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One Big Beautiful Bill

Trump's new tax bill was signed into law on July 4, 2025. As with everything your overlords touch, it is filled with caps, limitations, expiration dates and complexity. Overall, it provides tax savings to many and had it not been passed, your taxes would have gone up sharply in 2026. So, let's take the win! Here are some quick tax highlights for your enjoyment:    -Standard deduction increases to $15,750 single and $31,500 married  -State tax deduction increases on Sch A from $10,000 to $40,000  -Seniors over 65 get an extra $6,000 deduction  -Child tax credit increases to $2,200  -Business income deduction of 20% made permanent  -Mortgage insurance is now deductible  -Deduction up to $25,000 against tip income  -Deduction up to $12,500 against overtime income  -Car loan interest deduction up to $10,000 (for vehicles assembled in USA purchased after 12/31/2024)  -100% bonus depreciation is back -Many clean energy incentives terminat...
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Podcast

Here is a podcast where I was fortunate to be a guest speaker. It was related to food bloggers, but relevant to all businesses. https://chopped.academy/2017/06/ep-135-accounting-principles-for-food-bloggers/
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Unconstitutional

People sometimes say “income taxes are unconstitutional”. Meet the 16th amendment to the United States Constitution:  AMENDMENT XVI Passed by Congress July 2, 1909. Ratified February 3, 1913. Note: Article I, section 9, of the Constitution was modified by amendment 16.  The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
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Everything is a scam until proven otherwise

I have been hearing from multiple clients about these phone call tax scams. The IRS will not make calls demanding payment and requesting personal information. Be careful and don't get scammed.
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