Tax Blog - Page 3 of 40 - Bellingham Tax

Maximizing Retirement Savings: Don’t Overlook Catch-Up Contributions for Taxpayers Aged 50 and Over

As retirement approaches, many older Americans seek strategies for maximizing retirement savings. Retirement plans often provide “catch-up” contributions, a frequently overlooked opportunity to significantly boost retirement funds. This article explores various retirement plans and their catch-up features, highlighting key opportunities for older taxpayers as they near retirement. Simplified Employee Pension Plans (SEP) SEP IRAs are …

A Smarter Way to Read Your Business’s Health: The Balance Sheet Deep Dive

Starting a business is more than revenue and expenses—it’s about knowing what you truly own, what you owe, and what your venture is worth. That’s where a balance sheet comes in: a snapshot that tells the story of your business’s financial condition in a single glance. Why Every Business Needs a Balance Sheet Assets = …

The 2025 Guide to Small Business Tax Deductions You Can’t Afford to Miss

When it comes to running a successful small business, every dollar counts, yet every year, many owners miss out on valuable small business tax deductions. Don’t miss the chance to strengthen your cash flow and reinvest in growth. In 2025, smarter tax planning isn’t optional. It’s a financial strategy that can give your business a …

Understanding the New Deduction for Overtime: A Comprehensive Guide

Curious about how the new deduction for overtime will affect you? The recent passage of the One Big Beautiful Bill Act (OBBBA) marks a significant shift in the tax landscape, bringing with it a range of changes aimed at easing the financial burden on American workers. Among these changes, the introduction of a new deduction …

Tax Break for Businesses: 100% Bonus Depreciation is Back

The reinstatement of bonus depreciation is a critical component of recent U.S. tax legislation aimed at fostering economic growth. The 2017 Tax Cuts and Jobs Act (TCJA) had already put significant emphasis on bonus depreciation. However, its permanent reinstatement under the “One Big Beautiful Bill Act” at 100% further emphasizes its importance. Especially when one …

Understanding the New Above-the-Line Tax Deduction for Tips

Curious how the newest change to tax dedections for tips may affect your taxes? The U.S. tax landscape continues to evolve with legislative updates, and one such recent change introduced in the “One Big Beautiful Bill Act” focuses on a new above-the-line tax deduction for tips. This article delves into the historical and current aspects …

Essential One Big Beautiful Bill Tax Changes for Seniors

Curious about how the recent tax changes for seniors might impact your finances? In recent legislative developments, the Omnibus Budget Reconciliation Bill for 2025 and Beyond (also known as the One Big Beautiful Bill Act, or OBBBA) has introduced significant tax provisions. Some of these tax provisions are tailored to benefit seniors, ensuring they receive …

2025 Tax Changes: What the One Big Beautiful Bill Means for You

The One Big Beautiful Bill (OBBBA) brings major tax changes for 2025—here’s what everyday taxpayers need to know now. On July 4th, the President signed into law the so-called “One Big Beautiful Bill” Act (OBBBA). The OBBBA is major legislation introducing wide-ranging tax changes that will affect many taxpayers. Though the act introduces measures that …

Maximize Your Tax Savings: An Owner’s Guide to Small Business Tax Deductions

We’ve seen firsthand how optimizing your tax deductions can create real, measurable benefits for your business. With inflation driving up expenses and economic uncertainty still lingering, small business owners need every strategic advantage they can get. That includes knowing what deductions you’re entitled to and taking steps throughout the year to claim them. The good …