A Little-Known Way to Pay Family and Save on Taxes
Paying your child, grandchild, or other relative can be one of the most powerful tax-saving strategies availableto business owners. Most advisors focus on putting younger children on payroll. That’s a good strategy. But what many overlook is a lesser-known approach that can work for older children and even other family members—and in the right circumstances, […]
USPS’s New Postmark Rules Set an Ugly Trap forTaxpayers
For decades, taxpayers have relied on a simple rule when mailing returns or payments to the IRS: if it’s postmarked by the deadline, it’s considered filed on time.1 It used to be that you could drop off your tax return at the post office on April 15 and you were safe. That’s no longer true […]
OBBBA Restores and Creates New 100% Deductions for You, Now
Thanks to the One Big Beautiful Bill Act (OBBBA), 100 percent bonus depreciation has been restored and made permanent. And there’s more. The Section 179 limits have been greatly expanded. Plus, there is a brand-new, whopping 100 percent deduction for qualified production property. 100 Percent Bonus Depreciation 100 percent bonus depreciation is back for property […]
The OBBBA Individual Tax Changes Grid for Your Desktop
The One Big Beautiful Bill Act (OBBBA) has reshaped the U.S. tax code for you—the individual taxpayer. Whether you’re a parent, student, homeowner, gig worker, or retiree, there’s something in this new law that could directly impact your tax bill. To help you stay informed and in control, we created the OBBBA Individual Grid—a five-page, […]
CTA BOI Reporting Is Over Except for Foreign Companies
The U.S. Treasury Department announced that it will not require U.S. corporations, limited liability companies, or other U.S. business entities to comply with the Corporate Transparency Act (CTA). The CTA requires that most smaller corporations, limited liability companies, and some other business entities(all of which are termed “reporting companies”) file beneficial ownership information reports (BOI […]
Tax-Saving Tips
Fire Drill Update: FinCEN BOI Report Date Now January 13
Yesterday, we reported that the Fifth Circuit Court of Appeals immediately reinstated FinCEN BOI filing requirements. But there’s good news—later yesterday, the Treasury Department extended key deadlines to allow more time for compliance. Here’s what you need to know: New January 13, 2025 Deadline Reporting entities created with a state secretary of state filing before January […]
Game On: TCJA Winners and Losers—Business on the Chopping Block
Prepare for tax changes. The Tax Cuts and Jobs Act (TCJA) has been part of our tax landscape for nearly seven years, shaping how businesses and individuals plan their finances. With an eye toward the end of 2025, when many key provisions expire, here are some critical changes that could affect you and your business. […]
Tax Credits for EVs: What’s New?
Tax credits for electric vehicles (EVs) were expanded and thoroughly revamped when Congress enacted the Inflation Reduction Act back in 2022. The new tax credit regime became effective in 2023. How has it been working out? Not quite as expected. As a result of the new law, there are four ways you can benefit from […]
2024 Last-Minute Year-End General Business Income Tax Deductions
The purpose of this article is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money—although in the right circumstances, that will happen. But in most cases, you’ll probably realize the cash when you pay less in taxes. This article gives you six […]