The One Big Beautiful Bill Act (OBBBA) created a personal deduction for tips received by workers in specified industries. The deduction is primarily … Read more about Can Self-Employed Individuals Claim the Tips Deduction?
It Pays To Be Small: 6 Tax Rules To Know
When it comes to federal income tax law, there’s an advantage to being a small business. Certain tax breaks only apply to businesses that meet the … Read more about It Pays To Be Small: 6 Tax Rules To Know
Small Business Tax FAQ: Expert Answers to Common Questions
On September 16, 2025, I presented a webinar for SCORE entitled “Year-End Tax Preparation - Opportunities to Reduce Your Overall Tax Burden.” It … Read more about Small Business Tax FAQ: Expert Answers to Common Questions
Proposals for Better Tax Rules for Small Businesses
Congress is continually giving lip service to its desire to help small businesses, but rarely does something important taxwise in this regard. Much … Read more about Proposals for Better Tax Rules for Small Businesses
What’s New Taxwise for Retirement Plans in 2025
Retirement plans are an important way to help employees build financial security. There is great flexibility for employers in choosing the plan best … Read more about What’s New Taxwise for Retirement Plans in 2025
5 Tax Rules that May Surprise You
It’s probably no great revelation to learn that taxes are complicated. As a consequence, most small business owners rely on tax professionals, at … Read more about 5 Tax Rules that May Surprise You
Surprised by Tax Penalties? How to Get Relief
The IRS has a slew of penalties that may be imposed for doing something wrong, doing something late, or failing to do what you should have done: … Read more about Surprised by Tax Penalties? How to Get Relief
Multiple Businesses with Common Ownership: Tax Rules You Need to Know
Entrepreneurs may not be content with owning a single business. They may have two or more companies going at the same time. They may own some or all … Read more about Multiple Businesses with Common Ownership: Tax Rules You Need to Know
3 Tax Strategies for Start-Ups
Companies starting out have a lot of expenses but little if no revenue. How do you handle this dilemma? Hopefully, a start-up has raised sufficient … Read more about 3 Tax Strategies for Start-Ups
25 Years Since the IRS Restructuring and Reform Act of 1998
It’s impossible these days to listen to or read the media or view social media posts without finding out something about the IRS. In 1998, Congress … Read more about 25 Years Since the IRS Restructuring and Reform Act of 1998
Employment Tax Rules for Women in the Workplace
According to The State of Women in the Labor Market in 2023, three quarters of women ages 25 to 54 are employed; with 84% of them working full time. … Read more about Employment Tax Rules for Women in the Workplace
Writing Off Casualty or Disaster Losses for Your Business
September is National Preparedness Month and the theme this year from Ready.gov is prepare for disasters to create a lasting legacy for you and your … Read more about Writing Off Casualty or Disaster Losses for Your Business
Thresholds Are Confusing for Information Reporting
Saying that tax rules are confusing is an understatement. Sometimes they’re almost impossible to understand. When it comes to requirements for … Read more about Thresholds Are Confusing for Information Reporting
Writing Off the Cost of Business Driving
Gas prices at the pump have nearly doubled in one year, causing severe strain on business budgets. This is especially so for businesses that are based … Read more about Writing Off the Cost of Business Driving
Some Tax Issues Never Change
In the past several years, business owners have grown accustomed to adapting to many changes in tax rules. Some new rules have been temporary in … Read more about Some Tax Issues Never Change
