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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…
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 MorePass 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…
Read MoreWhat does or could becoming an LLC mean for your company?
What does or could becoming an LLC mean for your company? The filing requirements for an LLC depend on its tax classification, which is determined by the number of members and any elections made with the IRS. I have noted below a breakdown of the filing requirements based on the LLC’s classification: Single-Member…
Read MoreComparison of Standard Mileage and Actual Expenses
Comparison of Standard Mileage and Actual Expenses Today, let’s look at the differences between Standard Mileage Rate and Actual Expenses and what are the tax implications in more detail. We will explore some common questions. Let’s look at the Standard Mileage Rate This is the Most Common for Small Business Owners For 2025, the IRS…
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