Tax Planning

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

ChatGPT said: A, desk, with, a, blue, toy, car, calculator, car, keys, and, a, person, in, the, background, writing, on, paperwork, suggesting, car, financing, or, purchasing.
August 15, 2025
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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 […]
#CarLoanInterest, #OBBBA, #TaxUpdate2025
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Employee Benefit Plans

5 ways businesses can assess health care benefits spending

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August 13, 2025
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If your business sponsors health care benefits for its employees, you know the costs of doing so are hardly stable. And unfortunately, the numbers tend to rise much more often than they fall. According to global consultancy Mercer’s Survey on Health & Benefit Strategies for 2026, 51% of large organizations surveyed said they’re likely to make […]
#CostManagement, #EmployeeBenefitPlans, #HealthcareBenefits
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Business Planning & Consulting, Tax Planning

A tax guide to choosing the right business entity

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August 11, 2025
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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 level of administrative complexity and regulatory compliance obligations. While legal liability considerations also matter, we will focus on tax implications. For liability advice, consult a […]
#BusinessEntities, #ChooseTheRightEntity, #SmallBusinessSuccess
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Technology

Is your business ready for digital documents and e-signatures?

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August 8, 2025
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Whether signing a vendor agreement, approving a repair estimate or applying for a loan, chances are you’ve signed something digitally in recent months. In 2025, digital documents and e-signatures are no longer just a convenience — they’re fast becoming the standard. Businesses of all types and sizes are embracing digital workflows to improve efficiency, reduce […]
#BusinessTechnology, #DigitalTransformation, #ESignatures
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Tax Credits, Tax Planning

Act soon: The OBBBA ends clean energy tax breaks

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August 6, 2025
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The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back […]
#CleanEnergy, #EnergyTaxCredits, #TaxCredits, #TaxPlanning
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Tax Planning

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

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August 4, 2025
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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 […]
#IRSUpdate, #OBBBA, #TaxPlanning
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Tax Credits

Businesses can still choose to address sustainability

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August 1, 2025
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For many years, businesses of all shapes and sizes have at least considered sustainability when running their operations. Many people — including customers, investors, employees and job candidates — care about how a company impacts the environment. And reducing energy use, water consumption and waste generally lowers operational costs. However, the current “environment regarding the […]
#OBBBA, #SustainableBusiness, #TaxPlanning
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Tax Planning

What you still need to know about the alternative minimum tax after the new law

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July 30, 2025
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The alternative minimum tax (AMT) is a separate federal income tax system that bears some resemblance to the regular federal income tax system. The difference is that the individual AMT system taxes certain types of income that are tax-free under the regular system. It also disallows some deductions that are allowed under the regular system. […]
#AlternativeMinimumTax, #AMT, #TaxPlanning
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Business Planning & Consulting

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

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July 28, 2025
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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 […]
#QBI, #QualifiedBusinessIncome, #Section199A
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Technology

Developing a comprehensive AI strategy for your business

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July 25, 2025
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We’ve reached a point where artificial intelligence (AI) offers functionality and enhancements to most businesses. Yours may be able to use it to streamline operations, improve customer interactions or uncover growth opportunities. However, getting the max benefit calls for doing much more than jumping on the bandwagon. To make this technology truly work for your […]
#AIInBusiness, #BusinessStrategy, #DigitalTransformation
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