Articles by

Olsen Thielen

Tax Treatment of Intangible Assets

Properly managing the tax treatment of intangible assets is vital for businesses to maximize tax benefits and ensure compliance with tax regulations.
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Self-Employment Tax Refresher

You’re probably familiar with the self-employment tax if you own a business. Here’s a refresher on how it works, how it will increase and whether there’s anything you can do to reduce it.
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2025 Standard Mileage Rate

The standard mileage rate is adjusted annually and calculated based on driving costs, including the price of gas. The IRS announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup or panel truck is 70 cents.
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Golden Nest Egg for the Self-Employed

A solo 401(k) plan is a powerful retirement savings tool if you run a one-person small business. Here’s how you can help save for a golden nest egg and reap tax advantages.
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Decoding Income Definitions: AGI, MAGI, and Taxable Income

Navigating the U.S. tax system can be complex, particularly when understanding income definitions like Adjusted Gross Income (AGI), Modified Adjusted Gross Income (MAGI), and Taxable Income. These definitions impact your tax liability and eligibility for various deductions and credits.
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Business Continuity Plan for Manufacturers

A business continuity plan is a must for manufacturing companies. Your plan should outline the immediate steps to be taken in the event of a crisis and be flexible enough to allow your company to adapt to unanticipated scenarios.
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Developing Effective Programs at Not-for-Profits

Whether your nonprofit’s program budget will be smaller or larger in 2025, this is a good time to review current offerings to assess which are effective and which aren’t. You may even find your organization is ignoring important needs in your community.
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Manufacturers: Set a Realistic Budget

A realistic budget can allow your manufacturing company to identify potential cash shortages and production capacity constraints. However, be aware of certain pitfalls.
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New Form 1099-K Threshold

Significant changes to the IRS's 1099-K reporting thresholds are in effect and affect anyone who uses payment apps or online marketplaces. Find out what these updates mean for you and how to navigate the new requirements.
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Travel Expenses Deduction

If you’re a small business owner, you want to take full advantage of travel expenses deductions that are allowed for business travel. They can reduce your taxable income. Safe travels and happy deducting!
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Business-Related Meal and Entertainment Expense Deductions

Business-related meal deductions can be valuable, but the rules can be complex. Under current law, your business can’t deduct most entertainment expenses.
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Corporate Transparency Act Blocked Once Again

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN.
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FTC Rule on Fake Reviews

The Federal Trade Commission has implemented new rules to crack down on fake reviews, aiming to restore consumer trust and promote fairness in the online marketplace. These regulations target deceptive practices like fabricated reviews, bought endorsements, and undisclosed conflicts of interest.
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IRS Releases Inflation Adjustments for 2025

The IRS has announced significant inflation adjustments for the 2025 tax year, impacting standard deductions, income tax brackets, and various tax credits. Discover how the updates could affect your tax strategy and financial future.
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Olsen Thielen Honored to Receive the 2024 VHEDC Keith Warner Standard of Excellence Award

Olsen Thielen is a long time supporter of the VHEDC, it’s members, and it’s mission, and we are grateful to be recognized as this year’s award recipient. Our continuous engagement in the community we live and work in through our involvement in associations, committees, and volunteer groups is so vital
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