Small Business

OBBBA: Key Tax Changes for Individuals and Businesses

On July 4, President Trump signed into law the far-reaching legislation known as the One Big Beautiful Bill Act (OBBBA). As expected, it extends and enhances many of the tax breaks from the Tax Cuts and Jobs Act (TCJA). It also includes several of Trump’s campaign promises — though many are only temporary — and eliminates tax breaks related to clean energy. Here’s a rundown of some of the main tax law changes to be aware of as you plan for the 2025 tax year.

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Closing a Business? Here’s How to Stay on Top of Your Tax Duties

Businesses close for various reasons. Perhaps you’re ready to embark on a welcome change, such as retirement or launching a new venture. Or maybe it just no longer makes financial sense to continue operating your current business. Whatever the reason, closing your business is a significant milestone, and part of wrapping things up means taking care of a few tax responsibilities.

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What’s Your Business Exit Strategy?

Ever since you became a business owner, you’ve focused on growing revenue, managing expenses, and leveraging tax advantages. But don’t overlook a critical element of your long-term financial well-being, that is, a business exit strategy. Ideally, your exit strategy will help you meet your retirement and estate planning goals.

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Estate and Succession Planning for the Family Business

The future often weighs heavier on the shoulders of family business owners. Their companies aren’t just “going concerns” with operating assets, human resources, and financial statements. The business usually holds a strong sentimental value and represents years of hard work involving many family members.

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Business Mission and Vision Statements to Rise Above the Din

Many of today’s businesses operate in a cacophonous marketplace. Everyone is out blasting emails, pushing notifications, and proclaiming their presence on social media. Where does it all leave your customers and prospects? Quite possibly searching for a clear perception of your company.

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Facilitate IRS Transactions With a Business Tax Account

The IRS Business Tax Account provides information to sole proprietors, partners of partnerships, and shareholders of S corporations and C corporations. Eligible business taxpayers who set up an account can use the hub to make electronic payments, schedule or cancel future payments and access other tools.

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Explore SEP and Simple Retirement Plans for Your Small Business

Suppose you’re thinking about setting up a retirement plan for yourself and your employees. However, you’re concerned about the financial commitment and administrative burdens involved. There are a couple of options to consider. Let’s take a look at a Simplified Employee Pension (SEP) and a Savings Incentive Match Plan for Employees (SIMPLE).

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