Using Losers to Make Winners
Using Losers to Make Winners Published: 9/11/2025 With the uncertainty in the marketplace, now is a good time to review the rules surrounding investment losses. This knowledge can help minimize your tax obligation next year. This is because investment gains and income can be subject to a variety of federal tax rates as high as […]
Third Quarter Estimated Taxes are Due
Third Quarter Estimated Taxes are Due Published: 9/8/2025 If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. With the passage of the One Big Beautiful Bill Act (OBBBA), forecasting your tax obligation is now more important than ever. […]
The Self-Employed Pricing Trap (And How To Escape It)
The Self-Employed Pricing Trap (And How To Escape It) Published: 9/1/2025 If you’re self-employed, there’s a good chance the rates you charge for your services are too low. Maybe you started out charging less to gain experience or attract clients, then never adjusted. This is the self-employed pricing trap: a cycle of undervaluing your work, […]
New Tax Law Lightens Compliance for Small Businesses
New Tax Law Lightens Compliance for Small Businesses Published: 8/28/2025 The One Big Beautiful Bill Act of 2025 (OBBBA) expands several business tax benefits while easing certain compliance obligations. Here’s a summary of the key provisions affecting small businesses. Form 1099. The reporting threshold for Form 1099-NEC and 1099-MISC moves from $600 to $2,000 after […]
What the New Tax Bill Means for Parents
What the New Tax Bill Means for Parents Published: 8/25/2025 The One Big Beautiful Bill Act of 2025 (OBBBA) contains a number of tax breaks for parents. Here’s a summary of what’s in the bill for families, including planning tips to make the most of each tax break. Parents get a permanent increase to the […]
Tip and Overtime Tax Breaks Require Your Attention
Tip and Overtime Tax Breaks Require Your Attention Published: 8/21/2025 Two new major tax changes, No Tax on Tips & No Tax on Overtime, are introduced in the One Big Beautiful Bill Act (OBBBA) passed on July 4, 2025. Here’s what you need to know about these two tax breaks, along with questions that still […]
The One Big Beautiful Bill Act
The One Big Beautiful Bill Act Published: 8/19/2025 With the passage of the One Big Beautiful Bill Act or OBBBA, many of the temporary tax laws set to expire at the end of 2025 have been made permanent. This week’s tip summarizes the changes to several of the more popular deductions and credits, while the […]
Tax-Free Tips are Here
Tax-Free Tips are Here Published: 8/16/2025 The One Big Beautiful Bill Act (OBBBA) makes tip income tax-free. But as with any new tax law, the fine print matters, and some of these details still need clarification. Here is what you should know. The basic facts From January 1, 2025 through December 31, 2028 you can […]
Personal Exemptions gone plus $6,000 new Deduction
Personal Exemptions gone plus $6,000 new Deduction Published: 8/13/2025 The recently passed One Big Beautiful Bill Act (OBBBA) addresses some tax law uncertainty while creating several benefits impacting your 2025 tax return. One of these benefits is a new $6,000 deduction for seniors. Here is what you need to know. The Changes Personal exemptions are […]
Income & Spending Details
Income & Spending Details Published: 8/8/2025 As required by law, in every Form 1040 instruction booklet there’s a section that shows where our federal government gets its money and where it is spent. As taxpayers it makes sense to know this information. Here is the data for the government’s fiscal year ending September 30, 2023, […]