Category: Uncategorized

1. Cutting the Corporate Tax Rate Although the headline corporate tax cut from 35% to 21% primarily benefits C corporations, many small businesses structured as corporations enjoy this lower rate. However, many small businesses operate as pass-through entities — sole proprietorships, partnerships, S corporations — and don’t pay corporate taxes directly. 2. The New Qualified…

Introduction When the Tax Cuts and Jobs Act (TCJA), often called Trump’s Big Beautiful Bill, passed in 2017, it aimed not only to cut taxes for corporations and businesses but also to provide meaningful relief for families and homeowners. The bill brought sweeping changes that impacted how families file taxes, claim deductions, and manage homeownership…

Introduction The Tax Cuts and Jobs Act (TCJA), popularly called Trump’s Big Beautiful Bill, was the most significant overhaul of the U.S. tax code in over 30 years. While it brought widespread changes, opinions about its overall impact vary widely. Some hail it as a much-needed boost for the economy and middle-class taxpayers, while others…

Introduction In late 2017, the Tax Cuts and Jobs Act (TCJA), often dubbed Trump’s Big Beautiful Bill, dramatically reshaped the U.S. tax landscape. Signed into law by President Donald Trump, this sweeping reform was the most significant change to the tax code in over three decades. Its goals were ambitious: simplify the tax system, reduce…

Introduction Filing your taxes for the first time can feel overwhelming. Between gathering documents, understanding tax forms, and navigating deductions and credits, it’s easy to get confused or stressed. But with a little preparation and knowledge, you can make your first tax filing experience smooth and even rewarding. This comprehensive guide offers essential tips to…

Introduction When it comes to preparing your taxes, sometimes a do-it-yourself approach works well, but other times, hiring a tax professional can save you time, money, and stress. However, with so many types of tax professionals and services out there, choosing the right one can feel overwhelming. This guide will help you understand your options…

Introduction Tax credits are one of the best ways to reduce your tax bill because they provide a dollar-for-dollar reduction in the amount of tax you owe. Unlike deductions, which reduce your taxable income, tax credits directly reduce your taxes owed, often resulting in bigger savings. Understanding which tax credits you qualify for can help…

Introduction Good organization is the foundation of smooth and stress-free tax preparation. When tax season rolls around, scrambling to find receipts, invoices, or income statements can lead to missed deductions, errors, and last-minute panic. Taking time throughout the year to organize your financial records can save you hours and help maximize your tax refund. Here’s…

Introduction Many taxpayers face the challenge of owing taxes but not having the funds to pay by the deadline. This situation can be stressful, but the good news is that the IRS offers options to help you manage payments and avoid severe penalties. If you can’t pay your taxes on time, understanding your options and…

Introduction Tax preparation can be complex, and even small errors can lead to costly penalties, delayed refunds, or IRS audits. Whether you prepare your own taxes or hire a professional, it’s important to know the common pitfalls and how to avoid them. In this post, we’ll explore five frequent tax preparation mistakes and give you…