Tax Consulting and Compliance Newsletter - Winter 2025
Harding, Shymanski & Company, P.S.C.
We believe in relationships beyond the numbers.
Understanding Trump's proposed tax changes: implications for taxpayers and business owners
Tax changes can have a direct impact on your paycheck, business operations, and overall financial strategy. President Trump has proposed extending and expanding provisions of the Tax Cuts and Jobs Act (TCJA) of 2017, along with introducing new measures aimed at reducing tax burdens for individuals and businesses.
While this is not an exhaustive list of every tax or economic proposal mentioned during his candidacy - nor are these plans set in stone - this article focuses on the proposals that form the cornerstone of his economic plan and have been fairly consistent throughout his campaign. We examine these proposals from a nonpartisan perspective, focusing on their potential effects and how taxpayers might prepare.?
Streamline 1099 Reporting: Tips for a Smooth Filing Season
Issuing 1099s might not be the most exciting part of running a business, but waiting until the eleventh hour can create unnecessary headaches. Whether you’re dealing with independent contractors, paying rent on a business property, or using third-party payment processors like PayPal, it’s crucial to understand which types of 1099s you need to send and when.
By clarifying these rules and streamlining your processes, you’ll save time and minimize your risk of costly penalties.?
2025 Federal Payroll Tax Changes
The start of 2025 brings important federal payroll tax and withholding changes that every employer needs to understand. From updates to Social Security wage limits to adjustments in retirement contributions and tax withholding rates, these changes directly impact payroll management and compliance.?
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To help you stay ahead, we’ve outlined the most significant federal updates for the new tax year and what they mean for your business.
Indiana State 2024 Tax Year Changes
The Indiana Department of Revenue has released key tax changes for 2024, affecting both individuals and businesses. Highlights include a lower individual income tax rate, new tax credits for employers and individuals, and updated sales tax nexus rules. These changes could impact tax planning and compliance, so it's important to stay informed.
State Income Tax Law Changes for the 4th Quarter of 2024
Some states enacted state tax changes in the fourth quarter of 2024. For questions about these quarterly updates or other recent legislative and regulatory developments, please reach out to your tax advisor.
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