The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
Sales tax · 2 min read ·
2025 State and Local Tax Rate Rankings Across the 50 States
With the April 15 tax filing deadline approaching, a new study from WalletHub sheds light on which states have the highest and lowest state and local tax rates, highlighting where residents give the most and least bac…
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Taxes · 2 min read ·
Navigating Tax Season Year-Round: Financial Tools to Reduce Your Stress
Operating a small business means wearing many hats. You are not just the owner but also the accountant, marketer, and everything in between. Managing finances and handling taxes on top of everything else can be overwh…
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Taxes · 2 min read ·
Tax Guidance for Fraud Victims: What’s Deductible and What’s Not
If you’ve been the victim of a scam, you’re not alone—and there may be some financial relief available at tax time. The IRS recently clarified how fraud victims can deduct certain losses on their taxes. While not ever…
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Taxes · 4 min read ·
Are You Donating Clothing or Furniture? Here's How to Claim It on Your Taxes (Without Getting Denied)
If you regularly donate non-cash items—like clothing, furniture, or kitchenware—to charitable organizations and intend to claim them on your income tax return, this article is a must-read. A recent tax court case offe…
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Community · 2 min read ·
Understanding the 2025 Updates to Health Savings Accounts
A Health Savings Account (HSA) is a tax-advantaged savings account designed to help individuals save for medical expenses. HSA contributions are tax-deductible, and the funds can be used to pay for qualified medical e…
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News · 1 min read ·
2025 HSA Contribution Limits and HDHP Adjustments: What You Need to Know
Starting in January 2025, the IRS will allow you to contribute more to your Health Savings Account (HSA) as part of its annual inflation adjustments. For individuals with self-only coverage under a high-deductible hea…
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Taxes · 3 min read ·
Understanding Tax Deductions: Standard vs. Itemized Deductions
When it comes to reducing your taxable income, choosing between the standard deduction and itemized deductions can have a significant impact on how much tax you owe. Let’s break down what each option means and how to…
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Taxes · 3 min read ·
Understanding Required Minimum Distributions (RMDs): What You Need to Know for 2024 and Beyond
If you’re nearing retirement or managing retirement accounts, understanding Required Minimum Distributions (RMDs) is essential. Recent updates, including changes from the SECURE 2.0 Act, have shifted the timeline and…
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Taxes · 1 min read ·
IRS to Make Direct File Permanent for 2025 Tax Season
For taxpayers seeking a simpler, no-cost way to file their federal tax returns, the IRS is making a significant move. After a successful pilot program, Direct File will become a permanent option starting in the 2025 t…
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Taxes · 3 min read ·
Trump’s Return: What His Tax Proposals Could Mean for Americans and the Economy
As Donald Trump prepares to assume the presidency once again, we can anticipate renewed attempts to extend and expand provisions from his 2017 Tax Cuts and Jobs Act (TCJA). This landmark legislation, a signature achie…
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Taxes · 3 min read ·
Understanding Schedule C: A Tax Guide for the Self-Employed
Self-employment offers many benefits, but it also brings additional tax responsibilities. One of the key forms you’ll need to file as a sole proprietor or single-member LLC is Schedule C, which reports your business’s…
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News · 1 min read ·
Protecting Against Tax Scams: Be Vigilant
As digital threats evolve, we face increasing risks from scams, even outside of the traditional tax season. It’s crucial to stay informed and build defenses against these cyberattacks. Some Key Issues Include: E-Signa…
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