The New $6,000 Senior Deduction: What You Need to Know (Big Beautiful Tax Bill – Part 15)
A New Tax Break for Seniors If you’re 65 or older, the Big Beautiful Tax Bill just delivered some great news — a brand-new $6,000 senior deduction per person beginning in 2025. What makes this exciting is that it applies to both itemizers and non-itemizers, meaning you can take advantage of it even if you […]
No Tax on Overtime Pay? Here’s What You Need to Know (2025–2028)
A New Temporary Break for Overtime Workers If you’ve ever worked extra hours to get ahead, there’s a brand-new reason to smile. Beginning in 2025, the Big Beautiful Tax Bill introduces a temporary tax break that makes overtime pay tax-free—up to a point. This new rule runs from 2025 through 2028 and allows qualifying taxpayers […]
No Tax on Tips: What You Need to Know About This New 2025–2028 Rule
If you earn tips as part of your regular income, there’s a new tax rule coming that could make a real difference in your take-home pay. Beginning in 2025, qualifying workers in industries where tips are regular and customary may be able to exclude up to $25,000 in tips from taxable income each year. This […]
R&D Tax Credits: Not Just for Dudes in White Lab Coats
When you hear “Research & Development,” what comes to mind?If you’re picturing scientists in lab coats, bubbling beakers, and million-dollar labs — you’re not alone. But here’s the truth: the R&D Tax Credit applies to far more businesses than most realize.From steel mills and software companies to bakeries and breweries, innovation looks different in every […]
Shareholder Loans: Protecting Your Business and Personal Assets
Many small business owners loan money to their business at some point — whether it’s to cover startup costs, manage cash flow, or fund growth. But here’s the problem: most don’t realize that failing to properly document these loans can put both their business and personal assets at risk. If the IRS ever reviews your […]
Laid off? What to Do with Your 401(k)
Getting laid off is one of the most stressful situations anyone can face. Beyond the immediate concerns of finding new work and managing day-to-day expenses, there’s often a big financial question hanging over your head: What should you do with your 401(k)? For many, a retirement account is one of their largest assets. Unfortunately, it’s […]