For Individuals and Small Business Owners Life happens. Financial stress, missing paperwork, or the demands of running a business can cause individuals and small business owners to miss the tax filing deadline. The good news is that filing late is common—and it is fixable. Below is what you need to know if you missed the…

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Many small business owners and self-employed professionals overpay in taxes simply because they are unaware of the deductions and credits available to them. With tax laws changing frequently, overlooked deductions can result in thousands of dollars in unnecessary tax payments—money that could be reinvested back into your business. Below are some of the most commonly…

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The Internal Revenue Service (IRS) has announced the 2026 standard mileage rates for taxpayers who use their vehicles for business, medical, charitable, or qualified moving purposes. Effective January 1, 2026, the business standard mileage rate will increase from 70 cents to 72.5 cents per mile. The medical mileage rate was decreased from 21 cents to…

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Finding a job can be a challenge and for certain groups, it can be even harder. The Work Opportunity Tax Credit is a federal tax credit available to employers for hiring individual from certain groups who consistently face significant barriers to employment. The Work Opportunity Tax Credit is available until Dec 31,2025, for employers that…

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When it comes to running a successful small business, every dollar counts. Yet every year, many owners miss out on valuable tax deductions — and with them, the chance to strengthen their cash flow and reinvest in growth. In 2025, smarter tax planning isn’t optional. It’s a financial strategy that can give your business a…

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WASHINGTON — As hurricane season peaks and wildfire risks remain high as well as the threat of tornadoes and flooding waters, the IRS urges individuals and businesses to create or update their emergency preparedness plans as part of National Preparedness Month. Disaster readiness starts with safeguarding critical documents, recording valuables and knowing how to access…

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1.Which energy credits and deductions are expiring under OBBB, and what are their new termination dates? The OBBB accelerated the termination of several energy credit and deduction provisions. Energy efficient home improvement credit The credit will not be allowed for any property placed in service after December 31, 2025. Residential clean energy credit The credit…

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In recent legislative developments, the Omnibus Budget Reconciliation Bill for 2025 and Beyond (also known as the One Big Beautiful Bill Act, or OBBBA) has introduced significant tax provisions, some tailored to benefit seniors, ensuring they receive enhanced support in managing their financial and tax responsibilities. Key among these changes is a new deduction available…

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On July 4th, the President signed into law the so-called “One Big Beautiful Bill” Act (OBBBA), a significant piece of legislation that ushers in a plethora of tax provisions designed to impact taxpayers across the spectrum. Though the act introduces measures that stretch beyond this year, our focus here narrows to changes coming into effect…

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