Looking to make a few tax moves before the year is over? See if these apply to your situation. Review Your Entity Structure How is your entity structured? It is a sole proprietorship, LLC, s-corp, or c-corp. Now is the time to review it to make sure you are using the correct entity to protect […]
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What Percentage of Individuals Will Now Itemize?
Under the OBBBA, what percentage of individuals will itemize starting with the year 2026? Take a guess. In recent years the percentage of itemizers has been around 10%. Now, that number will jump to approximately 14% according to the Tax Foundation for the year 2026. Make sure to subscribe to our weekly emails to receive […]
Scary Halloween REPOssession Facts
Vehicle repossessions have increased dramatically. Here are the scary facts and what it may signal. Repossessions Increasing Last year an estimated 1.73 million vehicles were repossessed, which is the most since 2009, according to COX Automotive. So far this year, an estimated 2.1 million vehicles have been repossessed through April, according to the American Recovery […]
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 […]
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 […]
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 […]
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 […]
Business Risks You Aren’t Thinking About
I hate to be a Debbie Downer, but here are a few business risks you probably aren’t thinking about and some potential solutions to avoid them: Health Risk If you’re in your 20’s or 30’s you probably aren’t thinking about health concerns, but for those in their 40’s and above, it enters your mind more […]
5 Tips to Improve Cash Flow Immediately
Does your cash seem to be lacking even though your business is doing well? Here are 5 tips to immediately improve your cash flow: Accept Electronic Payments You’d be surprised by the number of businesses that rely on having their customers send them checks. It’s such a slow process that can take weeks or months […]