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 […]
Investments
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 […]
The Conundrum of Loans
Looking for a loan for your business? What is the best way and timing of obtaining a favorable loan or a loan in general? Conundrum The best time to seek a loan is when you are not desperate to obtain a loan. Ironically, when you are looking for a loan is probably the time when […]
Before You Buy a Franchise
Buying a franchise can be a lower-risk way of starting a business, especially for a new entrepreneur. There are things you should look for and things you should avoid. Look For: Avoid: If you know a business owner who can benefit from our services, then we would appreciate your referral. And if you like what […]
3 Ways to Get Started with Real Estate Investing
Real estate investing can be difficult, but there are 3 ways to make getting started much easier. Rent Out Your Home When deciding to move, instead of selling your home, you can choose to rent it out if you expect positive cash flow. The benefits of doing this include: creating an instant rental property, no […]
One Way to Simplify Your Tax Situation
There is one common situation I see every tax season, and making this change would simplify your tax situation. Number of Financial Accounts Minimizing the number of financial accounts you have, when possible, will not only simplify your tax situation, but will also help to simplify your finances. Actions to take include closing out or […]
To Pivot or Not to Pivot?
Should you pivot your business and what exactly is a pivot? There are right ways and wrong ways to pivot. Pivot Defined A pivot is a change in the direction of your business. It can relate to the type of services you offer, clients/customers served, your role, and the overall business model. Right Way to […]
Personal Financial Planning for Business Owners in 3 Steps
Financial planning for business owners differs from regular W-2 employees and should be handled differently. These are 3 steps business owners should take: Step 1: Plan for Volatile Earnings This is especially true if you operate a business that ebbs and flows with economic cycles, such as construction and real estate. However, company specific changes […]