Beginning September 30, 2025, the federal government will generally no longer issue paper checks, including those for tax refunds, Social Security benefits, and other payments.
Tax Breaks for Medical Expenses
Depending on your situation, you may be able to claim certain medical expenses as deductions on your tax return. However, you must itemize deductions, and having enough expenses to qualify can be challenging. Here are five tips to keep in mind:
Dependent Care Flexible Spending Accounts for Your Business
Employers seeking to offer family-friendly benefits may want to consider flexible spending accounts (FSAs) for dependent care. These FSAs let employees make pre-tax contributions through payroll withholding to help cover eligible expenses.
Compliance and Trends in Hybrid Work Models
If your business allows employees to perform their jobs under a hybrid work model, you’re certainly not alone. Ever since the pandemic initiated this shift, many companies have sought to strike a critical balance between allowing remote flexibility and requiring staff to come into the office (or another type of facility).
The Critical Role of Meticulous Business Recordkeeping
Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in maintaining financial health, ensuring compliance, and maximizing tax savings.
How to Adjust Your Prices for Maximum Profit
Pricing is among the most powerful levers for business owners to calibrate their companies’ profitability. Setting prices too low risks leaving money on the table. Set them too high and customers may pass you by for cheaper competitors.
IRS Form 8300: Report Cash Payments Over $10,000
Does your business frequently receive large amounts of cash or cash equivalents? If you accept more than $10,000 in a single or related transactions, the IRS generally requires you to report these payments by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. This requirement helps the government trace funds related to criminal and tax evasion activities.
The QBI Deduction: Good News for Eligible Business Owners
If you’re a small business owner or you’re self-employed, there’s good news on the tax front. The Section 199A qualified business income (QBI) deduction, a powerful tax-saving opportunity since 2018, was initially set to expire in 2025. But thanks to the recent enactment of the One Big Beautiful Bill Act (OBBBA), it’s not only here to stay, it’s also improved.
Seniors May Be Eligible for a New Deduction
For 2025 through 2028, individuals age 65 and older may be able to claim a new senior deduction of up to $6,000, subject to income-based phaseouts. This deduction is available whether or not the taxpayer itemizes.
3 Family-Friendly Tax Benefits in the New Tax Law
The One, Big, Beautiful Bill Act (OBBBA) brings a wide range of tax changes, with several key updates designed to support families. Among the many provisions, here are three with the potential to lower your tax bill.