Tax season is here, and it’s time to get everything in order for a smooth and stress-free filing. Whether you’re doing it yourself or working with a tax professional, being organized is key to making the process as simple as possible. To help you prepare, we’ve put together a comprehensive tax season checklist of the documents [...]
Wrapping Up the Year: Your 2025 Financial Checklist As the holidays approach and the year winds down, it’s natural to focus on celebrations, family gatherings, and a well-earned break. But before you turn the page to 2026, taking a few moments to review your finances can save you time, stress, and money later. A little organization [...]
Giving Thanks, Giving Back: How Charitable Contributions Can Benefit You at Tax Time November is a season for reflection and generosity. As you look back on the year and all that you’re thankful for, you may also be thinking about how to give back to the people and causes that matter most. Whether you’re writing a [...]
AICPA Requests IRS Guidance on New Tip and Overtime Deductions The American Institute of Certified Public Accountants (AICPA) recently asked the IRS and U.S. Treasury Department to provide clear guidance on how to report and document the new tip and overtime pay deductions created under the One Big Beautiful Bill Act. These new deductions apply to [...]
The Hidden Monster: Expenses That Quietly Drain Your Profits Every business owner knows to watch the big numbers: sales, payroll, and major bills. But what about the expenses that hide in the shadows? These “monsters under the bed” don’t roar loudly, but they quietly nibble away at your profits month after month. Left unchecked, they can [...]
What’s the Difference Between a Tax Credit and a Tax Deduction? When it comes to lowering your tax bill, two tools often come into play: tax credits and tax deductions. They both put money back in your pocket, but they work in different ways. Understanding the difference can help you make smarter financial decisions all year [...]
Here's When It Is (and Isn’t) Tax-Deductible As backpacks fill up and classroom wish lists circulate, it’s common for families to pitch in with extra supplies, books, or even cash to support local schools and teachers. While those donations are generous, and much appreciated, not all of them are tax-deductible. Here’s how to know the difference [...]
Tips to Take Advantage of the Bill This Article is an Update From Previous Guidance: https://abacuspro.com/10-ways-the-proposed-new-tax-cuts-could-affect-your-taxes-this-year/ The "One Big Beautiful Bill Act" (OBBBA) is a sweeping tax and economic package that seeks to extend or make permanent many provisions of the 2017 Tax Cuts and Jobs Act, while introducing a host of new tax rules and [...]
As your business grows, your people structure should grow with it. But too often, roles are built reactively around the people you like or the terminations you put out rather than the structure your business truly needs. Starting with structure doesn’t mean losing flexibility. It means getting clear on what the business needs first, so you [...]
What students and parents should know before that first paycheck A part-time job is a great way for high school and college students to build work experience, earn a paycheck, and learn responsibility. But if your student is receiving financial aid, or will be soon, you might be wondering: how does that extra income impact their [...]
