Know the Rules for Reimbursing Employees
Reimbursing employees for business expenses may seem simple, but the IRS has strict guidelines. Following these rules ensures reimbursements remain tax-free and compliant.
De Minimis Benefits: IRS Rules and Compliance
The IRS permits employers to offer de minimis benefits like snacks, coffee, or small gifts without adding them to employee income. These perks must remain occasional and low in value to stay compliant.
OBBBA: Big Changes Ahead for Student Loans and Aid
The One Big Beautiful Bill Act brings sweeping changes to student loans, 529 plans, ABLE accounts, and Pell Grants. Families and students now have new opportunities to save, borrow, and receive aid more effectively.
Federal Tax Break for Tipped Workers
Under the OBBBA law, tipped workers such as waiters, bartenders, and hairdressers may deduct qualified tips, with average take-home pay rising by $1,675 per year. Because IRS reporting and payroll tax rules are complex, both employees and restaurant employers should consult a tax professional.
529 Plans: Tax Details You Need To Know
A 529 plan helps you save for education with tax benefits. New rules let unused funds roll into a Roth IRA penalty-free.
What To Know About ABLE Accounts
ABLE (Achieving a Better Life Experience) accounts help individuals save for disability-related expenses without risking eligibility for government assistance. Contributions grow tax-free, and qualified withdrawals avoid income tax, making ABLE accounts a powerful tool for long-term financial planning.
Navigating a Business Tax Audit
Navigating a Business Tax Audit If your business is being audited, take a deep breath and understand the reasons behind it. Audits may be random or triggered by issues specific to small businesses, such as excessive expenses, misclassified employees or questionable deductions. While an audit doesn’t necessarily mean you’ve done something wrong, it is the […]
Why a Business Credit Card Might Be Right for You
Business credit cards separate personal and business expenses while earning rewards on common purchases. Even freelancers and gig workers can qualify, making them a simple tool for managing finances.
Retirement Plan Options for the Self-Employed
Self-employed individuals have access to several retirement plan options with valuable tax benefits. Understanding each plan helps you choose the best fit for your financial goals.
OBBBA: Learning the Deduction Details
The OBBBA law offers new deductions from 2025 to 2028 for tips, overtime pay, car loan interest, and seniors. Each comes with specific eligibility rules, deduction limits, and income phase-outs, impacting both individuals and businesses. Read on to learn how these provisions could affect you, and reach out to our CPA team for expert guidance on maximizing your benefits and planning for your business.