Introduction While Trump’s 2025 tax proposal offers widespread relief through rate reductions, expanded credits, and deductions, one question looms large: How will the U.S. pay for it all? The...
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 For families across the United States, the Child Tax Credit (CTC) has long been a vital tool for reducing tax liability. In Donald Trump’s 2025 tax proposal, the...
Introduction As the U.S. enters a new election cycle, Donald Trump’s proposed 2025 tax bill is generating significant attention. This plan includes major changes to income tax brackets, deductions,...
Self-employment tax is often one of the largest tax obligations for freelancers, consultants, and small business owners. Fortunately, the Internal Revenue Code (IRC) provides several ways to legally minimize...
If you are self-employed, an independent contractor, freelancer, or have significant income without tax withholding, the IRS generally requires you to make quarterly estimated tax payments. Failure to do...
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...
The Qualified Business Income (QBI) deduction allows many business owners to deduct up to 20% of their business income on their personal tax return, significantly reducing federal income taxes....
Introduction The IRS requires taxpayers to pay taxes throughout the year, either through withholding or estimated tax payments. If you underpay your taxes, you may face penalties and interest...
Introduction The IRS requires tax withholding on various types of income to ensure taxes are paid throughout the year. Under IRC § 3402, employers must withhold federal income tax,...