Mid-Year Tax Planning: 5 Moves Small Businesses Should Make Before December
Mid-year is one of the most important times for small business tax planning—but it’s often skipped. By the time December arrives, most decisions are locked in. A quick check-in now can help you adjust early and avoid surprises later. Here are five key moves to make before year-end. Recheck Your Profit and Tax Outlook Start […]
Heads Up: IRS Notices Are on the Rise This Filing Season
If you’ve received an IRS letter recently, you’re not alone — and it may not mean what you think it does. Our office has seen a significant increase in IRS notices during the 2025 filing season, and we’re hearing the same from tax professionals across the country. Many of our clients are receiving letters even […]
IRS 1099-K Changes: What Venmo, PayPal & Cash App Users Need to Know
If you use apps like Venmo, PayPal, Cash App, or Stripe, recent IRS changes may affect you more than you realize. The rules surrounding Form 1099-K, which reports payment transactions, are evolving—and more taxpayers are now receiving these forms than ever before. Historically, third-party payment platforms only issued a 1099-K if you had over $20,000 […]
Small Business Expense Deductions: What You Can (and Can’t) Write Off
For small business owners, deductions are one of the most powerful tools to reduce taxable income—but they’re also one of the most misunderstood. With increased IRS scrutiny in recent years, it’s more important than ever to know what qualifies as a legitimate business expense. The general rule is simple: a deductible expense must be “ordinary […]
Year-End Tax Checklist: Documents Your CPA Will Ask For
As the year comes to a close, a little preparation now can save time, money, and stress later. Meeting with your tax advisor before year-end is one of the smartest financial moves you can make—but only if you come prepared. Gathering the right documents ahead of time allows your advisor to identify tax-saving opportunities, avoid […]
Choosing the Right Business Structure: How to Optimize Taxes, Liability, and Growth
Choosing the right business structure is one of the most impactful decisions a business owner can make. Your entity determines how you pay taxes, how profits are distributed, your level of personal liability, and even how appealing your business looks to lenders and investors. While many owners start as an LLC because of its simplicity, […]
Maximizing Small Business Deductions: What You Can Write Off—and How to Stay Compliant
For small business owners, knowing which expenses are deductible is one of the most effective ways to reduce taxable income and boost profitability. Still, many owners miss out on legitimate deductions or fail to document them properly—mistakes that can lead to paying more in taxes than necessary or facing challenges during an audit. With the […]
Avoid Tax Season Stress: How to Help Your Accountant File Accurately and On Time
Tax season doesn’t have to be stressful. With a little preparation, you can make the process smooth and efficient, helping your accountant file your taxes accurately and on time—without needing an extension. Gather Your Documents Early Start by collecting all necessary paperwork, including W-2s, 1099s for freelance or investment income, mortgage interest statements, student loan […]
Don’t Wait Until April: How to Prepare Your Business for Tax Season Now
Tax season doesn’t have to be stressful for your business. With proper preparation, you can help your accountant file your business taxes accurately and on time—without needing an extension. Maintain Your Books Throughout the Year One of the most helpful things you can do for your business is keep accurate records of income and expenses […]
2025 Tax Bracket Changes: What Businesses Need to Know
Every year, the IRS adjusts tax brackets, deductions, and retirement contribution limits based on inflation, and the 2025 changes average around a 2.8% increase usbank.com+2usbank.com+2usbank.com+2. While this may seem routine, it has real implications for individuals and businesses alike. For 2025, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%, […]
