News & Updates
2 Important Changes for Businesses under the New Tax Law
The One Big Beautiful Bill Act (OBBBA) introduces a range of tax changes that will impact businesses. Many provisions set to expire this year are now being extended or made permanent. Below is a snapshot of two important changes to help you with tax planning in the...
Tax Breaks for Medical Expenses
Depending on your situation, you may be able to claim certain medical expenses as deductions on your tax return. However, you must itemize deductions, and having enough expenses to qualify can be challenging. Here are five tips to keep in mind: 1. Consider “bunching”...
Month-End Close Best Practices
Download PresentationWe recently hosted a practical session on month-end close best practices, where attendees learned strategies to improve accuracy, streamline processes, and gain valuable insights from financial data. The session covered: Optimizing the chart of...
The QBI Deduction: Good News for Eligible Business Owners
If you’re a small business owner or you’re self-employed, there’s good news on the tax front. The Section 199A qualified business income (QBI) deduction, a powerful tax-saving opportunity since 2018, was initially set to expire in 2025. But thanks to the recent...
3 Family-Friendly Tax Benefits in the New Tax Law
The One, Big, Beautiful Bill Act (OBBBA) brings a wide range of tax changes, with several key updates designed to support families. Among the many provisions, here are three with the potential to lower your tax bill. 1. Boosted Child Tax Credit with a New Rule...
Before a Weather Emergency Closes Your Business, Make a Plan
It’s hurricane season, which is just one of several weather emergencies and other natural disasters companies may face, depending on location. Tornadoes, floods and wildfires also pose serious threats. According to the Federal Emergency Management Agency (FEMA), about...
An Employee Benefit That Also Saves Tax for Your Business Just Got Better
Employers seeking to offer low-cost, family-friendly benefits may want to consider flexible spending accounts (FSAs) for dependent care. These FSAs let employees make pre-tax contributions through payroll withholding to help cover eligible expenses. Thanks to the...
Clean Vehicle Credits Expire September 30
If you’ve been pondering the purchase of a new or used electric vehicle for yourself or your business, you may want to buy sooner rather than later to take advantage of available tax credits. Under the One, Big, Beautiful Bill Act (OBBBA), these credits won’t be...
Should You Be Making Estimated Payments?
If your federal tax withholding isn’t enough to cover your total tax liability, you may need to make estimated tax payments. This typically applies if you have income from sources such as interest, dividends, capital gains or self-employment. The following rules...
The Quirky Math of Partnership Income
When it comes to taxation, partners in a business may find the math a bit puzzling. You may discover that the amount of partnership income you’re taxed on is more than the amount that was distributed to you. That’s a quirk of taxation that lies in the way partnerships...