Olsen Thielen Advisor Blog

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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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Should You Lease or Buy Your Next Business Vehicle?

Are you a business owner considering acquiring a vehicle and don't know if you want to lease or buy? Uncover the hidden costs and benefits of leasing and buying, and find out which one is right for your business.
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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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Maximize Real Estate Returns with a Cost Segregation Study

Want to make your real estate work harder for your financial goals? Explore the benefits of a cost segregation study; a tax strategy that can accelerate depreciation deductions and increase short-term cash flow.
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Employer-Matching Retirement Contributions for Student Loan Payments

Did you know you can now match student loan payments with retirement contributions? Find out how this change can make your benefits package more competitive and appealing.
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Questions For Your CPA

Whether managing personal finances or running a business, it is important to have a list of questions to ask your CPA for informed decision-making.
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Maximizing Your 401k with New Catch-Up Limits

Take advantage of increased catch-up limits to 401k contributions beginning in 2025 for individuals aged 50-63. This includes the new super catch-up contributions put into place as a part of the Secure 2.0 Act legislation.
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