Deductions
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…
Read MoreTax 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…
Read MoreOvertime 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…
Read MoreTips 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…
Read MoreDecoding 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…
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