The Economy Feels Mixed — and That’s Okay
If you’ve read the headlines lately, you know the signals are…confusing.
- GDP is strong.
- Interest rates may be heading lower.
- Inflation is easing, but not “gone.”
- Tariffs are making imports more expensive.
So is the economy strong? Slowing? Recovering? The truth is—it depends on who you ask. And for small business owners, that fog of uncertainty is the hardest part.
Uncertainty isn’t just an economic headline. It’s what keeps you up at night, wondering: Do I hire? Do I wait? Do I raise prices or hold steady?
The reinstatement of bonus depreciation is a critical component of recent U.S. tax legislation aimed at fostering economic growth. The 2017 Tax Cuts and Jobs Act (TCJA) had already put significant emphasis on bonus depreciation, but its permanent reinstatement under the “One Big Beautiful Bill Act” at 100% further emphasizes its importance, especially after considering the economic ramifications of the pandemic. This article explores the tax benefits, historical context, applicability, and specific rules surrounding bonus depreciation, ultimately outlining the recent changes in its reinstatement.
The recent passage of the One Big Beautiful Bill Act (OBBBA) marks a significant shift in the tax landscape, bringing with it a range of changes aimed at easing the financial burden on American workers. Among these changes, the introduction of a new deduction for overtime pay is of particular interest. This article will explore what constitutes deductible overtime under the OBBBA, the specifics of the deduction, its limitations, and why it’s crucial for taxpayers to understand these newfound regulations.
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.
