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The Internal Revenue Service recently announced the inflation adjusted 2025 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on Jan. 1, 2025, the standard mileage rates for the use of a vehicle are: How are 2025 standard mileage rates calculated? The business …
2025 Standard Mileage Rates Announced – Rate Increases Are Reason to SmileRead More
Oh the joy of an oscillating BOI ruling that just may flip again! Remember that rollercoaster ride we all thought was over? Well, buckle up—because the Beneficial Ownership Information (BOI) saga just took another wild turn. An appeals court recently reinstated an injunction that halts BOI enforcement (yes, again). If your head is spinning trying …
Oops, They Did It Again: The BOI Ruling That’s Leaving Small Businesses DizzyRead More
Individuals and small businesses should start the year off on the right foot by considering these easy ways to minimize taxes in 2025. Essential Ways to Minimize Taxes in 2025 Make W-4 Updates If you are employed, your employers uses the information on your IRS Form W-4 compared against the IRS’s withholding tables. This allows …
Start Off on the Right Foot! Tips on How to Minimize Taxes in 2025Read More
As Baby Boomer business owners approach retirement, planning for the future of their businesses becomes crucial. Succession planning is not just about finding a successor; it’s about ensuring the continuity and success of the business you’ve built. Here’s how you can prepare for a seamless transition. Start Succession Planning Early Initiating the succession planning process …
How to Ensure a Smooth Transition When Succession PlanningRead More
If you haven’t already heard, the IRS has outlined plans regarding how they are processing Employee Retention Credit claims. The Employee Retention Credit (or ERC) was introduced as a part of the CARES Act in 2020. The credit was designed to help businesses keep employees on their payroll during the pandemic. Specifically it was to …
The New IRS Course of Action For Processing Employee Retention Credit ClaimsRead More
Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed individuals must prepay their taxes by making periodic estimated tax payments. These are referred to as estimated tax payments because the self-employed individual must estimate his or her net earnings for the year. Then pay taxes per an IRS schedule …
Estimated Tax Payments Are Not Just For The Self-EmployedRead More
Looking for unique charitable contribution options that can provide tax advantages to the donor? Before deciding about your charitable giving for the year, read this article for ways to contribute that will help you tax-wise. Normally, deductible charitable contributions are limited by a percentage of your income, more specifically your adjusted gross income (AGI). This …
One fundamental financial practice that often gets overlooked, yet is very important, is the idea of separating personal and business finances. There are a wealth of benefits from maintaining distinct bank accounts and credit cards for business transactions. Benefits for small business owners include: Benefits of Separating Personal and Business Finances The intertwining of personal …
The Importance Of Separating Personal And Business FinancesRead More
The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its final rule regarding whether a worker is an employee or an independent contractor under the federal Fair Labor Standards Act (FLSA). The new rule, which becomes effective March 11, 2024, rescinds the 2021 independent contractor rule issued under former President Donald Trump. …
New Employee vs Independent Contractor Rule Effective March 11, 2024Read More
