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Explanation of the Build Up Mississippi Act (House Bill 1)
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.
Sending the Kids to Day Camp this Summer?
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.
Self-Managed HOAs and Condo Associations: Why Outsourcing Financial Functions Can Be a Game-Changer
Many HOAs and condo associations start by managing operations themselves, but outsourcing accounting to professionals becomes essential as financial needs grow more complex.
Traveling With Your Spouse on Business? Know What’s Deductible
If you own a company and travel for business, you may wonder whether you can deduct all the costs of having your spouse accompany you on trips. It’s possible, but the rules are restrictive.
Stuck in the Middle: The Sandwich Generation
The term “sandwich generation” was initially coined to describe baby boomers who were squeezed between raising children and caring for aging parents.
Could You Be Hit with the Trust Fund Recovery Penalty?
If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to the mishandling of Social Security and income taxes that must be withheld from employees’ wages.
Who Can Take the Home Office Deduction?
Working from home isn’t new, especially for self-employed people. But during the height of the pandemic, millions of jobs were moved from employers’ premises to employees’ private homes.
Deduction vs. Credit
Many taxpayers are unclear on the difference between deductions and credits. Both can be powerful tax-saving tools. Here’s how they each work.
4 Key Tax Questions About 2025 Taxes
As you work through your annual tax filing, you should familiarize yourself with amounts that may have changed for 2025 due to inflation adjustments.
Are You Sending Automated Invoice Reminder Emails in QuickBooks Online?
Collecting unpaid invoices is probably one of the most unpleasant tasks you must complete to keep your company’s finances going.