On July 4, 2025, President Trump signed into law a Reconciliation bill making permanent many of the provisions of the 2017 Tax Cuts and Jobs Act (TCJA). We have summarized the provisions that have the most impact on individuals and small businesses. INDIVIDUAL INCOME TAXES Income Tax Rates Under the OBBBA, current income tax rates […]
The One Big Beautiful Bill Act (OBBBA) Read More »
Every profession has its own best practices but proper accounting and bookkeeping techniques are crucial across the board. Whether you’re a hospital administrator trying to write off equipment costs or a small online retail business with complicated multistate sales tax issues, knowing where you stand financially can help with every aspect of your business operations.
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As Boomers and Gen Xers approach retirement, effective financial planning becomes crucial to ensure a comfortable and secure future. This article outlines essential tax and financial planning strategies tailored to the unique needs of individuals nearing retirement. By understanding and implementing these strategies, you can navigate the complexities of retirement planning with confidence. Understanding Retirement
Article Highlights: The Employee Retention Credit (ERC) was introduced as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020 to help businesses keep employees on their payroll during the COVID-19 pandemic. The credit was designed to provide financial relief to businesses that experienced significant declines in revenue or were forced
Article Highlights: Social Security benefits serve as a crucial financial backbone for millions of retirees, disabled individuals, and families of deceased workers in the United States. However, the taxation of these benefits often presents a complex landscape for beneficiaries. This article delves into the intricacies of how Social Security benefits are taxed, the conditions under
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Proper accounting is the backbone of any successful small business. It ensures that your financial records are accurate, helps you make informed decisions, and keeps you compliant with tax regulations. However, many small business owners, who juggle multiple responsibilities, often commit common accounting mistakes that can lead to significant issues down the line. Avoiding these
Top 5 Accounting Mistakes Small Business Owners Make and How to Avoid Them Read More »
Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what each entails can help you navigate the process more effectively. However, it’s crucial to recognize that handling an audit is not a DIY task. Professional assistance can make a significant
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August 12 – Social Security, Medicare and Withheld Income Tax File Form 941 for the second quarter of 2024. This due date applies only if you deposited the tax for the quarter in full and on time. August 15 – Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the
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August 12 – 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 12. Your employer is required to withhold FICA taxes and income tax withholding
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Now that your taxes are complete and filed for last year, you are probably wondering what old tax records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. To determine how to proceed, it is helpful to understand why the records needed
Think Twice Before Tossing: The Critical Timing for Disposing of Your Tax Records Safely Read More »