From Sole Proprietor to S-Corp: Consider a Switch
From Sole Proprietor to S-Corp: Consider a Switch Published: 9/25/2025 As a freelancer or contractor, at some point you may wish to incorporate and be taxed as an S corporation. Here’s a closer look at the process of becoming an S corporation and when switching might make sense for you. The main benefits of S […]
Make Your Child a Tax-Free Millionaire!
Make Your Child a Tax-Free Millionaire! Published: 9/22/2025 Want to jump start your child’s retirement with a million dollar tax-free account? Consider this: The million dollar idea As soon as your child begins to earn income, open a Roth IRA and set a contribution goal to reach before they graduate from high school. Assuming an […]
Overtime Tax Break Requires Your Attention
Overtime Tax Break Requires Your Attention Published: 9/19/2025 With the passage of the One Big Beautiful Bill Act (OBBBA) of 2025, there’s the ability to receive a deduction for overtime pay from your federal tax obligation. Here’s a recap of the rule and several tax tips to ensure you receive the full benefit of the […]
Time to Forecast Your Business Tax Obligation
Time to Forecast Your Business Tax Obligation Published: 9/16/2025 The One Big Beautiful Bill Act (OBBBA) makes a number of changes impacting the business landscape. These changes will impact both small and large businesses. Here are some of the major changes and respective tips to consider. SALT deduction increase requires planning The tax deduction (commonly […]
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 […]