Quick Summary: Could Changing My Business Entity Mean a Lower Tax Bill? If you’re a Sole Proprietor or single-member LLC, you’re likely paying a hefty 15.3% Self-Employment (SE) tax on 100% of your profit. Electing S-Corp status could cut that tax bill by splitting your income between salary (taxed) and owner’s distributions (not subject to…
“Simple can be harder than complex.” — Steve Jobs Quick Summary: What’s Changing With The 2026 1099 NEC Threshold? Businesses will only need to issue a 1099-NEC if they pay an independent contractor $2,000 or more in a calendar year. The new rule begins for tax year 2026. Business owners: less paperwork, but you still…
“To profit from good advice requires more wisdom than to give it.” —Wilson Mizner Quick Answers: Who’s the Best Accountant to Help My Business Grow? The “perfect” accountant doesn’t exist. But the right fit for your business growth does. Look for an accountant who understands your industry so they don’t miss critical deductions or…
“The essence of strategy is choosing what not to do.” -–Michael Porter Quick Answers: What Are the OBBBA’s Excess Business Loss Limitations? The OBBBA made the Excess Business Loss limitation permanent (previously set to expire in 2028). For 2025, you can deduct up to 313K in losses if single, 626K if married. Any losses…