Tips to Take Advantage of the Bill This Article is an Update From Previous Guidance: https://abacuspro.com/10-ways-the-proposed-new-tax-cuts-could-affect-your-taxes-this-year/ The "One Big Beautiful Bill Act" (OBBBA) is a sweeping tax and economic package that seeks to extend or make permanent many provisions of the 2017 Tax Cuts and Jobs Act, while introducing a host of new tax rules and [...]
Great question, and one that trips up a lot of people. Let’s break it down. If you’re making child support payments, those payments are not tax-deductible. The IRS considers child support a personal expense, not something that qualifies for a deduction like mortgage interest or charitable giving. So, even if you pay a significant amount each [...]
If you own a business, managing taxes can be difficult. If you’re self-employed, you’re required to pay your taxes via four quarterly estimated tax payments. The 2025 deadlines for 1st and 2nd quarter were April 15, 2025 and June 16, 2025. Now that we’ve passed those estimate deadlines, you may be thinking, “I haven’t paid anything [...]
Hey Abe! I am a lease operator, and I know that I’m required to pay my taxes in quarterly estimates. Do I have to file anything for this? Great question! Here’s the good news: While you are required to pay these quarterly estimates, you do not need to file any quarterly state or federal tax returns. [...]
If you’re self-employed, there’s a valuable tax deduction that you might be overlooking: the self-employed health insurance deduction. This allows you deduct the cost of health insurance premiums paid for yourself, your spouse, and your dependents, including your children under the age of 27, even if they aren’t claimed as dependents on your tax return. Why [...]
As we move past the April 15 deadline, it's crucial for individual taxpayers to understand the potential penalties and interest that may accrue if taxes remain unpaid after April 15th. The IRS imposes three distinct penalties for failing to pay taxes and file tax returns by the deadline: the failure-to-file penalty, the failure-to-pay penalty, and interest [...]
What are estimated tax payments? Estimated tax payments are required for individuals who expect to owe at least $1,000 in tax after subtracting tax withholding and refundable credits. These payments are generally due on a quarterly basis. These due dates are listed below: Q1 - April 15 Q2 - June 15 Q3 - September 15 Q4 [...]
This article is an update from a previously published article about BOI Reporting. As we approach the original January 1, 2025, deadline for Beneficial Ownership Information (BOI) reporting, a major development has shifted the compliance landscape for businesses. A recent federal court decision has temporarily paused enforcement of the BOI filing requirements outlined in the Corporate [...]
With the fall tax deadlines behind us, it’s tempting to take a well-deserved break from all things tax-related. However, taking a proactive approach now, in the fall, can save you time, money, and stress when tax season rolls around again in the spring. Here’s why a little fall planning can make all the difference: 1. Reduce [...]
As a driver, you’re used to navigating long hauls and managing your time on the road. But when it comes to your finances, especially with a child heading off to college, the journey can seem just as challenging. Proper tax planning can make a significant difference in managing the costs of higher education. This guide will [...]
