Tax Planning Archives - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Tax-Smart Retirement Planning for Business Owners

Key points Business owners have retirement plan options beyond standard IRAs. Solo 401(k)s, SEP IRAs, SIMPLE IRAs, and cash balance plans can unlock powerful tax savings. The One Big Beautiful Bill (OBBB) introduces new deductions and planning opportunities. What Makes Retirement Planning Different for Business Owners? Running your own business comes with freedom and …

Key Points You can’t eliminate economic uncertainty but can prepare by setting clear goals and building flexible financial plans. Strong cash flow, diversified revenue, and adaptable operations create resilience. Policy changes like the One Big Beautiful Bill Act (OBBBA) show why regularly revisiting your plan is essential. How Do You Navigate a Shifting Landscape? …

Key Points: The SALT deduction cap will temporarily increase to $40,000 starting in 2025, creating short-term tax planning opportunities for high earners in high-tax states. Taxpayers with income between $500,000 and $600,000 may see reduced or no benefit due to phaseouts, making proactive income and deduction strategies essential. Business owners can bypass the SALT cap …

At Payne Nickles & Company, we believe effective accounting goes far beyond compliance; it should be a strategic advantage for your business. Our approach focuses on more than just preparing tax returns and reviewing statements. We can help our clients make proactive decisions all year long. This four-part series highlights practical—but often overlooked—strategies that can …

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBB) into law, enacting one of the most comprehensive tax packages since the Tax Cuts and Jobs Act of 2017. The legislation introduces permanent structural reforms to individual income taxation, provides enhanced deductions and credits for businesses, and redefines the international and …

A significant change is coming to the way taxpayers interact with the IRS, and it’s important to be aware of the update. Starting September 30, 2025, an Executive Order will require that all payments to and from the federal government be made electronically. This means the IRS will no longer accept paper checks for tax …

In the construction industry, precision and structure are non-negotiable. That same discipline should extend to financial recordkeeping—yet many contractors underestimate the strategic importance of well-maintained records. Adequate recordkeeping is not simply an administrative task but a critical function supporting tax efficiency, audit preparedness, financial decision-making, and long-term compliance. Why Disorganized Records Can Be Costly Construction …

On July 4, President Trump signed the much-anticipated “One Big Beautiful Bill Act” (OBBB) into law, following approval by both the Senate and the House of Representatives. This sweeping legislation permanently extends and reshapes many provisions of the 2017 Tax Cuts and Jobs Act (TCJA), with wide-ranging implications for individuals, businesses, nonprofits, and international taxpayers. …

At Payne Nickles & Company, our mission is to provide forward-looking, client-oriented professional accounting and advisory services. That means we’re here not just to help you file tax returns, find deductions, and stay compliant each year—but also to guide you toward proactive financial strategies that make a real impact. Over the next few months, we’re …

Several noteworthy updates have been made since the initial release of the proposed Fiscal Year 2025 Budget from the U.S. House of Representatives. While many tax-related provisions remain, the updated proposal now includes additional measures related to spending, legislative procedure, and regulatory policy. With the budget resolution formally passed by both chambers of Congress as …