General Tax

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2025 Social Security Wage Base Increase

The 2025 Social Security wage base increase was recently announced by the Social Security Administration. The threshold will increase to $176,100, up from $168,600 in 2024.
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Tax Year 2025 Inflation Adjustments

The Internal Revenue Service announced the annual inflation adjustments for tax year 2025, that will impact taxpayers when they file their returns in 2026.
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Year-End Tax Planning for Small Businesses

We’ll be saying goodbye to 2024 in no time. Here are some year-end tax planning ideas that may help your small business save on taxes.
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Benefit of an LLC

Choosing the right business entity is a key decision for any business. The entity you pick can affect your tax bill, your personal liability and other issues. For many businesses, the benefit of an LLC is an attractive choice.
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New Olsen Thielen Principals Elected

Olsen Thielen has elected four new principals to our firm leadership including: Rob Mathewson, Tony Oman, Charlie Sparks, and Carrie Sundberg.
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Educator Expense Deduction

Educators who purchase classroom supplies and educational materials or pay for professional development expenses may be eligible to take advantage of this deduction.
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Bad Debt Deductions for Businesses

Struggling with uncollectible debts? This article explains how to manage bad debts, including how to report them, track allowances, and handle unexpected repayments—all while staying compliant with tax rules.
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The Sunset of Current Tax Laws with Scott Hoyles and Joe Mayer

PODCAST: Join us on this episode of Q&A Over Coffee as we sit down with Tax Principals Scott Hoyles and Joe Mayer to talk about a pressing topic for 2025 – the upcoming sunset of the Tax Cuts and Jobs Act (TCJA).
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Cash or Accrual Accounting?

Many businesses have a choice between using the cash or accrual method of accounting for tax purposes. You choice can affect the taxes you pay, so you need to carefully evaluate the differences.
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Timeframe for IRS audits

Ever wondered how long you could be subject to an IRS audit? Understanding the timeframe for IRS audits, the statute of limitations, and the circumstances that may extend this period is crucial for maintaining proper tax records and ensuring compliance.
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Clean Energy Tax Credits Scams

Beware of a new IRS scam involving clean energy tax credits, where scammers are misrepresenting the rules to unsuspecting taxpayers. Learn how this scam works and discover tips to protect yourself from falling victim.
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Corporate Estimated Tax

You want your business to pay the minimum estimated tax amount without triggering a penalty for underpayment. Keep in mind that the next payment deadline is September 16, 2024.
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Tax Implications of Legal Gambling

With the rise of legal gambling, sports betting and online gambling, it's crucial to understand the IRS reporting requirements associated with your winnings. Read more to find out the thresholds for different types of gambling and how to report your earnings accurately.
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Financial Mistakes Startups Should Avoid

Launching a startup is an exciting venture, but it's easy to overlook some crucial financial aspects. Financial mistakes can make or break your startup's success. Learn how to avoid these common pitfalls and build a thriving business.
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Employee Retention Credit Processing

The IRS is making significant strides in processing Employee Retention Credit claims. Gain a deeper understanding of these recent updates and their implications for your business.
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