No Tax on Tips or Overtime? Here’s What the New Law Says
The One Big Beautiful Bill has introduced a major win for many U.S. workers, beginning in 2025, certain tips and overtime pay can be deducted from your federal taxable income. This change, […]
Individuals
New Car Buyers: A Temporary Tax Deduction You Don’t Want to Miss
The Big Beautiful Bill has introduced a brand-new tax break for certain car buyers: an auto loan interest deduction. Starting with the 2025 tax year, eligible buyers of new, U.S.-assembled vehicles may […]
Seniors Could Save Thousands with This New Tax Deduction in 2025
If you’re 65 or older, there’s a brand-new tax break that could put real money back in your pocket over the next few years—thanks to the One Big Beautiful Bill. It’s called […]
Breaking Down the One Big Beautiful Bill: What it means for your wallet
President Trump’s “Big Beautiful” Bill is officially law, signed on July 4th. But despite the fanfare, most Americans won’t feel the effects immediately. While a few provisions are already in effect, many […]
IRS Penalties for Late or Insufficient Tax Payments: What Business Owners Need to Know
Failing to file or pay your taxes on time can result in costly penalties and interest from the IRS—costs that can quickly snowball if left unaddressed. Whether you’re a business owner or […]
2025 IRS 1099 Filing Rules for Business Owners
Each tax season, one question always comes up from business owners: “Do I need to file a 1099 for this vendor?” Even seasoned entrepreneurs find the rules confusing. If you’ve ever been […]
Out-of-Pocket Health Insurance Tax Deduction Misconception
Think your out-of-pocket health expenses are fully tax-deductible? Not so fast! Myth: Every dollar I spend on health insurance reduces my taxes.Reality: You only get a deduction if you itemize and your […]
What Happens When You Change Tax Brackets in California?
Ever wondered what it really means to move into a higher tax bracket in California? Let’s break it down—because understanding how the state’s tax system works can help you make smarter financial […]
How to report self employed income when you have multiple side gigs
If you’re juggling multiple side gigs—whether it’s freelancing, rideshare driving, or selling products online—accurately reporting your self-employed income is essential. Let’s break it down step by step so you’re prepared come tax […]
Avoiding IRS Underestimated Estimated Tax Penalties
When it comes to taxes, there’s nothing worse than being caught off guard by a penalty. One of the most common—and costly—issues taxpayers face is underestimated estimated tax penalties. In 2023, these […]
California Is Offering Tax Relief For Wild Fire Victims
In response to the devastating wildfires that have swept through Los Angeles County, California is offering tax relief measures to affected residents and businesses. Governor Gavin Newsom announced that the California Franchise […]
CalSavers Updates You Should Know About
California business owners, you’re going to want to pay attention to this important update. Starting January 1, 2025 businesses one or more employees “must participate in CalSavers if they do not already […]