The Big Beautiful Bill: What Small Business Owners Need to Know
Passed July 3, 2025, the "One Big Beautiful Bill Act" includes new federal income tax deductions for workers—but no changes to payroll processing. 🚨 Key Takeaways for Employers:...
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Understanding IRS Form W-2
Each year, businesses give a W-2 form to each employee. The W-2 shows all taxable wages paid to the individual during the calendar year. The W-2 also includes...
IRS Announces Mileage Change For 2025
At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes: Self-employed and...
IRS Announces Retirement Plan Changes
Your max contributions to 401(k) plans for 2025 increase to $23,500, up from $23,000 for 2024, according to the IRS. The tax agency also issued technical guidance regarding...
Important Tax Tips for 2024
The U.S. tax code is complicated and often hard to understand, with many provisions, credits and disallowances. Let's review a few credits that many people are interested in,...
What's the Story on Meal Deductions?
Business meals: yes or no on deductions? In brief, you cannot take a deduction for any expense related to activities generally considered entertainment, amusement or recreation. However, you...