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 [...]
Note: This article is the third of a series regarding BOI reporting updates as we've followed changes. See also our introductory blog to the reporting requirement and our previous coverage of the legislative changes. 4/1/2025 Update: As of March 21, U.S. companies are no longer required to file their Beneficial Ownership Information (BOI) Report, as [...]
Tax season is officially here! If you haven’t started gathering your tax documents yet, now is the time. Many people tend to procrastinate on filing their taxes, either because they feel overwhelmed by the process or because they assume they have plenty of time. However, waiting until the last minute can lead to unnecessary stress, delays, [...]
