Facebook Linkedin Twitter

Taxes and Tips

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 […]

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

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

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

Understanding the “step-up in basis” when inheriting assets

Assets, Estate Planning, Inheriting Money, Taxes and Tips /

If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done. What “basis” means First, let’s look at a couple definitions. Basis is

Understanding the “step-up in basis” when inheriting assets Read More »

An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing

Annualized Income Method, Individual Income Tax, Individual Tax Tips, Quarterly Estimated Tax Payments, S Corporation, Sole Proprietors, Taxes and Tips /

Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for 2025 if you’re required to make one. Basic details You may have to make estimated

An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing Read More »

Turning stock downturns into tax advantages

Capital Gains, Capital Losses, Federal Taxes, Stock Market, Taxes and Tips /

Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such an investment might be something you’d rather forget, there’s a silver lining: you can claim a capital loss deduction on your tax return. Here are the rules when a

Turning stock downturns into tax advantages Read More »

Planning for the future: 5 business succession options and their tax implications

Captial Gains, Closely Held Corporations, Employees, ESOP Employee Stock Ownership Plan, Estate Planning, Estate Tax, Federal Estate Tax, Federal Gift Tax, Federal Taxes, Gift and Estate Tax, Small Business, Small Business Owners, Succession Plans, Taxes and Tips, Trust /

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different

Planning for the future: 5 business succession options and their tax implications Read More »

Questions about taxes and tips? Here are some answers for employers

Federal Taxes, Small Business, Small Business Owners, State Tax, Taxes and Tips, Tip Tax Credit /

Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips. Are tips becoming tax-free? During the campaign, President Trump promised to end taxes on

Questions about taxes and tips? Here are some answers for employers Read More »