S corporation shareholders can reduce employment taxes because their shares of business income generally aren’t subject to self-employment tax. But shareholder-employees must receive reasonable compensation for their services. Learn how the IRS evaluates compensation, the risks of paying salaries that are too low and how wages can affect other valuable tax benefits.

Rental real estate losses generally are subject to passive activity rules that can limit their current deductibility. However, taxpayers who qualify as real estate professionals and materially participate in their rental activities may receive more favorable treatment. Other exceptions also may apply. Understanding these rules can help rental property owners maximize available tax benefits.

Charitable deductions come with detailed substantiation requirements, and missing documentation can put valuable tax breaks at risk. Taxpayers should understand the records required for cash and noncash contributions, including acknowledgments and appraisals, and be aware of new charitable deduction rules that take effect for 2026.

Year-end tax planning can involve more than gathering receipts. Midyear changes to standard mileage rates, tax considerations for newly married couples and estate planning opportunities involving qualified personal residence trusts could all affect your tax picture. Review these timely reminders as you prepare for year end and the upcoming filing season.