Tax Planning

The next estimated tax payment deadline is coming up soon

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August 20, 2025
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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 new deductions, credits and tax provisions that could shift your income tax liability this year. Tax basics Federal estimated tax payments are designed to ensure […]
#EstimatedTaxes, #QuarterlyTaxes, #TaxPlanning
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Tax Planning

Lower your self-employment tax bill by switching to an S corporation

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August 18, 2025
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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 to an S corporation. SE tax basics Sole proprietorship income, as well as partnership income that flows through to partners (except certain limited partners), is subject […]
#BusinessPlanning, #SelfEmploymentTax, #TaxPlanning
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Tax Planning

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

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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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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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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 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. […]
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Tax Planning

The new law includes favorable changes for depreciating eligible assets

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July 21, 2025
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The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired […]
#BonusDepreciation, #Section179, #SmallBusinessTax
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