In Part 1 of this series, we covered the traps that create tax stress: mixed spending, inconsistent income tracking, missed estimated taxes, and deductions without documentation. Now we share a simple system that works for most side businesses....
If you paid any independent contractors $600 or more during 2025, you're likely required to issue them a 1099-NEC....
The Internal Revenue Service has announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles used for medical purposes will decrease by half a cent, reflecting updated cost data and...
Starting a business is exciting, but taxes quickly become part of the picture. If you’re opening a business, you’ll encounter multiple types of taxes. Below is a straightforward overview of the most common ones, followed by deductions and credits that can help lower what you...
If you plan to hire employees, operate as a corporation or partnership, or file specific types of tax returns — such as employment or excise or for industries such as alcohol and tobacco — you'll need an EIN....
If you work from home, you might be eligible to claim a home office deduction. This can help reduce your taxable income by allowing you to write off certain home expenses related to your business use. Here’s what you need to know to determine if...
State tax laws are evolving rapidly, with broadening nexus standards, shifting apportionment rules, aggressive enforcement tactics, and growing divergence from federal standards. As a result, companies operating across multiple U.S. states face an increasingly complex state tax compliance landscape. What was once a manageable state filing...
The freelance workforce in the U.S. is growing rapidly. In 2017, 57.3 million Americans freelanced. That number climbed to 73.3 million by 2023, and projections from Statista estimate it will reach 90.1 million by 2028, representing a more than 40% jump in just over a...
Facing a business audit can be stressful, but it’s important to stay calm and understand why it might be happening. Audits can occur randomly, but they’re often triggered by red flags in tax filings, such as high expense claims, incorrectly classified workers, or unusual deductions....
The One Big Beautiful Bill was passed into law on July 4. As with most tax legislation, this bill has an impact on both businesses and individuals. Here are some of the key provisions that will affect businesses. In our next newsletter, we’ll cover the...
