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Category: Tax

New Overtime & Tip Income Tax Deduction Now Available Under The OBBBA

The One Big Beautiful Bill Act (OBBBA) brought a lot of new changes when it was enacted in July. One of those changes alters how tip income and overtime income

Running A Business With Your Spouse May Bring Up Unique Spousal Tax Issues

You may find yourself facing challenging and unique spousal tax issues if you and your spouse operate a profitable unincorporated small business together. The Partnership Issue An unincorporated business with

Boost Your Research & Experimental Expense Deduction In 2025 With These New Rules

The One Big Beautiful Bill Act (OBBBA) included a major tax change for business with research and experimental expense (R&E) when it was enacted on July 4, 2025. The OBBBA

Educators Can Now Happily Deduct Eligible Classroom Expenses This Year & In The Years To Come

During back-to-school season, the focus is usually students returning to the classroom for a new school year. Parents gear up by purchasing their children new school supplies, backpacks, and clothes

Expanded Tax Benefits Now Offered For Qualified Small Business Stock Investments

Small business stock investments can help diversify your portfolio—and now, it may come with even greater tax advantages. Under the One Big Beautiful Bill Act (OBBBA), signed into law in

Divorcing As A Business Owner? Don’t Let Taxes Derail Your Settlement

Divorce is challenging in any situation, but, divorcing as a business owner can be especially complex. A business interest is often one of the most valuable personal assets, which in

Deadline Coming Soon For The Next Quarterly Estimated Tax Payment

If you make quarterly estimated tax payments, the amount you owe may be affected by the One Big Beautiful Bill Act (OBBBA). The law, which was enacted on July 4, 2025, introduces

Switching To An S Corporation Could Lower Your Self-Employment Tax Bill

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

Is There No Tax On Car Loan Interest Under The OBBBA? Not Quite.

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

A Tax Guide To The Five Business Entity Types

One of the most critical decisions entrepreneurs make when starting or restructuring a business is choosing the right entity type. This choice directly impacts how the business is taxed, the