2025 Year-End Checklist for Businesses
You still have a few hours left to take any important year-end financial or tax planning action for your business. This handy 2025 year-end checklist from Paychex can help! Click here to download.
Other Key Changes and Year-End Tax Considerations for 2025 and 2026
The One Big Beautiful Bill Act is mostly very good news for businesses. But the sweeping bill also includes several provisions that will increase the tax bills of some businesses, including the repeal of some popular tax breaks. Excess Business Losses of Noncorporate Taxpayers The OBBBA makes permanent the rules that disallow the deduction of "excess [...]
Other New and Expanded Tax Breaks for Small Businesses GalleryOther New and Expanded Tax Breaks for Small Businesses
Child & Dependent Care Credit, Corporate Taxes, IRS, Payroll Family Leave Credit, Payroll Sick Leave Credit, Self-Employed, Small Business, Tax Credits, Tax Deductions, Tax Law Changes, Tax Relief, Tax Tips, Taxes
Other New and Expanded Tax Breaks for Small Businesses
The OBBBA adds and expands several other tax breaks, including: Expensing of Qualified Sound Recording Productions For productions commencing in tax years ending after July 4, 2025, the special expensing rules for qualified film, television, and live theatrical productions are expanded to include aggregate qualified sound recording production costs of up to $150,000 per tax year. [...]
2025 Year-End Tax Planning for Small Businesses
As the year draws to a close, it's important that we discuss any year-end strategies that might help lower your business's taxable income for 2025. This has been a big year for tax law changes, with the President signing the One Big Beautiful Bill Act (OBBBA) into law this summer. Most of the changes are highly [...]
2025 Retirement Plans, HSAs and FSAs, and Trump Accounts
Retirement Plans If you can afford to do so, investing the maximum amount allowable in a qualified retirement plan will yield a large tax benefit. If your employer has a 401(k) plan and you are under age 50, you can defer up to $23,500 of income into that plan for 2025. Catch-up contributions of $7,500 are [...]