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 […]
New Jersey Tax
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 […]
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 […]
Better Meals Deduction
Unfortunately, business meals are only 50% deductible for tax purposes. However, there are two ways your business meals can be 100% deductible, according to the IRS. Recreational Expenses for Employees Normally meals are 50% deductible and entertainment is not deductible at all. But if the meals are for recreational, social, or similar activities for your […]
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 […]
Need More Time?
Do you need more time to file your individual tax return? If you need more time to gather all of your information to file an accurate tax return, then you should file an extension by 4/15 with the IRS and any state you need to file a return for. Here’s what you need to do: […]
Easy IRS Red Flag to Avoid
The last thing anyone wants is to be audited by the IRS. One simple way to avoid waving a red flag at the IRS is to be aware of this . . . Information Matching The IRS receives a significant number of informational returns from businesses that are required to report payments they made to […]
How Will IRS Job Cuts Impact You?
There was a recent announcement regarding staffing cuts at the IRS. How will this impact you and should you be concerned? Background Information The IRS hired approximately 22,000 people during 2022, 31,000 during 2024, and approximately 20,000 during 2024 for a total workforce of more than 100,000 employees. This has been the largest number of […]