If you use your vehicle for business purposes, there’s an important update for 2025 you’ll want to know about. The IRS has announced an increase in the standard mileage rate for business travel, which could have a direct impact on your tax deductions. New Mileage Rates for 2025 Starting January 1, 2025, the standard mileage
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As the year ends, small and mid-size business (SMB) owners and managers face the crucial task of managing cash flow to ensure smooth operations into the new year. From meeting payroll to managing inventory, cash flow challenges can intensify during this period. On top of that, tax obligations loom, adding another layer of complexity. Here
Addressing End-of-Year Cash Flow Challenges Read More »
While all politicians make campaign proposals that often don’t come to fruition, it is important for small and mid-sized business owners to pay attention and understand what could be coming so you aren’t caught off guard. Proactive planning can ensure you’re ready to seize opportunities or respond to new challenges. Several tax-related proposals from the
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The holiday season is a time for joy, connection, and celebration. Unfortunately, it’s also a prime time for scammers and cybercriminals looking to take advantage of businesses and individuals alike. As employees take time off, online shopping increases, and inboxes fill with seasonal emails, the risks of cyberattacks, fraud, and identity theft rise significantly. The
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A recent court ruling just said “never mind” to the Business Ownership Information (BOI) filing requirements created in the Corporate Transparency Act (CTA), giving business owners extra time to prepare. So if you’ve been preparing to file by the deadline set for January 1, 2025, you can stop – for now. Here’s a breakdown of
Breaking News: Court Pauses BOI Filing Deadline Read More »
The IRS recently announced its annual inflation adjustments for tax year 2025, impacting a range of deductions, credits, and income thresholds. These changes, aimed at keeping up with inflation, can significantly influence financial planning for both business owners and employees. Here’s a breakdown of some of the most relevant updates for small and mid-sized business
Key Tax Changes for 2025 Read More »
The Social Security Administration (SSA) recently announced a 2.5% cost-of-living adjustment (COLA) for 2025, which will take effect starting in January. For seniors and other beneficiaries, this adjustment means a modest increase in monthly benefits, designed to help offset inflation’s impact on everyday expenses. Understanding the 2.5% COLA Increase for 2025 The 2.5% COLA for
Smaller Social Security Cost-of-Living Adjustment in 2025 Read More »
The IRS recently released Notice 2024-80 outlining adjustments to retirement plan contribution limits for 2025. As we move into the new tax year, small and mid-sized business owners should take note of these updates, as they present new opportunities for employees and employers alike to boost retirement savings. Increased Contribution Limits for 401(k) Plans For
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With digital assets like cryptocurrency becoming increasingly mainstream, the IRS is ramping up efforts to ensure that businesses, including small businesses in Connecticut, properly report these transactions. Beginning in 2025, significant changes will impact how businesses handle digital asset reporting, especially as the IRS’s transitional safe harbor provision comes to an end in January. If
Are You Prepared for the New Digital Asset Reporting Requirements? Read More »
As tax season approaches, it’s crucial to be aware of scams that can threaten your financial well-being. Scammers are becoming increasingly sophisticated, using social media and other channels to try to steal personal information or encourage risky behaviors that could harm your business. Here’s a roundup of the most common tax scams circulating, according to
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Effectively managing business travel expenses is not just about maximizing tax deductions—it’s also key to staying compliant with IRS regulations. Whether you’re covering the cost of employee trips or your own travel for business, knowing the updated per diem rates and how to use them can make the process easier and more accurate. The IRS
What Small Business Owners Need to Know About Per Diem Rates Read More »
In a move to bolster the privacy of taxpayers’ sensitive information, the House of Representatives recently passed the Taxpayer Data Protection Act. This legislation, spearheaded by Rep. Jason Smith of Missouri, aims to significantly increase the penalties for unauthorized disclosure of tax information. It will now move to the Senate, and if passed there, to
New Bill Aims to Strengthen Taxpayer Privacy Protections Read More »