For any business, it’s critical to have a systematic, organized and easily implemented plan for coordinating and syncing your taxes with your healthcare expenses. Taxes and healthcare arrangements are more connected and dependent on each other than most small business owners and shareholders think. In fact, myriad entrepreneurs are oblivious to the notion that small| THInc
The IRS has released a draft version of the 2026 Form W-2, Wage and Tax Statement, which adds new fields to accommodate the tax exemptions on tips and overtime income from the “One Big Beautiful Bill Act.” On July 4, 2025, President Trump enacted the One Big Beautiful Bill Act, introducing significant changes to tax […] The post IRS Issues Draft 2026 Form W-2 to Address Tips and Overtime Tax Exemption Reporting first appeared on THInc.| THInc
The One Big Beautiful Bill Act (OBBBA), signed into law in July 2025, marks the most sweeping changes to federal tax policy since the 2017 Tax Cuts and Jobs Act (TCJA). A central provision of the OBBBA makes permanent the individual tax cuts originally enacted under the TCJA, preventing a potential tax increase for an| THInc
Proactive fixed asset work can help increase current-year depreciation deductions, free up your time to focus on your business and provide peace of mind through reduced exposure. Recently Dave Mcguire, a partner at Mcquire Sponsel published an article in Accounting Today, about the topic of “is cost segregation still valuable as bonus depreciation is being| THInc
With the recent ridesharing technology companies Lyft and Uber and other tech startups filing for IPO, some early employees and investors are reaping a double whammy payout reward. One that will put millions and for some billions of dollars of cash into their net-worth, as well as capitalizing on a unique tax provision that will| THInc
According to a recent Wall Street Journal article, executives report that faster deductions make it cheaper to add staff at a time when cash flow is critical. Tech startups, in particular, are revisiting their U.S. hiring plans after Congress revived a popular tax deduction. Executives and tax professionals believe this change could also stimulate broader […] The post Startups Shift from Offshore to U.S. Hiring as Trump Tax Reform of R&D expensing Drive Domestic Investment first appeared on...| THInc
A USA Today article recently reported that more Americans than ever before will have access to Health Savings Accounts (HSAs) starting next year. Thanks to new provisions in President Donald Trump’s “One Big Beautiful Bill Act,” experts say tens of millions more people will be able to benefit from this triple tax-advantaged savings vehicle. The […] The post Health Savings Accounts (HSAs) get a boost under the “One Big Beautiful Bill.” first appeared on THInc.| THInc
A recent Bloomberg analysis of the comprehensive tax legislation enacted by President Trump reveals a fundamental shift in how Americans will be taxed: Tax liability will increasingly depend not on income levels, But on the source of earnings, Geographic location, And personal circumstances This new Republican legislation marks a significant departure from the traditional conservative| THInc
The recently signed “Big Beautiful Bill” Act fully preserves the Pass-Through Entity Tax (PTET) deduction. This deduction, often referred to as the small business deduction (Section 199A), enables eligible taxpayers to deduct up to 20% of their qualified business income (QBI) from their federal income tax liability. Legislative uncertainty surrounding the Pass-Through Entity Tax (PTET) […] The post Pass-Through Entity Tax Deduction AKA 20% Section 199A Preserved IN FULL in signed “Big...| THInc
The recently signed "Big Beautiful Bill" introduces significant changes impacting the tax landscape for individuals, trusts, and estates. Here's an overview of the key provisions now in law. Let's focus specifically on how this Act may affect your current estate plan and what, if any, changes you might consider making to it in the near| THInc
On January, 19th, 2019, the IRS issued the final regulatory guidance in chapter 12 of Publication 535, This update discusses the complex 20 percent qualified business income deduction under Section 199A (also known as a pass-through income deduction.) To recap, this deduction was enacted by the TCJA tax reform law (Pub. L. No. 115-97), and it| THInc
President Donald Trump’s “One Big Beautiful Bill Act” has officially been signed into law. This sweeping legislation, passed via the fast-track reconciliation process, makes significant changes across various sectors, impacting individuals, families, and businesses. At nearly 900 pages, this legislation is a comprehensive collection of tax breaks, spending cuts, and other Republican priorities, including new […] The post Trump’s ‘Big Beautiful Bill Act’ is now law. What do...| THInc
Senate Republicans are rushing to meet Donald Trump's self-imposed July 4th deadline to pass his massive "One Big, Beautiful Bill." In a recent marathon session, senators convened at the Capitol for hours, proposing amendments to the legislation. The One Big Beautiful Bill Act has sparked debate about its potential impact on the nation's small business| THInc
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Bloomberg recently reported that the Senate Republicans are pursuing an ambitious strategy to dramatically reduce the apparent fiscal impact of their comprehensive tax legislation through a controversial shift in budget scoring methodology. This approach centers on changing how Congress measures the cost of making President Trump’s 2017 tax cuts permanent. Under the traditional budget reconciliation […] The post Critics Warn the Senate Republicans Are Trying Hide True Cost of $3.8 Trillio...| THInc
A key proposal for exempting overtime from taxation could face limitations under the Senate GOP's new bill. This suggests the broad tax break initially envisioned may be scaled back or restricted in its final form. Last month, the House passed the "One Big Beautiful Bill Act," a comprehensive legislative package designed to advance President Trump’s| THInc
Health Savings Accounts (HSAs) stand out as one of the best tax-advantaged retirement accounts available, yet research indicates only 9.6% of Americans own one. For individuals already maximizing their 401(k) contributions, an HSA offers an excellent additional avenue for retirement savings. According to Fidelity's 2024 estimate, a 65-year-old individual may need an average of $165,000| THInc
Early Thursday, the House narrowly approved a comprehensive “One Big Beautiful Bill " to advance President Trump's domestic agenda. This legislation would significantly cut taxes, allocate more funds to the military and border security, and offset some costs by reducing spending on Medicaid, food assistance, education, and clean energy programs. Critics project it would substantially| THInc
