The One Big Beautiful Bill is more than 1,000 pages long of complicated and in-depth tax changes that are in effect for at least the next few years. 

This entire month, I’ve been focused on educating people through my Wednesdays with Wendy about the bill, and, more importantly, what it could mean for them. I’m going to be quick to clarify that nothing I say in this blog should be taken as tax advice for your situation. You need to consult with a licensed tax preparer about your individual tax situation. After all, like many laws, the effects of the OBBB are different for each person! 

The biggest changes that I’m covering are: 

• No tax on tips,

• No tax on overtime, and

• Changes to SALT.  

One of the first questions a small business owner usually has is “what business expenses are deductible on my taxes?” If you’re looking for an exhaustive list of deductible expenses, I’m sorry to say, but there isn’t one. What is deductible in one industry or business isn’t necessarily deductible in another business. However, the IRS has given us some guidelines as to what is deductible and tips on how to document that. 

Ready to find out more? Let’s dive in!

When we, as entrepreneurs, start a business, we aren't usually thinking about the mechanics of running it. We usually go into business because we see a need and want to help others

In my business, I’ve started thinking of September as the start of the new year because school is starting again, most vacations are over, and people are ready to get back to business for the fourth quarter. 

No matter what kind of business you operate, you need to keep track of your bookkeeping. It isn’t enough to simply not co-mingle your personal and business funds (which you should never do!). I tell people that whether or not their business thrives or dives depends largely on how much they pay attention to proper bookkeeping.