Oct 14, 2025 | Business Planning, Tax News
Sales taxes are levied by percentage on finished products at the point of sale, but the rules and rates can vary significantly by jurisdiction. Only four U.S. states — Delaware, New Hampshire, Montana and Oregon — have no sales tax. Alaska has no statewide sales tax...
Sep 24, 2025 | Business Planning, Tax News
Depreciation is the tax process of spreading the cost of an asset over the years it is expected to be useful. Bonus depreciation is different: It is a tax incentive that allows businesses to deduct the full cost of certain assets, such as equipment, vehicles or...
Sep 23, 2025 | Business Planning, Closely Held Business, Tax News
Signed into law on July 4, the One Big Beautiful Bill Act significantly impacts how pass-through entities are taxed at the federal level. S corporations, partnerships, limited liability companies and sole proprietorships are the most common structures for small and...
Sep 16, 2025 | Business Planning, Closely Held Business, Personal Financial Planning, Tax News
The number of freelancers in the U.S. is steadily rising. In 2017, there were 57.3 million freelancers. In 2023, there were 73.3 million. By 2028, Statista projects there will be 90.1 million freelancers. That is an increase of over 40% in a little over a decade!...
Sep 11, 2025 | Business Planning, Tax News
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...
Sep 2, 2025 | Business Planning, Personal Financial Planning, Tax News
The One Big Beautiful Bill Act allows certain employees to deduct a portion of their reported tip income from federal income tax. The law provides an above-the-line deduction of up to $25,000 in reported tip income. An above-the-line deduction reduces taxable income...
