The One Big Beautiful Bill Act changed reporting thresholds for 1099 reporting as follows: 1099-NEC & 1099-MISC The threshold changed from $600 to $2,000 for payments made after December 31, 2025. This amount will be indexed for inflation thereafter. 1099-K The 1099-K reporting threshold has been increased from $600 to $20,000 and more than 200 […]
How to Know It’s the IRS
With all of the scams going around these days, how do you know if it’s really the IRS who contacted you? According to the IRS, these are the ways they will contact you and communicate with you. Initial Contact Almost every initial contact from the IRS is by mail from the U.S. Postal Service. Other […]
Pay Off Your Debts in 4 Steps
Are you looking to get your debt under control? Here are 4 ways to do so: Step 1: No More Debts It sounds basic, but the first step is to stop using credit. This can be credit cards, lines of credit, or any other type of debt. Now, the debt will stop increasing, except for […]
You’re Not Delegating Properly
Although delegating is a buzz word, don’t make these mistakes when doing so. Simplify Your Processes Review your workflow and processes to simplify them. If you are the only one capable of performing a simple, routine task because you overcomplicated the process, then simplify it. Start with writing down each step, make sure each step […]
Unfortunately, Your Business Losses May Be Limited
There’s a tax law in place that limits business losses for non-corporate taxpayers, and unfortunately, this was extended by the One Big Beautiful Bill. This is how it works: And if you like what you just read, then don’t hesitate to forward to your friends, and/or click “Like” on LinkedIn! Make sure to subscribe to […]
How You Can Avoid Paying Taxes When Selling Your Business
Did you know it is possible to exclude paying taxes when selling your business if it’s considered Qualified Small Business Stock (QSBS)? If you meet the criteria, this is possible. General Criteria: And if you like what you just read, then don’t hesitate to forward to your friends, and/or click “Like” on LinkedIn! Make sure […]
Beneficial Depreciation Changes for Businesses
When making a large purchase for your business, such as with equipment, furniture, vehicles, or qualified improvements, you generally have to depreciate it over time. However, with the new tax law changes, the way you depreciate it is different. The old law allowed you to depreciate 40% of the cost of a qualified asset in […]
No Tax on Social Security?
Is there no tax on social security anymore? Let’s take a closer look at the changes to see if this is true. Currently, depending upon your income, social security is either not taxable, 50% taxable or up to 85% taxable. With the new tax law this hasn’t changed. However, effective for tax years 2025 through […]
Some Tax Items Made Permanent
The One Big Beautiful Bill Act made some items permanent as follows: Individual tax rates: 10%, 12%, 22%, 24%, 32%, 35%, 37% Limitation on deduction of qualified residence interest No personal exemptions Exclusion from gross income for employer payments of student loans. The $5,250 exclusion amount is indexed for inflation after 2026. Restores and increases […]
The New Standard Deduction
The One Big Beautiful Bill Act increased the standard deduction and added a new deduction for seniors as follows: Updated Amounts Married Filing Jointly & Surviving Spouse: $31,500 Head of Household: $23,625 Single & Married Filing Separately: $15,750 Additional Deduction for Seniors There’s a new additional deduction of $6,000 per person for taxpayers 65 and […]