As Tax Day approaches, small businesses are benefitting from several provisions of H.R. 1, the Working Families Tax Cuts (WFTC) package, signed into law by President Donald Trump on July 4, 2025. The bill made permanent and increased from 20 percent to 23 percent the Qualified Business Income (QBI) deduction, which was supposed to expire […]
President Donald Trump has delivered on his campaign promise to eliminate taxes on tips. On July 4, 2025, he signed into law H.R. 1, the Working Families Tax Cuts (WFTC) package, which includes a provision allowing qualified individuals to deduct tips from their income for tax purposes. This deduction is capped at $25,000 and phases […]
The One Big Beautiful Bill Act (OBBA), which extended and enhanced the 2017 Tax Cuts and Jobs Act, included other significant benefits to taxpayers, including the termination of a disastrous software program at the Internal Revenue Service (IRS). Citizens Against Government Waste raised the alarm for many years over the idea of allowing the IRS […]
