The Build Up Mississippi Act (House Bill 1), signed into law by Governor Tate Reeves on March 27, 2025, is a transformative piece of legislation aimed at phasing out Mississippi’s state personal income tax, reducing the state grocery sales tax, increasing the gasoline tax, and granting local governments the authority to adjust grocery taxes under specific conditions.
If your child is going to a summer day camp while you work, it may count as an expense toward the federal Child and Dependent Care Credit.
As you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments.
A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use the same guides to gain insight into what the IRS seeks regarding compliance with tax laws and regulations.
Now is a good time to consider year-end moves that can help reduce your business’s 2024 taxes. The effectiveness of a particular action depends on the circumstances of your business.
Thanks to the Tax Cuts and Jobs Act, sole proprietors and owners of pass-through entities, such as partnerships, S corporations, and limited liability companies, may be able to claim tax deductions based on their qualified business income (QBI) and certain other income.
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