealth Transfer
The numbers behind the “Great Wealth Transfer” are staggering—an estimated $124 trillion is expected to pass from Baby Boomers and older generations to heirs by 2048. But what’s often lost in this headline-grabbing statistic is how complex, fragile, and deeply personal this transfer can be.
Section 179 Deduction 2025: Business Equipment Tax Savings Guide
The Section 179 deduction isn’t new, but in 2025, it looks better than ever. Thanks to updates in the One Big Beautiful Bill Act (OBBBA), small and mid-size businesses now have expanded opportunities to write off the full cost of equipment and software in the year they place it in service.
How the Foreign Tax Credit Carryover Works and Traps to Watch Out For
For all the opportunities that the globalized economy has brought, US citizens can run into trouble when it comes to the complexities of international taxation and the risk of being taxed twice on the same income.
Who Qualifies for the Duty Drawback Program (and How to Claim)
Many U.S. businesses are leaving money on the table in their international trade operations. The U.S. duty drawback program—a powerful yet underutilized provision in customs law—allows companies to reclaim up to 99% of duties paid on imported goods that later leave American shores.
Tax Advisor Weekly — October 17, 2025
From bracket shifts to soybean standoffs, the week brought another wave of policy moves reshaping tax planning. The IRS has officially released its 2026 inflation-adjusted tax brackets and deduction thresholds, giving planners fresh numbers to model against. But those working under extension have little time to process them: the October 15 deadline is still firm, despite the ongoing IRS shutdown.
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