The IRS has released draft Schedule 1-A, introducing four new temporary deductions within the One Big Beautiful Bill Act. If you are wondering what the new form looks like and how the calculations work, read on as we explore each below.
Modified Adjusted Gross Income (MAGI)
It is important to note that all four … Read more
Based on statistics from the World Bank, the United States government spent 3.59 percent of its 2022 gross domestic product on research and development. While private businesses spend on their own research and development costs, it’s important for businesses to treat these expenditures appropriately.
When it comes to research and development outlays, U.S. Generally … Read more
Rescissions Act of 2025 (HR 4) – A rescission bill cancels funding previously approved by Congress upon request by the president. Congress has 45 continuous legislative days to enact or reject the proposal, during which time the funds may be temporarily withheld. Introduced by Rep. Steve Scalise (R-LA) on June 6, the House passed … Read more
Artificial intelligence (AI) is one of the most talked-about technologies today. It has taken a shift from the broad general-purpose tools to specialized innovations that promise real impact. AI is dominating headlines with investor pitches. There has also been a surge in startups promising AI-powered solutions. However, some businesses have already adopted and invested … Read more
Life insurance is something most of us don’t want to talk about. But the truth is, no one gets out of life alive. So, it might make sense to face it now so that when you really need it, it’s there. Before you start looking for a life insurance policy, let’s dispel some of … Read more
According to the Federal Reserve Bank of St. Louis, collection agencies saw $16.28 billion in revenue in 2019. While revenues have declined somewhat in recent years, unpaid invoices are still big business. Accounts receivable aging reports can help companies identify and mitigate unpaid invoices and potentially lower a business’ need to send unpaid invoices … Read more
Required minimum distributions (RMDs) from traditional IRAs and 401(k)s often become a significant tax burden during retirement. As the percentage of your IRA that must be distributed increases each year, many retirees face higher adjusted gross income and increased exposure to stealth taxes. However, with strategic planning, you can transform RMDs from burdens into … Read more
Not everyone can make large charitable contributions. But there are ways to be charitable without spending your discretionary income while at the same time lowering your tax bill. Even those who can make large donations benefit from the tax advantages of a cashless donation. The following are ideas for cashless contributions to causes you … Read more
With the global digital payments market expected to see north of $20 trillion in transaction value in 2025, according to Statista, business-to-business transactions are undoubtedly going to see some action. Debit notes are one tool that businesses have to record their transactions and corresponding payments. Understanding what debit notes are and how they work … Read more
One Big Beautiful Bill Act (HR 1) – Introduced by Rep. Jody Arrington (R-TX) on May 20, this bill passed in the House on May 22, the Senate with changes on July 1, and once again in the House on July 3. Signed into law on July 4, this bill includes the following provisions:… Read more
