Introduction As Trump’s 2025 tax plan makes its way through Congress, it’s clear that while many taxpayers will benefit, not everyone gains equally. The bill includes rate reductions, larger...
Introduction Trump’s 2025 tax proposal includes powerful incentives for U.S. businesses, particularly small and pass-through entities. These changes aim to stimulate investment, reward domestic hiring, and simplify compliance for...
Introduction Building an eco-friendly brand on Shopify isn’t just good for the planet – it can offer significant tax planning opportunities. From classifying sustainable materials as inventory to leveraging...
One of the key tax advantages for self-employed individuals is the ability to deduct health insurance premiums directly from their income. This deduction can significantly reduce your taxable income...
Startup Cost Deduction When starting a new business, many costs are incurred even before operations officially begin. Fortunately, the IRS allows business owners to deduct startup costs under specific...
What Is IRS Letter 106-C? Letter 106-C (Claim Partially Disallowed) is the IRS’s legal notice that it has denied part—but not all—of your Employee Retention Credit (ERC) claim for...
(Tax Year 2024 – Filed in 2025) Overview Employers are required by law to issue Form W-2 (Wage and Tax Statement) to employees and file it with the Social...
Introduction If you are self-employed, an independent contractor, or earn non-W-2 income, you may be required to make estimated tax payments throughout the year. Under IRC § 6654, the...
Introduction If you use your vehicle or travel for business purposes, the IRS allows you to deduct business mileage and travel expenses to lower your taxable income. According to...
Introduction Self-employed individuals face unique tax obligations, including self-employment tax, estimated quarterly payments, and business deductions. The new tax laws for 2025 bring several changes that impact freelancers, gig...