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TAX UPDATE H.R. 1 – OBBBA
This is the One Big Beautiful Bill Act (OBBBA) that was signed into law on July 4th, 2025. What’s in H.R. 1 that matters for travel businesses? 1. Qualified Business Income (Section 199A) Deduction – Pass-Through Entities H.R. 1 makes the 20% pass-through deduction (often a boon to S-corps, partnerships, LLCs) permanent and extends its…
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UPDATE-12/03/2024 Corporate Transparency Act (CTA) – Beneficial Owner Information (BOI) Reporting
Hello! This is an update on the FinCEN Beneficial Owner Information (BOI) Report. The BOI is a new one-time filing requirement for business owners to report their information to the IRS’s FinCEN department. The penalties for filing this report late can be quite steep. On December 3rd, 2024, a federal judge in Texas issued a…
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Corporate Transparency Act (CTA) – Beneficial Owner Information (BOI) Reporting
If you have an LLC, a business, or rental activity, you will may have a new reporting requirement with the federal government. The Corporate Transparency Act of 2021 requires additional reporting on beneficial owners. This act is designed to combat illicit and illegal activities. Corporations, LLCs, and other entities subject to the CTA are called…
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Tax Season 2024: What You Need to Know
Well. It’s about that time of the year again—tax season. Yay! Some new things this year include an increased standard deduction, adjusted tax brackets, and some key changes to common tax credits and deductions. We’ll dig into all those changes, plus a few more. First, let’s kick things off with the main details you need…
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FAQ – Recordkeeping
What pieces of paper do I need to keep in order to do my taxes? Keep detailed records of your income, expenses, and other information you report on your tax return. A good set of records can help you save money when you do your taxes and will be your trusty ally in case you…
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Turn your Vacation Into a Tax Deduction
How would you like to legally deduct every dime you spend on vacation this year? This financial guide offers strategies that help you do just that. Tim, who owns his own business, decided he wanted to take a two-week trip around the US. So he did – and was able to legally deduct every dime…
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How to Tour Guide Businesses File Their Income Taxes on Time?
As the trusted tax & accounting advisor for tour guide businesses, I get asked a lot of questions. One of the biggest ones is How do tour guide businesses file their income taxes on time? -Do you have to file an extension for your business income tax return each year? -Are you exhausted by how…
Happy Lifestyle Accounting 