Articles by Justin Gluska

If you’re a small-business owner approaching retirement, 2026 brings notable tax changes that could impact your planning strategy. Between the enhanced senior deduction, Social Security benefit rules that can affect your taxes, and recent legislative shifts, there’s much to consider when mapping out your exit from active business ownership. Here’s what you need to know about [...]

Governor Abigail Spanberger signed House Bill 29 on February 20, establishing Virginia’s conformity to the Internal Revenue Code as of December 31, 2025. The legislation reverses the state’s three-year experiment with rolling conformity and strategically decouples from specific provisions of the One Big Beautiful Bill Act. Virginia becomes the latest state to respond to OBBBA’s passage [...]

High income can feel like a penalty. As earnings rise, more deductions and credits start to phase out. Some rules also add extra limits. Business owners who plan early often focus on a few levers. One lever is solid records for ordinary and necessary expenses. Another lever is retirement plan design. Timing also matters for major [...]

The South Carolina House of Representatives approved a $15.4 billion state spending plan early Wednesday morning after more than 16 hours of debate over two days. The fiscal year 2026-27 budget passed 101-18. Most opposition came from House Freedom Caucus members. The House also approved Senate amendments to lower the state’s top income tax rate from [...]

Sen. Cory Booker introduced legislation Monday that would eliminate federal income tax on the first $75,000 earned by married couples filing jointly, a proposal that would represent one of the most significant expansions of tax-free income in decades. The bill includes proportional thresholds for single filers and heads of household, along with more than doubling [...]

A higher income does not always mean a straightforward tax return. Some filers calculate their tax one way, then learn the IRS requires a second calculation using a different set of rules. This second system is called the Alternative Minimum Tax, or AMT. AMT is a parallel tax formula. It adjusts income by adding back certain [...]

A Section 199A QBI deduction claim often rises or falls on one label. The income has to come from a qualified trade or business. If the activity does not meet that standard, the deduction generally does not start. That sounds simple. Many common situations make it harder. A rental property might look passive on paper. A [...]

Tax season often creates pressure for business owners who are already juggling operations, payroll, and cash flow. Missed forms or incorrect payments can lead to penalties, interest, and unnecessary back-and-forth with the IRS. Early preparation helps reduce those risks and gives you more control over how and when you file. The IRS encourages businesses to gather [...]

A profitable year does not always lead to a QBI deduction. Under Section 199A, the deduction depends on your qualified business income from a pass through business such as a sole proprietorship, partnership, or S corporation. The calculation looks simple at first. Add income. Subtract deductions. Apply up to 20% in many cases. Problems start when [...]