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Douglas Freeman

Significant changes to information reporting go into effect for the 2026 tax year

Employees, Federal Income Tax, Independent Contractors, One, Big, Beautiful Bill Act, Small Business Tax Tips, Small Business Tips, State Income Tax, Taxes and Tips, Tips And Overtime /

If your business has employees or uses independent contractors, you have associated annual information reporting obligations. The One Big Beautiful Bill Act (OBBBA) makes changes impacting these rules, but not for the 2025 tax year. Tips and overtime income For 2025 through 2028, the OBBBA creates new deductions for employees who receive qualified tips income […]

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Businesses should carefully contemplate their cybersecurity budgets

Cybersecurity, Cybersecurity Budget For Businesses, Small Business, Small Business Owners, Small Business Tips /

Is your company spending enough on cybersecurity? Unfortunately, it’s a question every business owner must contemplate carefully these days. The 2025 Security Budget Benchmark Report found that cybersecurity budgets increased by 4% this year, based on survey responses from nearly 600 Chief Information Security Officers collected by IANS Research and Artico Search. That may sound impressive. But it’s

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Checking off RMDs on the year-end to-do list

401K, Charitable, Charitable Contributions, Federal Taxes, Required Minimum Distributions (RMD), Retirement, Roth IRA, Traditional IRA /

You likely have a lot of things to do between now and the end of the year, such as holiday shopping, donating to your favorite charities and planning get-togethers with family and friends. For older taxpayers with one or more tax-advantaged retirement accounts, as well as younger taxpayers who’ve inherited such an account, there may

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New law eases the limitation on business interest expense deductions for 2025 and beyond

(ATI) Adjusted Taxable Income, Business Deductions, Business Income Tax, Business Interest Expenses, C Corporation, Limited Liability Company, One, Big, Beautiful Bill Act, Partnerships, Pass Through Taxation, S Corporation, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

Interest paid or accrued by a business is generally deductible for federal tax purposes. But limitations apply. Now some changes under the One Big Beautiful Bill Act (OBBBA) will result in larger deductions for affected taxpayers. Limitation basics The deduction for business interest expense for a particular tax year is generally limited to 30% of

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There’s still time to save 2025 taxes

401K, Charitable Contributions, Charitable Donations, Deductions, Income Tax, Individual Income Tax, Itemized Deduction, Pass Through Taxation, Stocks, Taxes 2025, Traditional IRA /

Just because it’s December doesn’t mean it’s too late to reduce your 2025 tax liability. Consider implementing one or more of these year-end tax-saving ideas by December 31. Defer income and accelerate deductions Pushing income into the new year will reduce this year’s taxable income. If you’re expecting a bonus at work, for example, ask if

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6 last-minute tax tips for businesses

Pass Through Taxation, Small Business, Small Business Owners, Small Business Tax Tips, Tax Planning /

Year-round tax planning generally produces the best results, but there are some steps you can still take in December to lower your 2025 taxes. Here are six to consider: 1. Postpone invoicing. If your business uses the cash method of accounting and it would benefit from deferring income to next year, wait until early 2026 to

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How will taxes affect your merger or acquisition?

(LTCG) Net Long-Term Capital Gain, Asset Sale of Business, C Corporation, Federal Income Tax, Federal Taxes, Limited Liability Company, One, Big, Beautiful Bill Act, Past-Through Entities, Sale of Business Assets, Small Business, Small Business Owners, Small Business Stock, Small Business Tax Tips, Small Business Tips, Sole Proprietors, Stock Sale of Business /

Whether you’re selling your business or acquiring another company, the tax consequences can have a major impact on the transaction’s success or failure. So if you’re thinking about a merger or acquisition, you need to consider the potential tax impact. Asset sale or stock sale? From a tax standpoint, a transaction can basically be structured

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New itemized deduction limitation will affect high-income individuals next year

(ATI) Adjusted Taxable Income, Federal Income Tax, High-Income Individuals, Individual Income Tax, Individual Tax Tips, Itemized Deduction, One, Big, Beautiful Bill Act, Pass Through Taxation, Tax Planning /

Beginning in 2026, taxpayers in the top federal income tax bracket will see their itemized deductions reduced. If you’re at risk, there are steps you can take before the end of 2025 to help mitigate the negative impact. The new limitation up close Before the Tax Cuts and Jobs Act (TCJA), certain itemized deductions of

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Have you used up your 2025 FSA funds?

Dependent Care FSAs, Employees, Flexable Spending Accounts, FSA, Human Resources (HR), Itemized Deduction, Medical Expenses, Year End Planning /

If you have a flexible spending account (FSA) through your employer to help pay for health or dependent care expenses, now’s a good time to check your balance. FSAs save taxes, but they generally require you to incur expenses to use the funds by year end or forfeit them. Here’s a refresher on the rules

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New deduction for QPP can save significant taxes for manufacturers and similar businesses

Depreciation, One, Big, Beautiful Bill Act, Ordinary Income Tax, Qualified Production Property (QPP), Real Estate, Tangible Property Deductions /

The One Big Beautiful Bill Act (OBBBA) allows 100% first-year depreciation for nonresidential real estate that’s classified as qualified production property (QPP). This new break is different from the first-year bonus depreciation that’s available for assets such as tangible property with a recovery period of 20 years or less and qualified improvement property with a

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