Navigating the New Tip Tax Deduction: Eligibility, Limits, and Reporting Requirements
Congress recently passed the One Big Beautiful Bill Act, or OBBBA, which introduces a new tax deduction for tips beginning in 2025. This provision, called “No Tax on Tips,” sounds broader than it really is. The deduction is both temporary and limited in scope, and many tips will still be subject to taxation. Who Qualifies […]
Dog Breeding and the IRS: Turning Your Hobby into a Legitimate Business
Are you involved in a dog breeding business or considering starting one? If so, you are in the IRS’s crosshairs. The IRS has long considered dog breeding to be an activity typically classified as a hobby, rather than a business, for tax purposes. When it comes to taxes, hobbies are usually tax disasters. Unlike a […]
Expanded Tax Benefits for Qualified Small Business Stock Under the OBBBA
Do you own stock in a high-growth small business? Or are you a founder, an investor, or an employee of one? If so, you need to understand how the One Big Beautiful Bill Act (OBBBA) expands the tax benefits of qualified small business stock (QSBS). What QSBS Is “QSBS” refers to stock issued by regular […]
Maximizing Deductions for Business Conventions
You and your business likely benefit from attending business conventions and seminars. It’s essential to know which expenses you can deduct—and how to ensure they qualify. As a business owner, you might assume that if a seminar is “business related,” it’s automatically deductible. But that’s not always the case. The IRS sets specific requirements depending […]
Understanding Excess Business Loss Limits
As you plan for 2025, it’s crucial to understand how recent tax law changes may impact your ability to deduct business losses. One such provision, the excess business loss disallowance rule, could limit how much of your business loss you can deduct in a given year—and delay the tax benefits you expect. What Is the […]
Retirement Plan Options for a Single-Owned C or S Corporation
Because you operate your business as a solely owned corporation (C or S) with no employees, several excellent retirement plans are available to you that can provide significant tax deductions and help you build wealth for retirement. The options for single-owned corporation retirement are varied and can be tailored to your needs. Some of the […]
Triple Tax Advantages: Reimburse Employee-Spouse for Health Insurance
If you operate a sole proprietorship or a single-member LLC taxed as a proprietorship and your spouse is your only eligible employee, you can take advantage of tax-free health insurance reimbursements while reducing your tax liability. Key Tax Benefits By reimbursing your employee-spouse for health insurance and medical expenses, you can achieve up to four […]
Tax Saving Tips for Small Businesses
Running a small business can be hard, but your taxes shouldn’t be! Find tax saving tips for small businesses below and how to get the most out of this tax filing season. Almost the Last Chance to Claim the 2021 Employee Retention Credit! If your business has not yet claimed the 2021 Employee Retention Credit […]
2024 Last-Minute Medical Plan Tax Strategies
All small-business owners with one to 49 employees should have a medical plan for their business. Sure, it’s true that with 49 or fewer employees, the tax law does not require you to have a plan, but you should. When you have 49 or fewer employees, most medical plan tax rules are straightforward. Here are […]
2024 Last-Minute Business Income Tax Deductions
The purpose of this blog post is to reveal how you can get the IRS to owe you money through smart business tax deduction strategies. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay […]