When it comes to running a successful small business, every dollar counts. Yet every year, many owners miss out on valuable tax deductions — and with them, the chance to strengthen their cash flow and reinvest in growth.
In 2025, smarter tax planning isn’t optional. It’s a financial strategy that can give your business a real edge. Here are deductions every small business should be reviewing this year.
Let’s get one thing straight:
Scammers are not slowing down.
They’re getting slicker, faster, and disturbingly good at sounding like someone you trust—especially now that AI can mimic voices, emails, and even your tax pro’s writing style.
The IRS sees it too. That’s why, every year, they publish a list of the biggest, most dangerous scams targeting everyday taxpayers.
They call it the Dirty Dozen.
We call it your yearly heads-up.
In recent legislative developments, the Omnibus Budget Reconciliation Bill for 2025 and Beyond (also known as the One Big Beautiful Bill Act, or OBBBA) has introduced significant tax provisions, some tailored to benefit seniors, ensuring they receive enhanced support in managing their financial and tax responsibilities. Key among these changes is a new deduction available to individuals aged 65 or older, offering a $6,000 deduction per eligible filer, with specific income limitation thresholds and joint filing requirements. As seniors navigate these updated opportunities, understanding the broader tax landscape, including the implications of the adjustments to standard deductions, charitable deductions, vehicle interest deductions and others becomes crucial. This article delves into the provisions relevant for seniors, offering insights into optimizing their tax strategies and ensuring compliance while maximizing potential benefits.
On July 4th, the President signed into law the so-called “One Big Beautiful Bill” Act (OBBBA), a significant piece of legislation that ushers in a plethora of tax provisions designed to impact taxpayers across the spectrum. Though the act introduces measures that stretch beyond this year, our focus here narrows to changes coming into effect in 2025—critical for taxpayers to note. As you navigate through the list of modifications, consider whether any of these alterations may apply to your financial situation and determine if pertinent actions must be taken before year’s end. Particularly pressing are the numerous environmental tax credits that face imminent termination by the close of the year (some soon), meaning those wishing to claim these benefits must not delay taking action. This guide will equip you with the knowledge necessary to timely optimize your tax responsibilities and benefits efficiently amidst these legislative changes.
You’ve probably seen the headlines:
“IRS funding slashed.” “Audit rates down.” “Staffing cuts.”
If you’re a business owner, investor, or part of a high-earning household, you may be thinking: Finally, some breathing room.
But here’s the reality:
The IRS isn’t pulling back. It’s just getting smarter about who it goes after.
You know that moment in April when you look at your tax bill and think:
“We could’ve done something about this… if we’d only planned earlier.”
Well, this is earlier.
And if you’re a business owner who’s having a good year so far (or even just a better-than-expected one), now’s the time to stop the silent tax creep. Because waiting until Q4? That’s when the windows start to close—and the stress starts to spike.
In recent months, legislative activity in Congress has spurred considerable discussion around the proposed One Big Beautiful Bill Act (OBBBA). This article explores the key components of the OBBBA House and Senate versions of the tax bill as deciphered from various Congressional documents and highlights the importance of cautious tax planning given the potential changes in the legislation by the time it is reconciled in Congress.
If you’re near retirement — or already there — market dips hit differently.
When you’re still in your 30s or 40s, a downturn is just a blip on a long timeline.
When you’re in your 50s, 60s, or beyond?
It feels a lot more personal. A lot more urgent.
You’re not just managing money anymore.
You’re managing peace of mind.
On January 4, 2025, President Biden signed into law the Social Security Fairness Act, a significant milestone in addressing long-standing issues within the Social Security system. This new legislation eliminates two controversial provisions: the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions have historically reduced the Social Security benefits of certain public servants, including teachers, law enforcement officers, and postal workers, who transitioned to other employment forms later in their careers.
It starts small.
Fewer cars on the dealership lot.
Half-empty restaurants on a Friday night.
A “maybe next year” when customers talk about their next big vacation.
It’s not your imagination.
Consumer behavior is shifting — and small businesses are feeling it.
