Insightful Accountant

JUNE 30, 2025

The SALT deduction changes remain substantial, retroactively increasing the limitation to $40,000 for 2025 and $40,400 for 2026, with one percent annual increases through 2029 before reverting to $10,000 in 2030. The phaseout for high earners above $500,000 remains, but workaround limitations were dropped. Like what youre reading?

general ledger

RogerRossmeisl

JULY 6, 2025

The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs). Within specified dollar limits, an above-the-line tax deduction is allowed for an individual’s contribution to an HSA. The post The IRS Recently Announced 2026 Amounts for Health Savings Accounts appeared first on Roger Rossmeisl, CPA.

Account

CPA Practice

JULY 25, 2025

Tenney’s bill did not advance to a vote in the House, but it provided the framework for the tax policy included in Trump’s bill. The final version of Trump’s bill that he signed into law did not include an extension beyond the existing 2026 deadline for companies to qualify for the subsidy. Thanks for reading CPA Practice Advisor!

Tax

CPA Practice

JULY 21, 2025

Individuals and businesses with addresses in Chaves, Lincoln, Otero, and Valencia counties in New Mexico now have until Feb. 2, 2026, to file various federal tax returns and make tax payments.

New Mexico

CPA Practice

JULY 11, 2025

Individuals and businesses in Kerr County, Texas, have until Feb. 2, 2026, to file various federal tax returns and make tax payments after flash floods hit the Texas Hill Country on the Fourth of July.

Texas

RogerRossmeisl

NOVEMBER 9, 2022

It’s generally limited to eligible employees who begin work for the employer before January 1, 2026. The post Work Opportunity Tax Credit Provides Help to Employers appeared first on Roger Rossmeisl, CPA. The IRS recently issued some updated information on the pre-screening and certification processes.

Tax

RogerRossmeisl

MARCH 14, 2021

Employers can qualify for a tax credit known as the Work Opportunity Tax Credit (WOTC) that’s worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”).

Tax

Withum

JULY 10, 2024

The bills’ passage resulted in suspending the net operating loss deduction for businesses with greater than $1 million in income and limiting business tax credit utilization, along with other changes. SB 167 suspends the net operating loss (NOL) deduction for tax years beginning on or after Jan. 1, 2024, and before Jan.

California

RogerRossmeisl

NOVEMBER 19, 2023

The difference in rates can be alleviated by the qualified business income (QBI) deduction that’s available to eligible pass-through entity owners that are individuals, and some estates and trusts. Individual rate caveats: The QBI deduction is scheduled to end in 2026, unless Congress acts to extend.

income tax

CTP

OCTOBER 30, 2024

Oftentimes, established, high-profile families need assistance managing their real estate, businesses, trusts, and other assets—this is where the help of a financial advisory team comes in. However, under TCJA, this deduction was suspended until 2026.

Tax

CPA Practice

JULY 1, 2024

The New Jersey Chamber of Commerce and the New Jersey Business and Industry Association testified against the measure, warning it will give the state the nation’s highest business taxes while giving the most successful, job-creating companies reason to leave the state.

New Jersey

RogerRossmeisl

DECEMBER 19, 2024

Good news for small businesses: The deadline for filing Beneficial Ownership Information (BOI) reports might be extended by a year. Melanie Lauridsen, Vice President of Tax Policy & Advocacy at the AICPA, celebrated this move in a LinkedIn post, noting it as a.

CPA

Ronika Khanna CPA,CA

DECEMBER 27, 2024

As we approach the new year, it is time to start thinking about a subject near and dear to everyones heart i.e. taxes (insert appropriate emoji). Below are the deadlines that all small businesses/sole proprietors need to know for 2025. It should be noted that penalties and interest on overdue balances are not tax deductible expenses.

business tax

SkagitCountyTaxServices

FEBRUARY 20, 2025

As your go-to tax pro whos on the roller coaster ride with you, let me assure you that I will do anything I can to help prepare your Skagit County business tax-wise for whats coming. Let me briefly address some 2024 trends that could bring potential 2025 tax changes at the local and state levels across the country.

business tax

Withum

FEBRUARY 20, 2025

Businesses should confirm their NAICS code to determine the correct classification. The following chart shows examples of the general codes covered by each category and the tax rates for 2025-2026 for each. The Homelessness Gross Receipts Tax (HGRT), an additional tax for larger businesses, will now apply to more Companies.

Tax

Nancy McClelland, LLC

JANUARY 11, 2025

Keep in mind that estimated quarterly tax payments for business owners (including sole proprietors) are due January 15 (4Q 2024), April 15 (1Q 2025), June 16 (2Q 2025), September 15, 2025 (3Q 2025) and January 15, 2026 (4Q 2025). The IRS has a tool to look up information for your area.

Tax