Debbie Wright, Author at TruStep Advisors

Do Your Withholdings or Estimated Payments Need a Check Up?

Do Your Withholdings or Estimated Payments Need to Come In for a Check Up? Do you expect a change in your income? Check (and fix if needed) your 2025 withholding now, using the new-year amounts. Whether it’s a W2 Paycheck, 1099 work or Retirement is changing. Early in the year is the best time…

Massive Deduction Promises – What’s Real?

Depreciation facts vs. “massive deduction” promises: what’s real (and what isn’t) If you own or rent out a building, you’ll hear big promises about “massive write‑offs.” Some are true for the right assets. Many are not. Here’s a clear, citation‑backed guide to what depreciation can (and can’t) do for you—and the real ramifications if…

Quarterly Tax Payments

Quarterly Taxes – Can you avoid Penalties? Fact: U.S. income taxes are pay‑as‑you‑go. If your withholding won’t cover your total tax for the year, you may need to make quarterly estimated payments to avoid penalties. Do you need to pay estimates? You generally must make estimated payments if you expect to owe at least…

Small Business Travel – What you Need to Know!

Travel Deductions for Small Business Owners: What You Need to Know – Warning this is a long one! Recently, I was scanning some TikTok posts of some folks who have quite a few followers and I was disturbed by what was being said. “ Deduct your whole vacation by….” As a small business owner, understanding…

Tax Tip Deduction and your Schedule C

How does the OBBBA affect your Schedule C Business? The One Big Beautiful Bill Act (OBBBA), introduced in 2025, has introduced new provisions and qualifications for tip deductions, particularly affecting self-employed individuals and businesses. This blog outlines the key qualifications for claiming tip deductions, the interaction with Schedule C net income, and the inclusion…

Overtime Deduction 2025 – What workers need to know

2025 “No Tax on Overtime” Deduction: What Workers Need to Know Starting in 2025, many workers can deduct a portion of their overtime pay on their federal tax return under the One, Big, Beautiful Bill Act. Here’s a quick guide to who qualifies, how much you can deduct, and how to claim it. What counts…

Tips are Deductible in 2025 – What you need to know!

Tip Deduction for 2025? What you need to know! WHO qualifies?: Employees and self-employed workers in occupations that customarily and regularly received tips on or before 12/31/2024 (IRS has a list of occupations you need to be on the list). Self-employed or employees in a financial, legal or consulting type profession are not eligible. Must include…

Decoding the Self-Employed Health Insurance Deduction for S-Corp Owners

Decoding the Self-Employed Health Insurance Deduction for S-Corp Owners Navigating the intersection of S-corps, health insurance, and ACA subsidies As an S-corporation owner (specifically, a 2% or more shareholder), you wear many hats, from visionary leader to chief cook and bottle washer. Among the many things to manage, navigating…

Is there a Benefit to Renting your Business your Building?

Tax Advantages of Renting a Personally Owned Building to Your Business for the 2025 Tax Year Renting a personally owned building to your business can provide significant tax advantages, but it also requires careful compliance with IRS rules to avoid potential pitfalls. Below, we explore the key benefits and considerations for the 2025 tax…

Pass Through Entity and the K-1

When you hear that you have a Pass Through Entity or you are getting a K-1 – do you know what that means? Definition of Pass-Through Entities A pass-through entity is a business structure where the income, deductions, gains, losses, and credits “pass through” to the owners or investors, who report these items on their…