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Federal Taxes

Tax Court case provides lessons on best recordkeeping practices for businesses

Federal Taxes, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this […]

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New rules could boost your R&E tax savings in 2025

Federal Tax Deductions, Federal Taxes, One, Big, Beautiful Bill Act, Research & Experimental Expenses (R&E), Research Tax Credit, Small Business, Small Business Owners, Tax Deduction /

A major tax change is here for businesses with research and experimental (R&E) expenses. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) reinstated the immediate deduction for U.S.-based R&E expenses, reversing rules under the Tax Cuts and Jobs Act (TCJA) that required businesses to capitalize and amortize these costs over five years (15 years

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Lower your self-employment tax bill by switching to an S corporation

Federal Employment Tax, Federal Taxes, Limited Liability Company, Partnerships, S Corporation, Self Employment Tax, Small Business, Small Business Owners, Small Business Tax Tips, Sole Proprietors, Taxes 2025 /

If you own an unincorporated small business, you may be frustrated with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation. SE tax basics Sole proprietorship income, as well as partnership income that flows through to partners (except certain limited partners), is subject

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No tax on car loan interest under the new law? Not exactly

Deductions, Federal Tax Deductions, Federal Taxes, Individual Income Tax, Individual Tax Tips, Modified Adjusted Gross Income (MAGI), One, Big, Beautiful Bill Act, Qualified Passenger Vehicle Loan Interest, Taxes 2025 /

Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another exception for eligible car loan

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The new law includes a game-changer for business payment reporting

Federal Taxes, Form 1099-K, Form 1099-Misc, Form 1099-NEC, Independent Contractors, One, Big, Beautiful Bill Act, Small Business, Small Business Owners, Taxes 2025 /

The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation. The current requirement: $600 threshold

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The QBI deduction and what’s new in the One, Big, Beautiful Bill Act

Federal Taxes, One, Big, Beautiful Bill Act, Partnerships, Past-Through Entities, Qualified Business Income Deducton (QBI), Real Estate, S Corporation, Small Business, Small Business Owners, Sole Proprietors, Tax Tips on Real Estate Purchases, Taxes 2025, Taxes and Tips /

The qualified business income (QBI) deduction, which became effective in 2018, is a significant tax benefit for many business owners. It allows eligible taxpayers to deduct up to 20% of QBI, not to exceed 20% of taxable income. It can also be claimed for up to 20% of income from qualified real estate investment trust

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What families need to know about the new tax law

529 Saving Plan, Adoption, Child and Dependent Care Credit, Federal Taxes, Individual Income Tax, Individual Tax Tips, Modified Adjusted Gross Income (MAGI), One, Big, Beautiful Bill Act, Tax Laws, Taxes 2025, Trump Accounts /

The One, Big, Beautiful Bill Act (OBBBA) has introduced significant tax changes that could affect families across the country. While many of the provisions aim to provide financial relief, the new rules can be complex. Below is an overview of the key changes. Adoption credit enhanced Parents who adopt may be eligible for more generous

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What the new tax law could mean for you

(LTCG) Net Long-Term Capital Gain, Child Tax Credit, Estate Tax, Federal Taxes, Gift Tax, Individual Income Tax, Individual Tax Tips, Inflation, Non-Child Dependent, One, Big, Beautiful Bill Act, Real Estate, SALT, Tax Brackets /

As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire at the end of the year. That changed on July 4, when President Trump signed the One, Big, Beautiful Bill Act (OBBBA) into law. The OBBBA not only makes many TCJA provisions permanent but also

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5 tax breaks on the table: What business owners should know about the latest proposals

(R&D) Research and Development, Business Income Tax, Corporate Federal Income Tax Rate, Federal Taxes, Independent Contractors, Past-Through Entities, Qualified Business Income Deducton (QBI), Section 179, Small Business Owners, Small Business Tax Tips, Small Business Tips /

A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed legislation is still under debate, it’s already sparking attention across business communities. Here’s a look at the current rules and proposed changes for five key tax provisions and what they could mean

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