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 […]
For tax year 2025 and after, there are big changes for individual and small business taxes. The changes include the following (which are subject to limitations and phaseouts): No tax on qualified tips No tax on qualified overtime Deduction for car loan interest on certain qualifying personal vehicles Eligible seniors 65 and older may claim […]
Arizona State income tax filers can reduce their Arizona State tax liability while supporting qualified charitable organizations. A state tax credit lowers your tax liability by the amount you donate (up to certain amounts). To claim the credit on a 2024 tax return, Arizona State taxpayers have until April 15, 2025 to make their donation. […]