For individuals who are self-employed, freelancing, managing side jobs, or operating their own businesses, 2025 introduces new tax opportunities. 👉 The 20% QBI Deduction is Now Permanent Also known as the “Section 199A deduction,” this write-off lets you deduct up to 20% of your net business income. Before, it was set to expire. Now it’s […]
Raising kids isn’t cheap—but Uncle Sam is throwing a few more bones your way in 2025. The new tax law includes some adjustments to popular tax credits for parents. Here’s what’s new: 👉 Child Tax Credit Bumps Up to $2,200 This is a $200 increase over last year. BUT—and this is important—not all families will […]
If you get a W-2 from your job, you might feel like tax breaks are usually for “someone else”—business owners, investors, people who own yachts, etc. But this year? That’s changing. The new 2025 tax law (aka the “One Big Beautiful Bill”) added some surprising deductions just for W-2 workers: 👉 No Tax on Tips […]
According to the IRS, a digital asset is property, not currency. Therefore, a digital asset is a capital asset. Furthermore, the IRS defines a digital asset as any digital representation of value recorded on a cryptographically secured, distributed ledger (blockchain) or similar technology. Examples of digital assets are Bitcoin, Dogecoin, Ether, Tether, and Non-fungible tokens […]
Businesses have specific deadlines for reporting income and payroll taxes. These deadlines include quarterly and annual filings with the IRS. Businesses must adhere to these deadlines or face penalties for late or missed filings. The following are some important filing deadlines: Employer’s Quarterly Federal Tax Return (Form 941) Quarter 1 (January – March): Due April […]