Tax Savings

OBBBA Act: Bigger Business Interest Deductions Starting in 2025

Businesses can generally deduct interest they pay or accrue, but federal tax rules limit how much can be claimed each year. Recent changes under the One Big Beautiful Bill Act (OBBBA) will allow many companies to take larger interest deductions starting in 2025. Understanding the Limitation Rules General 30% ATI Limitation Business interest expense is typically capped at 30% of […]

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6 Effective Ways to Lower Your 2025 Taxes Before December 31

Even though the year is nearly over, December still offers valuable opportunities to lower your 2025 tax bill. By acting before December 31, you may be able to meaningfully reduce your taxable income. Consider implementing one or more of the following year-end strategies. Defer Income and Accelerate Deductions One of the most common year-end tax

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Business Tax Planning: 6 Smart Year-End Strategies for 2025

Effective tax planning works best when done throughout the year, but December still offers valuable opportunities to reduce your 2025 tax liability. Below are six strategies business owners can consider before year-end. 1. Delay Invoicing to Defer Income If your business uses the cash method of accounting and you would benefit from pushing taxable income into next

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Tax Implications to Consider Before Buying or Selling a Business

When you’re planning to sell your business or acquire another company, taxes can significantly affect both the structure and financial outcome of the deal. Understanding the potential tax implications early can make the difference between a smooth transaction and costly surprises. Asset Sale vs. Stock Sale From a tax perspective, mergers and acquisitions are typically

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QPP and the OBBBA: A Game-Changing Tax Break for Production Facilities

The One Big Beautiful Bill Act (OBBBA) introduced a powerful new tax incentive: 100% first-year depreciation for qualified production property (QPP). This deduction applies to certain nonresidential real estate and differs from traditional bonus depreciation, which applies only to assets with shorter recovery periods. Normally, commercial buildings must be depreciated over 39 years—making this new option

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IRS Rules for Business Gifts: What’s Deductible in 2025

Introduction Thoughtful business gifts are a great way to show appreciation to customers and employees. They can also bring tax advantages — if handled correctly. Unfortunately, the IRS limits most business gift deductions to $25 per person per year, a cap that hasn’t changed since 1962. With careful planning and good recordkeeping, however, you can still

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The 2026 Social Security Wage Base Explained for Employees and Self-Employed

The Social Security Administration has announced the 2026 wage base, and it’s set to rise again. Let’s break down what this means for both employees and self-employed individuals — and how it will impact your payroll taxes next year. FICA Tax Basics The Federal Insurance Contributions Act (FICA) imposes two main payroll taxes on wages and self-employment income:

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