Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. Here are some answers to questions you may have. What are the requirements? Although many cash transactions are legitimate, the IRS explains that the
Victor Dozzi
Sep 17, 2025
Receive $10,000 in cash at your business? The IRS wants to know about it
- By Victor Dozzi
- Business, Taxes
- 0 Comments
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Sep 10, 2025
Payroll tax implications of new tax breaks on tips and overtime
- By Victor Dozzi
- Taxes
- 0 Comments
Before the One Big Beautiful Bill Act (OBBBA), tip income and overtime income were fully taxable for federal income tax purposes. The new law changes that. Tip income deduction For 2025–2028, the OBBBA creates a new temporary federal income tax deduction that can offset up to $25,000 of annual qualified tip income. It begins to
Sep 3, 2025
Teachers and others can deduct eligible educator expenses this year — and more next year and beyond
- By Victor Dozzi
- Deductions, Taxes
- 0 Comments
At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But teachers are also buying school supplies for their classrooms. And in many cases, they don’t receive reimbursement. Fortunately, they may be able
Aug 20, 2025
Using POD or TOD accounts may result in undesirable results in certain situations
- By Victor Dozzi
- Estate
- 0 Comments
Payable-on-death (POD) and transfer-on-death (TOD) accounts are attractive estate planning tools because they allow assets to pass directly to named beneficiaries without going through probate. This can save time, reduce administrative costs and provide your beneficiaries with quicker access to their inheritance. However, there are drawbacks to using these accounts. In some cases, they can
Aug 12, 2025
Act soon: The OBBBA ends clean energy tax breaks
- By Victor Dozzi
- Taxes
- 0 Comments
The newly enacted One, Big, Beautiful Bill Act (OBBBA) represents a major move by President Trump and congressional Republicans to roll back a number of clean energy tax incentives originally introduced or expanded under the Inflation Reduction Act (IRA). Below is a summary of the key individual tax credits that will soon be scaled back
Jul 29, 2025
The QBI deduction and what’s new in the One, Big, Beautiful Bill Act
- By Victor Dozzi
- Business
- 0 Comments
The qualified business income (QBI) deduction, which became effective in 2018, is a significant tax benefit for many business owners. It allows eligible taxpayers to deduct up to 20% of QBI, not to exceed 20% of taxable income. It can also be claimed for up to 20% of income from qualified real estate investment trust
Jul 17, 2025
Significant business tax provisions in the One, Big, Beautiful Bill Act
- By Victor Dozzi
- Business
- 0 Comments
The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Here’s a quick summary of some of the most important provisions. First-year bonus depreciation The OBBBA permanently restores the 100% first-year
Jul 15, 2025
Milestone moments: How age affects certain tax provisions
- By Victor Dozzi
- Taxes
- 0 Comments
They say age is just a number — but in the world of tax law, it’s much more than that. As you move through your life, the IRS treats you differently because key tax rules kick in at specific ages. Here are some important age-related tax milestones for you and loved ones to keep in
Jul 10, 2025
Startup costs and taxes: What you need to know before filing
- By Victor Dozzi
- Business
- 0 Comments
The U.S. Census Bureau reports there were nearly 447,000 new business applications in May of 2025. The bureau measures this by tracking the number of businesses applying for an Employer Identification Number. If you’re one of the entrepreneurs, you may not know that many of the expenses incurred by start-ups can’t currently be deducted on
Jul 8, 2025
DOs and DON’Ts to help protect your business expense deductions
- By Victor Dozzi
- Business
- 0 Comments
If you’re claiming deductions for business meals or vehicle expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they fail to meet the strict substantiation requirements set forth under tax law. Tax auditors are adept at rooting