Tax Facts on Individuals & Small Business is your complete source for tax information that relates to the types of tax implications most often faced by individual taxpayers and business owners. With thousands of easy-to-use Q&As addressing key topics, Tax Facts equips advisors with the knowledge to navigate the tax implications of their client recommendations. Individual and small business taxes are intricate, each with distinct tax considerations, requiring advisors to stay well-informed to deliver the thorough assessments clients depend on.

This book features:

• Easy-to-read Q&As that comprehensively cover all aspects of individual and small business tax issues
• Practical advice for any professional, including CPAs, attorneys, and estate and financial planners
• Detailed explanations of the various types of investment products and techniques that are most commonly used by individuals and businesses
• Clear guidance on addressing practical challenges through Practice Points.
• Accurate tax knowledge to prevent issues from escalating into expensive errors, and enables effective solutions when problems arise

New in the 2026 Edition:

• Changes resulting from the One Big Beautiful Bill, such as:
• the 100% bonus depreciation provision, including the newly created an additional elective 100% depreciation deduction for certain qualified production property
• the temporary deduction up to $25,000 in qualified tip income
• the new temporary deduction for income from tips and overtime
• the repeal of the qualified moving expenses deduction and business-related entertainment and meal deduction
• changes to the electric vehicle tax credit and the energy efficient home credit
• the increased percentage of childcare expenses used to calculate the childcare credit beginning in 2026
• the new temporary deduction for auto loan interest
• the new temporary senior deduction
• federal tax relief is available with respect to disasters declared at the state level
• the new tiered exclusion structure for qualified small business stock
• the permanent repeal of the Pease limitation
• the elimination of the personal exemption
• the minimum QBI deduction for active qualified business income for an applicable taxpayer
• the state and local taxes (SALT) cap and the state-created pass-through entity work around
• the new alternative minimum tax exemption amounts
• the new charitable deduction for taxpayers who do not itemize
• Update on the new pass-through entity taxes (PTETs) created by states to allow taxpayers to sidestep the SALT cap via use of a pass-through structure
• Explanation of the Department of Labor's return to the "economic realities" test evaluating seven different factors when classifying workers as independent contractors or employees
• Analysis of the 2025 Tax Court case in Estate of Billy Rowland where IRS claimed that a husband was not able to claim his predeceased wife's remaining $3 million DSUE
• Discussion of FinCEN's interim final rule that removed the requirement for U.S. companies, persons and entities to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act (CTA)

Key Topics Covered:

• Capital gains and losses
• Tax issues related to business income
• Passive and active business income
• Estate planning issues for small business owners
• Bad debt and worthless securities
• Small business valuation issues
• Buy-sell agreements
• Casualty and theft losses for individuals and businesses
• Nontaxable exchanges