IRS Increases Standard Mileage Rate for Business Use in 2025
The IRS has raised the standard mileage rate for business use by 3 cents, bringing it to 70 cents per mile for 2025. Other mileage rates remain unchanged from 2024. […]
Category: Tax
Lower Business Taxes with Local Transportation Cost Deductions
Understanding how to claim deductions for transportation costs can help lower your small business’s tax burden. Each year, you and your employees likely incur various local transportation expenses that carry […]
How HSAs Benefit Small Businesses and their Employees
As a small business owner, controlling healthcare expenses for both yourself and your employees can be tough. One effective strategy to consider is a Health Savings Account (HSA). HSAs provide […]
National Tax Security Awareness Week 2024
Are online retailers keeping your information secure? According to a recent survey by IT company VikingCloud, 52% of retailers feel more vulnerable to cyber threats during this time of year. […]
When Can You Deduct Business Meals and Entertainment?
If you’re unsure about the current federal tax rules for business meals and entertainment expenses, you’re not alone. The rules have evolved in recent years. Here’s a breakdown of what’s […]
Understanding Self Employment Tax
If you own a growing, unincorporated small business, you might find self-employment (SE) tax bills to be a significant concern. The SE tax ensures that Social Security and Medicare taxes […]
Ohio Department of Taxation Issues Refund Error Notice
The Ohio Department of Taxation (ODT) has informed the OSCPA that a limited number of taxpayers received incorrect refunds or inflated credit carryforward amounts due to a system error. Refund […]
IRS Announces New Retirement Contribution Limits for 2025
The IRS has set new contribution limits for retirement plans in 2025, raising the cap for 401(k) plans to $23,500, up from $23,000 in 2024. Here’s a quick overview of […]
Building Retirement with a Solo 401(k)
If you’re self-employed and operate a small business without any employees (other than your spouse), a solo 401(k) plan is a great option for establishing a retirement plan. This plan […]
FinCEN Extends BOI Reporting Deadline for Hurricane Victims
Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced that victims of Hurricanes Milton, Helene, Debby, Beryl, and Francine will have an additional six months to […]
Prepare for 2025: Social Security Wage Base Set to Increase
As 2025 approaches, there are important changes to the Social Security wage base. The Social Security Administration recently announced that the wage base for calculating Social Security tax will increase […]
Beware of Charity Scams Following Natural Disasters
Following natural disasters like Hurricanes Milton and Helene, many feel compelled to help those affected by donating to charities. Unfortunately, scammers often exploit this generosity by creating fraudulent organizations. The […]
