The One Big Beautiful Bill Act (OBBBA), also referred to as the Working Families Tax Cut Act, introduced two new federal income tax deductions in the summer of 2025. You’ve probably heard these referred to as “No Tax on Overtime” and “No Tax on Tips.” While the names are catchy, they can also be a
Filling Out the W-9: A Painless Guide to Getting Paid (and Keeping the IRS Happy)
We recently wrapped up the yearly task of filing hundreds of 1099s on behalf of our clients. We determined which of our clients' vendors received a 1099 based on the Form W-9 we requested from them. (Check out our separate blog post covering 1099s - who needs them, what they're for, when they're
Why Do We Need to Send 1099s?
This is the time of year when businesses begin to finalize their books for year-end tax purposes. Two tax forms, specifically the 1099-MISC and 1099-NEC, are sometimes neglected by businesses. All 1099s must be sent to recipients by January 31. You'll need to file 1099-NEC on or before January
New Year, New Laws
As we kick off the new year, we want to inform you about the latest updates in federal and state (Minnesota) laws that may affect your business. January is also a good time to draw your attention to a couple of other matters - specifically, checking your 1099s and ensuring that everything is
Cracking the Code of Estimated Tax Payments
June 15th is right around the corner! Do you know the significance of that date? Well, it's the date in 1846 when the US and Britain signed the Oregon Treaty to establish the border between Canada and the US at 49th parallel. And it's also Courtney Cox's birthday! (We have a few Friends fans in
In a tizzy over taxes? Check your business structure!
How did you feel when you saw your tax bill this year? Delighted by how little you owed or appalled by how much you needed to fork over to Uncle Sam? Did you know that the legal structure you choose for your business affects how much you pay in taxes? Some small business owners start to