Are you prepared for the sweeping changes the OBBBA brings to your business tax landscape? In this comprehensive overview, you’ll discover how the OBBBA permanently extends the qualified business income deduction, enhances bonus depreciation, and significantly raises the Section 179 expensing limits. The legislation also introduces new provisions affecting research expense deductions, business interest limitations, reporting thresholds for 1099 forms, and more. Whether you’re a business owner in Idaho, California, or beyond, understanding these updates is crucial for optimizing your tax strategy and ensuring compliance in the coming years.

Stay informed about the latest OBBBA tax changes that could impact your financial planning as an individual taxpayer. This overview highlights key updates, including permanent adjustments to tax rates and brackets, increased standard deductions, and expanded deductions for state and local taxes. You’ll also discover new opportunities for deductions on tip income, overtime pay, senior benefits, car loan interest, and enhancements to 529 education savings plans. Whether you’re planning for your family’s future, managing charitable contributions, or navigating credits like the child tax credit and adoption credit, understanding these OBBBA provisions will help you make the most of your tax situation in the coming years.

Most people think tax planning is just an April 15th task, but in reality, effective tax planning is a year-round strategy that can help you minimize your tax liability, improve cash flow, and achieve your financial goals. At Wendy Klein CPA Professional Corporation, you receive guidance on proactive tax strategies that go far beyond annual filing—covering quarterly estimated taxes, entity selection, retirement contributions, and more. With the new OBBBA legislation introducing permanent changes and expanded opportunities, staying ahead with expert advice is more important than ever. Discover how ongoing tax planning can empower you to keep more of what you earn and set your business or family on the right financial path.

Tax planning is an important aspect of any business that should not be overlooked. Even though business owners have a lot of tasks to manage, tax planning can be one of the most valuable things to do for the business. In fact, there are many benefits of tax planning that can help save money and improve the business as a whole. Here are eight of the top benefits of tax planning for businesses:

The Biden administration wants to expand information reporting for financial institutions to better capture exchanges of cryptocurrency transactions.

Original Article Source Credits:  Forbes Advisor, https://www.forbes.com

Article Written By:  David Rodeck, John Schmidt

Original Article Posted on:  Feb 18, 2021

Link to Original Article: https://www.forbes.com/advisor/investing/what-are-cryptocurrency-taxes

Original Article Source Credits: Forbes, https://www.forbes.com

Article Written By:  Brian Thompson

Original Article Posted on:  Mar 4, 2021

Link to Original Article: https://www.forbes.com/sites/brianthompson1/2021/03/04/sba-substantially-increases-ppp-loan-amount-eligibility-for-new-schedule-c-borrowers/?sh=76f9a2365c23

Original Article Source Credits:   CPA Practice Advisor  , https://www.cpapracticeadvisor.com/

Article Written By:  NA

Original Article Posted on:  Jan 27th, 2021

Link to Original Article:  https://www.cpapracticeadvisor.com/tax-compliance/news/21207772/8-tax-tips-for-2021

I’m Wendy Klein, the proud owner of Wendy Klein CPA Professional Corporation. I look forward to sharing my story. I hope that you will enjoy getting to know me better.

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  January 15, 2021

Link to Original Article:  https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic

The FTB has just clarified that EIDL (Economic Injury Disaster Loan) advance grants are taxable to California. AB 1577 (Ch. 20-39) enacted a California exclusion for PPP loan forgiveness, essentially mirroring the federal exclusion adopted by the CARES Act. However, the federal exclusion for EIDL grants was enacted by the Consolidated Appropriations Act, which California has not conformed to. California would have to enact new legislation to conform to this exclusion.

Original Article Source Credits:   CNBC , https://www.cnbc.com/

Article Written By:  Darla Mercado

Original Article Posted on:  JAN 11 2021

Link to Original Article:  https://www.cnbc.com/2021/01/11/cryptocurrencys-value-plummets-heres-what-it-means-for-your-taxes.html

Original Article Source Credits:   Journal Of Accountancy , https://www.journalofaccountancy.com/

Article Written By:  Jeff Drew

Original Article Posted on:  December 22, 2020

Link to Original Article:  https://www.journalofaccountancy.com/news/2020/dec/covid-19-relief-bill-addresses-key-ppp-issues.html

The new covid relief bill clarified that borrowers who have loans forgiven may claim deductions for expenses even if expense were paid with loan amounts that were forgiven. This applies to all PPP loans.

Late last night the president did ultimately sign the covid relief bill, thereby creating the fix that was so highly anticipated.

Original Article Source Credits: Evergreen Small Business, https://evergreensmallbusiness.com/

Article Written By: Stephen Nelson

Original Article Posted on: 21st December 2020

Link to Original Article: https://evergreensmallbusiness.com/ppp-loan-amount-increases/

Original Article Source Credits:   ThinkAdvisor , https://www.thinkadvisor.com/

Article Written By:   Robert Bloink and William H. Byrnes 

Original Article Posted on:  October 27, 2020

Link to Original Article:  https://www.thinkadvisor.com/2020/10/27/ppp-loan-forgiveness-sba-offers-relief-for-small-loan-recipients/

Original Article Source Credits:   CNBC , https://www.cnbc.com/

Article Written By:  Darla Mercado

Original Article Posted on:  NOV 20 2020

Link to Original Article:  https://www.cnbc.com/2020/11/20/heres-what-you-need-to-know-when-reporting-virtual-currency-to-the-irs.html

Original Article Source Credits:   Investopedia , https://www.investopedia.com/

Article Written By:  MARK P. CUSSEN

Original Article Posted on:   Nov 15, 2020

Link to Original Article:  https://www.investopedia.com/ways-minimize-taxes-december-4230696

Original Article Source Credits:  Investopedia ,  https://www.investopedia.com/ 

Article Written By:   MICHELLE P. SCOTT

Original Article Posted on:  Oct 29, 2020

Link to Original Article:  https://www.investopedia.com/2021-tax-brackets-other-tax-changes-5084597