A Small Business Owner’s Guide to Health Plans and Tax Savings
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 […]
Optimize Year-End Vehicle Tax Deductions
Wow, how time flies! Yes, December 31 is just around the corner. That’s your last day to find tax deductions available from your existing business and personal (yes, personal) vehicles that you can use to cut your 2025 taxes. But don’t wait. Get on this now! Take Back Your Child’s or Spouse’s Car, and Sell It […]
Year-End Retirement Planning: Five Strategic Steps for 2025
The clock continues to tick. Your retirement is one year closer, and exploring 2025 retirement plan options should be a priority. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are five things to consider, especially when evaluating your 2025 retirement plan options. 1. Establish […]
Integrating QCDs Into Your 2025 Tax Strategy
If you’re age 70 1/2 or older, the IRS allows you to make charitable contributions directly from your IRA to approved organizations, such as your church. These transfers, known as qualified charitable distributions (QCDs), have become even more powerful under the new One Big Beautiful Bill Act (OBBBA)—and could be one of the most effective […]
Exploring Your Term Life Insurance Options Safely and Smartly
Are you considering cashing out your term life insurance policy? Unfortunately, selling a term life policy to investors is nearly impossible unless you are terminally ill and unlikely to outlive the policy. Exploring different term life insurance options might help you understand alternative solutions. You do have one potential option: you could name a relative […]
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 […]
OBBBA Implements 2025 Deduction Increases
Starting in 2025, the One Big Beautiful Bill Act (OBBBA) increases and makes permanent the larger standard deductions introduced by the Tax Cuts and Jobs Act. The new standard deductions for this year (2025) are The IRS will adjust the amounts annually for inflation beginning in 2026. Additional deductions remain for those who are age […]
Drive Down Your Taxes: Deduct Your Personal Vehicle in 2025
Do you have a personal vehicle? Thanks to the One Big Beautiful Bill Act (OBBBA), you may be eligible for a valuable “no new cash outlay” tax deduction beginning in 2025. Here’s how it works: If you convert a personal-use vehicle to business use, the law treats it as placed in service on the conversion […]
How to Avoid Estimated Tax Penalties Using Strategic Withholding
If you’re making quarterly estimated tax payments, missing a deadline can be costly. The IRS currently charges a 7 percent penalty for underpayments—and since penalties aren’t deductible, the real cost can feel closer to 11 percent. But here’s our good news: strategic withholding can often help you avoid or erase those estimated tax penalties—even late […]
Tax Code – Defined Statutory Employees are Hybrid Self-Employed
When you hire a worker, one of the most important decisions you’ll make is classifying the worker as either an employee or an independent contractor for tax purposes. If you correctly classify a worker as an independent contractor, you’re not required to pay the employer’s share of Social Security and Medicare taxes or to withhold […]