Taxes

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November 2025 Tax Due Dates

November 17 Employers: Deposit Social Security, Medicare, and withheld income taxes for October if the monthly deposit rule applies. Employers: Deposit nonpayroll withheld income tax for October if the monthly deposit rule applies. Calendar-year exempt organizations: File a 2024 information …

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Can Your Business Benefit from the WOTC?

Employers who hire new workers may qualify for a tax benefit, but they shouldn’t wait too long. The Work Opportunity Tax Credit (WOTC) is a valuable federal tax credit that incentivizes employers to hire from certain targeted groups that face employment barriers.

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2 Important Changes for Businesses under the New Tax Law

The One Big Beautiful Bill Act (OBBBA) introduces a range of tax changes that will impact businesses. Many provisions set to expire this year are now being extended or made permanent. Below is a snapshot of two important changes to help you with tax planning in the fourth quarter of 2025 and going forward.

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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:

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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.

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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.

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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.

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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.

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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.

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