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.
Before a Weather Emergency Closes Your Business, Make a Plan
It’s hurricane season, which is just one of several weather emergencies and other natural disasters companies may face, depending on location. Tornadoes, floods, and wildfires also pose serious threats. According to the Federal Emergency Management Agency (FEMA), about 25% of businesses never reopen after a major disaster. And many that do reopen struggle to recover.
OBBBA Restores 100% Deductions for Small Businesses
Big Tax Savings Are Back: What the OBBBA Means for You
The new One Big Beautiful Bill Act (OBBBA) is a game-changer for small business owners. It restores and even expands some of the most valuable tax deductions available—helping you write off more of your investments, faster.
Here’s what you need to know in plain English:
Should You Be Making Estimated Payments?
If your federal tax withholding isn’t enough to cover your total tax liability, you may need to make estimated tax payments. This typically applies if you have income from sources such as interest, dividends, capital gains, or self-employment. The following rules explain how to make these payments without incurring an underpayment penalty.
The Quirky Math of Partnership Income
When it comes to taxation, partners in a business may find the math a bit puzzling. You may discover that the amount of partnership income you’re taxed on is more than the amount that was distributed to you. That’s a quirk of taxation that lies in the way partnerships and partners are taxed.
New Law Changes Business Payment Reporting Rules
The One Big Beautiful Bill Act (OBBBA) contains a major overhaul of an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Starting in 2027, the threshold amount will be adjusted for inflation.
Developing a Comprehensive AI Strategy for Your Business
We’ve reached a point where artificial intelligence (AI) offers functionality and enhancements to most businesses. Yours may be able to use it to streamline operations, improve customer interactions, or uncover growth opportunities.
Closing Your Business: A Tax Checklist
If you’re shutting down your business — permanently or as part of a strategic exit — it’s important to follow IRS rules to officially close your small business and avoid future tax headaches.
Startup Costs and Taxes: What You Need to Know Before Filing
The U.S. Census Bureau reports there were nearly 447,000 new business applications in May of 2025. The bureau measures this by tracking the number of businesses applying for an Employer Identification Number.
Should I Hire an Accountant or Do Taxes Myself?
Is It Worth Hiring an Accountant to Do My Taxes?
Every tax season, we’re flooded with ads promising easy filing through DIY tax software and pop-up prep centers. For those with a simple W-2 and no other complications, those tools might work just fine.