At almost a thousand pages long, there is a lot to parse through in this newly enacted bill. We've got a quick snapshot of some of the biggest changes for small businesses so far. 1. Major Tax Cuts and Certainty for Businesses Permanent 20% QBI Deduction (Section 199A): Deduction for pass-through entities made permanent, with expanded eligibility and phase-in ranges. 100% Bonus Depreciation Restored: Full, immediate deduction for qualifying property through 2030. Immediate D

Filing your business taxes is a significant milestone each year, but your work isn’t done once the forms are submitted to the IRS. To ensure your business stays financially healthy and prepared for the future, there are several key steps to take after filing your taxes. Here are 10 smart moves to consider: 1. Review Your Tax Return for Lessons Learned Once your taxes are filed, take the time to carefully review your return. Look for areas where you could have optimized deduct

As a small business owner, maximizing your tax deductions can save your business thousands of dollars each year. However, many business owners miss out on valuable deductions simply because they aren’t aware of them. To help you keep more of your hard-earned money, we’ve compiled a list of 20 commonly overlooked tax deductions. These deductions can apply to a variety of businesses, but always consult a tax professional to ensure compliance with IRS rules. 1. Home Office Deduc

Following feedback from taxpayers, CPA groups, and payment processors, the Internal Revenue Service has announced a delay of the new $600 Form 1099-K reporting threshold for third-party settlement organizations for calendar year 2023. Our colleagues at Hall of Taxes published this article that covers all the details.

California is incentivizing pass-through entities to keep their dollars in-side state lines.