College expenses may qualify for valuable federal tax breaks, but timing and coordination are important. Learn how year-end tuition payments may affect education tax credits and why scholarships and Section 529 plan withdrawals must be coordinated with qualified expenses. A sidebar explains how Section 529 plans can be a valuable tax-advantaged way to fund education expenses.
The excess business loss limitation may prevent certain taxpayers from currently deducting all of their business loss. A change taking effect for 2026 may increase the likelihood that you won't be able to fully deduct your loss this year. Learn how the rules work and why year-end planning may be important.
Donating excess or slow-moving inventory to charity before year end may provide a tax benefit while freeing up valuable space. Learn how inventory deductions are calculated, when enhanced deductions may apply and what documentation businesses may need.
Year end is an important time for employees to assess their employer-sponsored Flexible Spending Account. Understanding carryover and grace period rules can help prevent forfeitures and guide 2027 contribution decisions.