Maximize Your Earnings: The 2025–2028 Overtime Tax Deduction Guide
Introduction For hourly employees who work extra hours, the federal government is offering a new opportunity to keep more of what you earn. From 2025 through 2028, eligible workers can claim the overtime tax deduction, reducing taxable income by the “premium” portion of overtime pay — the additional half above the regular hourly rate. Understanding…
Read MoreRequired Electronic IRS Payments: What You Need to Know Before 2025
Why the IRS Is Moving to Electronic Payments The IRS is modernizing the way taxpayers handle finances. Starting September 30, 2025, most paper refund checks will be phased out. While traditional methods like paper checks, EFTPS, and IRS Direct Pay remain temporarily, switching to electronic payments now ensures faster, safer, and more easily tracked transactions.…
Read MoreThe High Cost of Worker Misclassification: Tax Implications and Risks
The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. There may be serious nontax consequences as well. How Important Is This? Businesses must withhold federal and state income taxes and the…
Read MoreNext-Level Growth: Unlocking Your Business’s Full Potential
After successfully navigating the start-up phase, your business has a strong foundation for growth. At the growth stage, business and financial advisory services become essential. Focus on these two key areas to elevate your company to the next level. 1. Financial and Tax Reporting Businesses in the growth stage usually have more sophisticated financial reporting…
Read MoreTax Season Cleanup: Which Records Can You Toss?
If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. The documentation needed to support a tax return may include receipts, bank and investment account statements, K-1s, W-2s, and 1099s. How long must you save these records? Three years is the general…
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