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
Entrepreneur’s Edge – Marine Money Makers
Strategic growth and operational excellence must walk hand in hand and be intentional to achieve success. Thank you Southern Yacht and Boating Magazine for the spotlight in September’s issue. Lou Fuoco and his team at TFG can help you build a legacy, no matter what your industry is, whether you and your business are evolving,
Projected Federal 2027 Income Tax Brackets
This year’s annual Bloomberg “Projected U.S. Tax Rates Report” provides an early look at potential 2027 tax savings for clients interested in doing some aggressive tax planning this season. Autumn is the best time to look at what actions you need to take to save money on your tax bill due in the Spring! Tax
Six S-Corporation Election Mistakes To Skip
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
Claiming Deductions for Auto Loan Interest Paid
Requirements to claim a deduction for interest paid on auto loans are many! OBBBA benefits include new tax deductions for tip income, overtime pay, and interest paid on auto loans, as well as an additional standard deduction for senior citizens and an increased maximum deduction for state and local taxes. There is a great deal
Major Business Tax Incentives From OBBBA
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
Inflation Impacting Projected Federal 2026 Tax Brackets
The annual Bloomberg “Projected U.S. Tax Rates Report” aims to provide good news this year due to the potential tax savings that could be realized due to increases in deduction limitations, upward adjustments to tax brackets, and increases to numerous other key thresholds as well as adjustments made under the One Big Beautiful Bill Act
ONE BIG BEAUTIFUL BILL PROVISIONS IMPACTING EMPLOYERS & BUSINESSES
The One Big Beautiful Bill Act (OBBBA) makes permanent several of the expiring tax cuts for businesses contained in Trump’s signature 2017 tax legislation—the Tax Cuts and Jobs Act (TCJA). It also has plenty of new tax incentives for businesses and business owners to like, which also present some planning opportunities to save! The IRS
ONE BIG BEAUTIFUL BILL PROVISIONS IMPACTING EMPLOYEES & INDIVIDUALS
The One Big Beautiful Bill Act (OBBBA) makes permanent several of the expiring tax cuts contained in Trump’s signature 2017 tax legislation—the Tax Cuts and Jobs Act (TCJA). It also introduces a few new provisions, including some temporary tax breaks for individuals. Do not ignore this bill. For higher-net-worth families, estate planning and Roth conversions
The Big Beautiful Tax Bill Just Got Smaller
Revised July 7th at 4:45pm – The Big Beautiful Bill approved by the House was a bit smaller as the Senate and the House fought over more Medicaid cuts to pay for new tax breaks, and painted a dark deficit picture for the President. The fight last week continued between parties to decide how high,
