William A. Olson CPA PLLC

08/11/2025

Under the One Big Beautiful Bill Act (OBBBA), a new tax provision allows individuals to deduct interest paid on qualifying new car loans, up to a maximum of $10,000 per year. This deduction applies to vehicles purchased for personal use on or after the law’s effective date in 2025 and financed through a traditional auto loan.

You do not need to itemize your deductions to claim this write off. Proper documentation of loan interest from your lender will be required when filing.

If you are considering purchasing a new vehicle, this deduction may make financing more cost-effective.

07/07/2025

Congress has passed the final Senate version of the One Big Beautiful Bill Act and President Trump signed it into law on July 4th, 2025. Here are the main changes most likely to affect individuals and small businesses:

For Individuals (Starting 2025):

Limited Tax on Tips: Deduct up to $25,000 in cash tip income (phase-out starts at $150K single / $300K joint).

Limited Tax on Overtime: Deduct up to $12,500 (single) / $25,000 (joint) in overtime wages, subject to the same phase-outs as "limited tax on tips".

Standard Deduction Increased: $15,750 single / $31,500 joint, indexed for inflation.

Child Tax Credit: Increased to $2,200 per child.

SALT (State and Local Tax Deduction) Cap Raised: $40,000 cap through 2029, then reverts to $10,000. You must itemize deductions to take advantage of the increased limit.

Seniors age 65+ receive an additional bonus standard deduction of up to $6,000 per person (married couples: $12,000 total).

Charitable Deduction for Non-Itemizers: Up to $2,000 (joint) starts in 2026 and applies to cash donations only.

For Businesses:

QBI (Qualified Business Income) Deduction Continued on "passthrough" income: 20% deduction remains in place.

Bonus Depreciation: 100% expensing extended through 2030.

Corporate Rate: Stays at 21%.

Reminder:

There’s a lot of confusion and misinformation already circulating. If you’re unsure how any of this applies to you or your business, contact me through my website for a consultation.

William A. Olson, CPA PLLC

Helping clients keep more of what they earn

10/21/2024

Starting in 2024, most businesses are required to file Beneficial Ownership Information (BOI) reports as part of new federal regulations. These reports are crucial for maintaining transparency, preventing fraud, and ensuring compliance with anti-money laundering laws.

Purpose of the report:

• Transparency: Helps authorities trace illegal financial activities.

• Security: Protects your business from fraud and corruption.

• Compliance: Avoid hefty fines and legal penalties by staying compliant.

📅 **Due Date**: Your BOI report is due by 1/1/25.

For more info, feel free to reach out.

10/17/2024

What are estimated Income Tax Payments?

If you are self-employed, own a business, or have significant income from investments, you may need to make estimated tax payments.

The IRS requires estimated tax payments if you expect to owe $1,000 or more in taxes when you file. These payments are due quarterly on April 15, June 15, September 15, and January 15 of the following year. Avoid penalties by staying on top of these deadlines. Need help calculating or scheduling payments? Contact me for assistance.

09/30/2024

Looking to Maximize Your Tax Savings? Consider an S Corporation.

I help business owners take full advantage of tax-saving opportunities. Here are the top 3 reasons why switching to an S Corporation could be a game changer for your business:

1️⃣ Reduced Self-Employment Taxes: Unlike sole proprietors, S Corp owners can pay themselves a reasonable salary and take the remaining profits as distributions, which aren't subject to self-employment tax.

2️⃣ Avoiding Double Taxation: S Corps are pass-through entities, meaning profits are only taxed once at the shareholder level, avoiding corporate tax rates.

3️⃣ Deduct Health Insurance Premiums: S Corp owners can deduct health insurance premiums on their personal tax returns, providing a valuable tax benefit.

Send a message to learn more

02/05/2023

While the odds of an audit have been low, your return may get flagged for several reasons, tax experts say. Here's what filers need to know.

07/22/2020

Tax season is over and it’s time for some financial “Spring” cleaning. Here are some ideas...

1. Consider refinancing your mortgage. 15 year rates are as low as 2.5%.

2. Consolidate credit card debt... if you have more than one card, consider closing rarely used accounts and rolling the balances into a new card with rewards that appeal to you. Personally, I like cards with a simple cash back bonus.

3. Rollover 401k balances from old employers into an IRA or your current employer’s 401k plan.

4. Analyze your spending to identify ways to save money... for example, get rid of the streaming services you’re not using regularly.

5. Get a jump start on your 2020 taxes by having a tax projection done... this I can help with, let me know if you’re interested.

I hope you and your family are well.

04/12/2020

What about folks who want to provide their bank account information to receive their stimulus payment more quickly rather than waiting for a paper check?