When it comes to running a successful small business, every dollar counts. Yet every year, many owners miss out on valuable tax deductions — and with them, the chance to strengthen their cash flow and reinvest in growth. In 2025, smarter tax planning isn’t optional. It’s a financial strategy that can give your business a […]
The reinstatement of bonus depreciation is a critical component of recent U.S. tax legislation aimed at fostering economic growth. The 2017 Tax Cuts and Jobs Act (TCJA) had already put significant emphasis on bonus depreciation, but its permanent reinstatement under the “One Big Beautiful Bill Act” at 100% further emphasizes its importance, especially after considering […]
The recent passage of the One Big Beautiful Bill Act (OBBBA) marks a significant shift in the tax landscape, bringing with it a range of changes aimed at easing the financial burden on American workers. Among these changes, the introduction of a new deduction for overtime pay is of particular interest. This article will explore […]
So you built something real. A business. A legacy. A family-run thing that’s weathered recessions, pandemics, and probably more sleepless nights than you care to count. Maybe it’s a restaurant. A dental practice. A small farm. Maybe it’s a consulting firm that started at your kitchen table with a laptop and a dream. And now? […]
For years, the myth persisted: Estate planning is only for the ultra-wealthy. But if you’re Gen X, a Boomer, or even one of the older Millennials, it’s time to rethink that mindset. A lot has changed. And waiting until it’s urgent could leave your family exposed to legal headaches, financial loss, and avoidable stress. Estate […]
Article Highlights: Prior Law on Tip Reporting and Employer Requirements Introduction of the Above-the-Line Deduction for Qualified Tips Above-the-Line Deductions Qualified Tips Definition Tips in Business Operations When the Deduction is Unavailable Specified Service Trades or Businesses Income Based Reduction Lacking Employment-Eligible Social Security Number Expanded FICA Tip Tax Credit for Employers The U.S. tax […]
August 2025 Individual Due Dates August 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 11. Your employer is required to withhold FICA […]
Article Highlights: Choosing the Right Business Entity General Overview of Common Business Structures Sole Proprietorships Partnerships Limited Liability Companies (LLCs) C Corporations S Corporations Choosing the right business entity is a critical decision for entrepreneurs and business owners. The type of entity you select can have significant implications for liability, taxation, and the overall management […]
Here’s something the IRS doesn’t advertise: Success gets expensive fast, especially when there are two high earners under one roof. You both worked hard. You both climbed your career ladders. And now you’re living in that post-promotion, post-bonus, equity-vesting glow. Until tax season slaps you with a surprise. And suddenly, you’re asking the same question […]
Article Highlights: The One, Big, Beautiful Bill Previously Owned Clean Vehicle Credit New Clean Vehicle Credit Energy Efficient Home Improvement Credit Residential Clean Energy Credit The legislative landscape of environmental tax credits may soon change significantly, as “The One, Big, Beautiful Bill” awaits Senate approval following its passage by the House of Representatives on May […]