Starting in 2025, The One Big Beautiful Bill Act (OB3) provides a new tax benefit for workers who receive tip income. While it’s widely referred to as “No Tax on Tips,” what it really does is create a significant federal tax deduction for eligible tipped workers, potentially lowering your taxable income and tax liability when […]
In 2025, a major new federal tax law, the One Big Beautiful Bill Act (OB3), introduced a headline-grabbing provision: “No Tax on Overtime.” While the name sounds like overtime pay is completely free from taxes, the reality is a little more nuanced. Let’s break down what it actually means, who can benefit, how much you […]
If you’ve just finished your tax return and discovered you owe state taxes, your next question is probably, “Okay… how do I actually pay this?” The answer depends on where you live, and the rules, payment methods, and forms vary widely from state to state. Some states allow easy online payments directly from your bank […]
Even the most careful taxpayer can make mistakes. A missed 1099, an overstated deduction, or an incorrectly classified expense can turn an otherwise accurate filing into a substantially incorrect return. Acting quickly can prevent penalties, protect your credibility, and demonstrate good-faith compliance with the IRS. What Makes a Return “Substantially Incorrect”? The IRS considers a […]
For many small business owners, properly handling reimbursements for business-related expenses is essential for staying organized, compliant, and tax-efficient. One tool that often goes overlooked—but can provide significant tax savings and clarity—is the Accountable Plan. Understanding how an Accountable Plan works can help you streamline reimbursements, reduce taxable income, and keep your financial processes fully […]
The One Big Beautiful Bill Act (OBBBA, or OB3) has sparked a lot of conversation — and confusion — online. Some social media posts claim that OB3 eliminates taxes on Social Security benefits entirely. Others suggest that it changes the formula for calculating how much of your benefits are taxable. Let’s set the record straight […]
The recently passed One Big Beautiful Bill Act (OBBBA or OB3) makes sweeping changes to federal energy-related tax incentives for individuals. Many of the credits for home energy efficiency upgrades, clean energy systems, and electric vehicles are being phased out much sooner than expected. In some cases, the deadline to qualify is less than a […]
