Big tax changes are coming that will affect how we give to charity. The new law (often nicknamed “OBBBA”) brings some wins and some hurdles—for families and for nonprofits. Here’s the plain-English version of what to know and what to do. What gets better * A new write-off even if you don’t itemize (starts 2026). If you take the standard deduction, you’ll still be able to deduct up to $1,000 in cash gifts each year if you’re single, or $2,000 if you’re married filing jointly.

Thinking about turning your next family vacation into a tax write-off by holding a business meeting while you’re there? If your spouse and kids are on the board of your business — or actively involved — you could possibly write off parts of the trip… but only if you follow the IRS rules. Let’s break it down in simple terms. 👨‍👩‍👧‍👦 Business + Family = Possible Write-Off (If Done Right)Say you take a 7-day trip to Hawaii. You and your spouse are co-owners of your S-Corp. Y

A sweeping new tax law has officially passed, locking in several major tax breaks and introducing some new ones—especially for individuals, business owners, and investors. The best news? Many tax provisions that were scheduled to disappear after 2025 have now been made permanent, preventing what could have been a steep tax hike for many. Here’s a plain-English breakdown of what stayed the same, what’s changing, and how these updates may apply to you. ✅ What Stayed the Same (A

Congress is moving forward with a big new tax bill, and it could bring some important changes starting in 2025. To make it easy to understand, I’ve created a short summary with the key points — what’s changing, when it starts, and who it might affect. It covers everything from tax rates and deductions to business write-offs, EV credits, and even online purchases from places like Temu. ✅ INDIVIDUAL TAX CHANGESProvision Start Retroactive? Notes 🧒 Child Tax Credit ($2,500) 2025

Hey there, awesome business owner! 🙋‍♂️✨ Tax season is right around the corner, and you might be wondering: “Do I need to send out any 1099s this year?” Don’t worry! We’ve got you covered with a quick, easy, and fun guide to figure it all out. Let’s dive in! 🎓✨ What’s a 1099 Anyway? Think of a 1099 like a little postcard to the IRS, telling them about payments you made to people who helped your business. If you paid someone $600 or more during the year and they’re not your

With the recent election behind us, we’re taking a fresh look at what could be on the horizon for taxes. Some major tax provisions are set to expire in 2025, and with new ideas on the table, we might see changes that impact everything from individual tax rates to business deductions. Here’s a breakdown of what’s expiring, what’s proposed, and how these changes might impact you. 📅👇 1. Individual Tax Rates and Brackets: What’s Expiring and Why It Matters 🧾 What’s Expiring by

The end of the year is just around the corner, and that means it’s time to think about year-end tax deductions! These strategies can help lower what you owe, and they’re easy to use. Let’s make the IRS give you a break this tax season! 😄 1. Prepay Some Expenses 🕒 What it is: Pay ahead for certain expenses and deduct them now. If you’re on a cash basis for tax purposes, you can prepay for certain business expenses like rent, insurance, or vehicle leases and take the deductio

Did you know there’s a special way to make some tax-free income from your home if you own an S Corporation? It’s called the Augusta Rule! Here’s the scoop: What’s the Augusta Rule? 🤔The Augusta Rule allows homeowners to rent out their home to their business for up to 14 days a year—tax-free! That means you don’t have to pay taxes on the income from these rental days. 🎉 How does it work? If you rent your home to your S Corporation for business meetings for less than 15 days

‘Twas the time before year-end, and all through the land,Business owners were planning, with taxes at hand. 💼💰The deductions were hanging, prepared with such care,In hopes that big savings soon would be there. ✨ While visions of tax breaks danced in their heads, 💭I knew it was time to offer help instead. 🙋‍♂️For there’s still time to act, and strategies abound,To lower your tax bill and turn things around. 📉 So I’ve made you a video, packed with tips to explore,To help y

Health Savings Accounts (HSAs) are one of the most powerful tools available for saving money on medical expenses. They offer a triple tax advantage: 1. You can make pre-tax contributions, which lowers your taxable income. 2. The money grows tax-free while it sits in the account. 3. Withdrawals for medical expenses are tax-free too. But there’s a catch: once you turn 65 and enroll in Medicare, you usually can't contribute to an HSA anymore. For most people, that's the end of t

Do you spend part of the year in one state and part in another for your business? Maybe you love the warm winters in Florida but head back to Massachusetts for the summer. If you split your time between two places like this, there’s some cool tax stuff you should know that could help you save money! Let’s dive into how you can set up your taxes so you don’t miss out on any savings. Meet Edward Andrews: A Business Owner in Two StatesEdward Andrews was a guy who spent six month

We all love our pets, but let’s be honest—they’re not cheap! Dogs can cost between $1,270 and $2,800 a year, and cats aren’t far behind. Sadly, just loving your pet doesn’t make their expenses tax-deductible. But what if your pet does more than just keep you company? There are actually ways to deduct your dog, cat, or even other animals on your taxes. Let’s find out how! 1. Medical Expenses: Service Animals and Emotional Support Pets If your pet helps you with a medical condi