High-income business owners face a unique challenge: their personal and business finances are deeply intertwined, and taxes often feel like the single largest expense both personally and for the business. While most people think of tax savings in terms of deductions, business owners have opportunities to spend pre-tax dollars by structuring expenses through their entities…. [keep reading…]
Category: Tax
Qualified Overtime Pay Deduction
On July 4, 2025, President Trump signed the One Big Beautiful Bill (OBBB) Act into law. The OBBB Act includes dozens of tax changes affecting individuals and businesses, including new provisions promised by President Trump during his 2024 campaign related to overtime pay. This provision introduces a significant change in federal tax treatment for overtime… [keep reading…]
Important Update: IRS to Eliminate Paper Checks Starting September 30, 2025
Beginning September 30, 2025, the federal government will no longer issue paper checks for any tax refunds due. Going forward a bank account must be provided to receive your tax refund. Additionally, the IRS will “as soon as practicable” no longer accept paper checks for most payments, including estimated tax payments, return balances due, and extension payments. This shift… [keep reading…]
September is National Preparedness Month: Steps to Protect Your Tax and Financial Records
September is National Preparedness Month, a nationwide campaign led by FEMA to remind us, that storms, floods, and other unexpected events can disrupt our lives with little warning. With hurricane season in full swing, and with threats like flooding and severe winter storms always a possibility, this is the perfect time to pause and review… [keep reading…]
What to Do if You Receive a Notice From the IRS
Did you receive a letter from the IRS? Learn what steps you should take and mistakes to avoid in responding to a notice.
Tax Update: “One Big Beautiful Bill” Signed Into Law
Last week President Trump signed his highly anticipated “One Big Beautiful Bill” (OBBB), enacting a second round of major federal tax reform over the past decade. While the OBBB serves to extend various provisions of the 2017 Tax Cuts and Jobs Act (TCJA), it goes further to introduce various new provisions promised by President Trump… [keep reading…]
An Intro to Cash Balance Plans
Ever wonder what exactly a cash balance plan entails? For your clients who own small businesses, opening a cash balance retirement plan might be a vehicle for delivering significant tax savings (and looking like a hero while doing it). What is a cash balance plan? As you know, there are two broad categories of tax-qualified,… [keep reading…]
Avoid Tax Surprises: Set Up Proper Withholding Now
Think your tax refund is just “extra money”? It might actually be a sign that your withholding is off, and that the IRS has been holding your money all year. This quick read breaks down how to fix that now, so you’re not stuck with a surprise bill (or a missed opportunity) next April.
Decoding Income Definitions: AGI, MAGI, and Taxable Income Explained
Navigating the U.S. tax system can be complex, particularly when understanding critical concepts like Adjusted Gross Income (AGI), Modified Adjusted Gross Income (MAGI), and Taxable Income. These definitions impact your tax liability and eligibility for various deductions and credits, playing a pivotal role in financial planning. Empower yourself with the knowledge to make informed tax decisions by decoding these essential terms in our latest article.
End-of-Year Tax Strategies for Businesses
As the year winds down, it’s a great time for small business owners to start thinking about taxes. Taking some proactive steps now can make a significant difference in your tax bill and set your business up for a successful year ahead. Let’s explore some strategies that can help you maximize deductions and be financially… [keep reading…]