- January 20, 2025
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.
Olsen Thielen Advisor Blog
- January 20, 2025
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.
- January 17, 2025
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.
- January 16, 2025
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.
- January 15, 2025
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.
- January 13, 2025
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.
- January 10, 2025
A realistic budget can allow your manufacturing company to identify potential cash shortages and production capacity constraints. However, be aware of certain pitfalls.
- January 9, 2025
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.
- January 8, 2025
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!
- January 8, 2025
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.
- January 7, 2025
Business-related meal deductions can be valuable, but the rules can be complex. Under current law, your business can’t deduct most entertainment expenses.
- December 26, 2024
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN.
- December 7, 2024
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.
- December 5, 2024
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.
- December 3, 2024
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.