Author: John Sutton, CPA

In most states, business owners of pass-through entities, such as S-corporations or partnerships, are able to take advantage of pass-through entity tax payments. Whereby, you elect to pay the state income tax on the profits of the business at the business level, instead of the personal level. The benefit is deducting the state tax payments […]

Maximizing contributions to retirement plans can be a great way to reduce your tax liability and save for your future benefit. Contribution limits vary by type of retirement plan and other details. Below is a brief overview of retirement plans and contribution limits for tax year 2025: For Employees: 401k: Employees that have access to […]

Before the end of the year, it’s a good idea to review your pay stubs to make sure everything appears to be accurate. It’s always easier to fix things before year-end payroll reports are filed and W-2 forms are issued. There’s still time left in the year to make changes and avoid issues. Some common […]

Health Savings Accounts (HSA) allow taxpayers with qualifying health insurance coverage to make tax deductible contributions to fund their accounts to be used for medical expenses. Often, taxpayers without an HSA are not able to receive any tax benefit from their out-of-pocket medical expenses, as they’re required to reduce their medical expenses by a percentage […]

Here is a condensed breakdown of income tax changes as a result of the 2025 One Big Beautiful Bill Act. The following breakdown focuses on changes applicable to individual taxpayers and small businesses that I typically serve. This information has been aggregated from various articles and resources. Since this major tax reform is recent and […]

There are tradeoffs between Roth and Pre-Tax retirement accounts. The best choice depends on your situation. The guidance below can help you decide which is best for you, but contributing to either type of account over the course of your career is a great way to save for your future. Roth Accounts: -Greater long-term benefit […]

Did you know that you can create an IRS.gov account to view information for your current and past federal income tax returns? To create an account, go to IRS.gov and click Sign in to your account on the home page. Select Individual to view information for your personal income tax returns. You can log in […]

As a reminder, estimated tax payments for the 4th quarter of 2024 are due January 15, 2025. Set Up Annual Recurring Calendar Reminders in Advance of these Federal Due Dates: April 15 – First quarter estimated tax payments are due June 15 – Second quarter estimated tax payments are due September 15 – Third quarter […]