Clients have been asking for clarification on what compensation is actually covered by the ‘No Tax on Overtime’ break, and who is actually eligible. We thought it wise to address some of the Frequently Asked Questions. This article will explain how the federal overtime deduction works, which earnings qualify and how much of the promised...
Are you considering changing your LLC or C-corporation from the entity's default tax treatment to an S-corporation election? Now is a great time to get educated about the pitfalls to avoid when making that transition. Our TFG tax professionals would like to point out the most common mistakes entrepreneurs make when switching to S-corp tax...
Make sure your business gets a head start taking advantage of the tax incentives included in last year's One Big Beautiful Bill Act. Among the major changes for businesses, the OBBBA renews and makes permanent these tax breaks: 100% bonus depreciation, Immediate expensing of domestic R&D costs without a 5 year amortization requirement, Business interest...
A mid-year tax review is all about proactive planning to optimize your tax situation and identify potential savings. With significant tax provisions potentially changing at the end of 2025, reviewing your business’s financials and tax position now is more important than ever. It gives you time to make necessary adjustments, implement strategies to maximize tax...
Spending the time to declutter and organize your finances this spring can help to set you up for financial success for the rest of the year. Gathering and pruning financial documents, tidying up your budget and polishing your portfolio will go a long way to cleaning up the clutter in your financial life. Here are...
