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…
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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 -…
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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…
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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…
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,…
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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…
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Article Highlights
Higher Standard Deduction
IRA Options
Typical Summer Jobs for Young Adults
Self-Employed Parent
Employing Your Child
Tax Benefits
Summer jobs for kids offer more than just extra cash—they provide…
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On May 22, the U.S. House of Representatives passed a sweeping tax package, advancing a bill that could significantly reshape the federal tax landscape heading into the 2025 filing season. Dubbed by supporters as “The One Big Beautiful Bill,”…
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June 2025 Individual Due Dates
June 2 - Final Due Date for IRA Trustees to Issue Form 5498
Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2024.…
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Let’s get one thing straight: your business is not a bottomless pit for personal spending. Too often, SMB owners treat their bank accounts like ATMs—dispensing cash on impulse until there’s nothing left for growth, innovation, or even…
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Flat Tax Fever? States Ramp Up 2025 Income Tax Overhauls
Tax News, Tax ReformImportant July 2025 Due Dates
2025 Due Dates, 2025 TaxesA Comprehensive Guide for Itemized Medical Deductions
Deductions, Health Insurance, HealthcareNavigating IRS Penalty Abatement
Tax Tips, TaxesSummer Hiring? Here’s How to Handle Seasonal Workers, Interns, and Payroll Compliance Without the Headache
Jobs, Small BusinessTips Every Self-Employed Individual Should Know About Self-Employment Tax
Self-Employment, Small BusinessSummer Jobs for Your Children
Entrepeneurship, JobsTax Bill Clears the House: What It Means for Americans and What’s Next
2025 Taxes, Tax News, Tax Tips, TaxesImportant June 2025 Due Dates
2025 Due Dates, Tax Planning, Tax TipsYou Are Not an ATM
Finance Tips, Financial Planning, Self-Employment, Small Business, Startup