Over 53 million Americans claimed new OBBBA tax breaks this year. Are you missing out on thousands in overtime, tip, or senior deductions? Find out now.
Tax reform
Unraveling the 2025 Tax Overhaul: How New Laws Could Impact You
2025 tax law changes explained: new deductions, credits, RMD rules, SALT limits, business expensing, and retirement updates under the OBBBA.
The “Taylor Swift Tax”: $17M Mansion Sparks Debate Over Luxury Second Homes
Rhode Island’s proposed “Taylor Swift tax” would add a surcharge on luxury second homes worth over $1 million to fund local housing and services. Inspired by Swift’s $17M mansion, the policy aims to boost fairness, occupancy, and revenue—though critics warn it may deter investment.
Landlords Do You Collect W-9s?
Landlords a 1099 applies to you! Do you collect W-9s from contractors? Well did you collect W-9s from those contractors? Did you know that services over $600 threshold require that you do? When you use independent contractors to perform services for your business, for each individual whom you pay $600 or more for the year, the IRS […]
Paid Family and Medical Leave Credit Under Tax Reform
Tax Reform includes Family and Medical Leave Changes The Paid Family and Medical Leave credit is a brand new non-refundable general business credit. It applies to businesses with 50 employees or more. There are several requirements in this article that will help employers navigate the changes of this employer credit.
Don’t Get Sick Over Medical Insurance and Taxes
The Affordable Care Act (ACA) put significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform took out these penalties after 2018, they still apply for this year. And, they can be as high as the greater of $2,085 or 2.5% of the family’s household income. So, all taxpayers must carry medical insurance. Unfortunately, it is one of your largest expenses. While the penalty will go away in 2019, you must understand how to handle the health insurance expense for tax purposes. This is so you can get the most tax benefits possible.