Article Highlights: Permanent Extension of the Increased Standard Deduction and Changes to Tax Rates Senior Bonus Deduction Adjustment to the Qualified Business Income Deduction (QBI) Estate and Gift Tax Exemption Enhancements Saver’s Credit Adjustments “No” Tax on Social Security Income “No” Tax on Overtime “No” Tax on Tips Reinstatement of Bonus Depreciation Increased State and […]
You’ve probably seen the headlines: “IRS funding slashed.” “Audit rates down.” “Staffing cuts.” If you’re a business owner, investor, or part of a high-earning household, you may be thinking: Finally, some breathing room. But here’s the reality: The IRS isn’t pulling back. It’s just getting smarter about who it goes after. The IRS Isn’t Auditing […]
If you’ve ever wanted to slice and dice your financial data in QuickBooks® Online without changing your chart of accounts or creating new classes or locations, you’re in luck. The Tags feature in QuickBooks® Online offers an intuitive, flexible way to track transactions across any category you choose—clients, events, sales channels, campaigns, or even employee […]
W-2 by Day, Wedding Photographer by Weekend? You started your side hustle for the flexibility. The extra income. The “hey, I’m good at this—why not get paid?” kind of freedom. And now it’s summer, and the bookings are rolling in. Weddings. Brand shoots. Freelance design projects. Extra coaching sessions. Maybe even some Airbnb income while […]
Many U.S. states are considering or implementing flat income tax systems. These policies apply a single tax rate to all taxpayers regardless of income. While supporters say these reforms simplify tax codes and spur economic growth, critics argue they disproportionately benefit the wealthy and jeopardize state revenue. With South Carolina making national headlines with its […]
July 2025 Individual Due Dates July 1 – Time for a Mid-Year Tax Check Up Time to review your 2025 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 – Report Tips to Employer If you are an employee who works for tips and received […]
Article Highlights: Adjusted Gross Income (AGI) limitation Itemized Deductions List of Over 60 Medical Issues and Their Deductibility In today’s world, where medical costs are soaring, understanding the intricacies of tax-deductible medical expenses is not just beneficial—it’s necessary for effective financial planning. This guide explores the ins and outs of deductible medical expenses, touching on […]
Article Highlights: Understanding Reasonable Cause Abatement What Constitutes Reasonable Cause? How to Apply for Reasonable Cause Relief Who Can Apply? IRS Guidelines on Evaluating Reasonable Cause Grounds Used for Requesting Abatement Exploring First-Time Abatement Penalty Relief Qualifications for First-Time Abatement Is FTA a One-Time Benefit? Scope and Limitations of FTA How to Apply for FTA […]
Hiring for the summer? That’s exciting—until the IRS gets involved. While onboarding interns or part-time help sounds simple enough, summer hiring is one of the most common ways small business owners get tripped up on payroll, compliance, and classification. And yes, even a single misstep—like putting a W-2 employee on a 1099 “just for the […]
Article Highlights: What is Self-Employment Tax? Net Earnings Subject to Self-Employment Tax Comparison: Employee vs. Self-Employment Prepayment and Estimation Exemptions from Self-Employment Tax Issues and Challenges Self-employment tax plays a crucial role in the life of every entrepreneur, freelancer, and business owner. Understanding this tax is essential for anyone who makes their living other than […]