2025 Last-Minute Year-End General Business Income Tax Deductions
The purpose of this letter is to reveal how you can get the IRS to owe you money. 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 less in taxes. Here are six powerful […]
OBBBA Boosts Standard Deductions
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 $15,750 for single filers, $31,500 for married couples filing jointly, and $23,625 for heads of household. The IRS will adjust […]
US 2025 Tax Reform: What the “One Big Beautiful Bill” Means for You
The recently enacted One Big Beautiful Bill (OBBB) has introduced sweeping changes to the U.S. tax code—many of which are designed to lock in favorable provisions before the previous tax laws expire in 2026. While most of the updates take effect from January 1, 2026, several key changes apply retroactively to your 2025 tax return. […]
Act Now! Get Your Safe-Harbor Expensing in Place
For 2024, you can elect the de minimis safe harbor to expense assets costing $2,500 or less ($5,000 with audited financial statements or similar). The term “safe harbor” means that the IRS will accept your expensing of the qualified assets if you properly abided by the safe harbor rules. The de minimis safe harbor, when […]
Test Your Tax IQ: Deducting More Than One Business Vehicle
Contrary to popular belief, the IRS does not limit business owners to claiming deductions on only one business vehicle. You might maximize tax benefits by using multiple vehicles for business purposes. This is particularly true when you use the vehicles predominantly (more than 50 percent) for business, you drive more business miles than your spouse, […]