Year-End Tax Planning For Consulting Firms, Law Offices, and Creative Agencies
As year-end approaches, professional service firms — whether consulting firms, law offices, or creative agencies — should take a proactive approach to tax planning to minimize their tax burden. This year brings significant changes with the introduction of the One Big Beautiful Bill Act (OBBBA), which includes key tax law extensions and new provisions that…
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Bookkeeping for Insurance Agencies
Running a successful insurance agency means juggling client relationships, policy renewals, commissions, and compliance. But behind all that activity, solid recordkeeping is what keeps your business financially sound. Whether you’re a solo agent or manage a growing team, keeping organized records isn’t just good practice—it’s essential. Why Insurance Agency Owners Should Keep Records Accurate records…
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One Big Beautiful Bill: What Business Owners Need to Know
The latest legislation, often called the “Big Beautiful Bill,” brings some major updates to the way businesses handle income, deductions, and depreciation. If you’re running a business, staying on top of these changes can help you plan better and save money this year and beyond. Let’s walk through what’s new and what it means for…
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Growing Your Business: Smart Tax Strategies for Acquisitions
Growing Your Business: Smart Tax Strategies for Acquisitions In the fast-paced world of business, growth isn’t just an option; it’s a necessity. For many companies, the path to expansion not only lies in organic growth, but also through acquisition. When considering an acquisition, it’s crucial to understand the structure of the transaction — will you…
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Standard Mileage Rates for 2025
Standard Mileage Rates for 2025 IRS increases the optional standard mileage rate used to calculate the deductible costs of operating vehicles for business purposes in 2025. Generally, businesses can choose to calculate the actual cost of using their vehicle for business, rather than using the standard mileage rates. Using the actual expense method requires meticulous…
Read MoreCommonly Overlooked Business Deductions
Commonly Overlooked Business Deductions Each year, many small businesses miss out on eligible deductions, leaving money on the table. Here are some commonly overlooked business deductions to consider: Contact Matthew Tomko at mtomko@tomkocpa.com to learn more or connect with us at the link below. Prepared to move forward? Interested in working with us or learning…
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Tax & Accounting Insights for Rental Real Estate Owners
Tax & Accounting Insights for Rental Real Estate Owners: Why Accurate Recordkeeping Matters As a landlord or real estate investor, safeguarding timely rent collection is paramount, but maintaining accurate accounting records is equally vital. If you own rental real estate, you are subject to federal tax obligations that extend beyond the mere collection of rent.…
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Beneficial Ownership Information (BOI) Reporting Requirements
Many U.S. companies must report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department, via an electronic filing system. This requirement is part of the Corporate Transparency Act. The Corporate Transparency Act (CTA) is a U.S. federal law that was enacted in 2021 to enhance transparency in business…
Read MoreMaximize Your Tax Benefits as a Rental Property Owner
As a rental property owner, it’s essential to know what income must be reported to avoid underpayment penalties and how to maximize deductible expenses to ensure you don’t overpay on taxes. Here are some important guidelines for rental property owners: If you have any questions about your eligible deductions or want to explore ways to…
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