The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers.Perhaps thebiggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know.
The New Law Includes Favorable Changes for Depreciating Eligible Assets

Posted by Lesley L. Price, CPA on Jul 23, 2025
Posted in Business Advisory, Business Tax
Startup Costs and Taxes: What You Need to Know Before Filing

Posted by Nick Wheeler, CPA on Jul 16, 2025
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.
Posted in Business Tax
The Financial Triple Play: 3 Reports to Help You Stay at the Top of Your Game

Posted by Nick Wheeler, CPA on Jul 15, 2025
In baseball, the triple play is a high-impact defensive feat that knocks the competition out of the inning. In business, you have your own version — three key financial statements that can give you a competitive edge by monitoring profitability, liquidity, and solvency.
Posted in Business Tax
Dos and Don'ts to Help Protect Your Business Expense Deductions

Posted by Murry Guy, CPA on Jun 24, 2025
If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting out inconsistencies, omissions, and errors in taxpayers’ records, as illustrated by one recent U.S. Tax Court case. (T.C. Memo. 2024-82)
Posted in Business Tax
Planning a Summer Business Trip? Turn Travel into Tax Deductions

Posted by Nick Wheeler, CPA on Jun 19, 2025
If you or your employees are heading out of town for business this summer, it’s important to understand what travel expenses can be deducted under current tax law. To qualify, the travel must be necessary for your business and require an overnight stay within the United States.
Posted in Business Tax
Even well-run companies experience down years. The federal tax code may allow a bright strategy to lighten the impact. Certain losses, within limits, may be used to reduce taxable income in later years.
Posted in Business Tax
How a Business Owner's Home Office Can Result in Tax Deductions

Posted by Murry Guy, CPA on Mar 26, 2025
As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here are answers to frequently asked questions about the tax break.
Posted in Business Tax
Travel remains a critical expense for many businesses, whether for client meetings, networking, industry conferences or sales opportunities. However, travel and entertainment (T&E) costs can quickly spiral out of control, cutting into profits. Consider taking these six proactive measures to keep T&E costs in check.
Posted in Business Tax
Ways to Manage the Limit on the Business Interest Expense Deduction

Posted by Jessica L. Pagan, CPA on Mar 05, 2025
Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expenses. The TCJA created Section 163(j), which generally limits deductions of business interest with certain exceptions.
Posted in Business Tax
A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they have been in the last few years. Here are some amounts that may affect you and your business.
Posted in Business Tax