Author: taxguru
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Why Mixing Personal and Business Finances Is a Tax Mistake
One of the most common tax mistakes among freelancers and small business owners is mixing personal and business finances. While it may seem harmless at first, this habit can lead to accounting errors, lost deductions, and problems if the IRS ever asks questions. What Does “Mixing Finances” Mean? Mixing finances happens when business income or…
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Do You Really Need an LLC? Tax Pros and Cons Explained
Starting a business often comes with one big question: Do you actually need an LLC? While forming an LLC can offer tax and legal advantages, it isn’t required for every individual or small business. Understanding the pros and cons can help you decide whether an LLC makes sense for your situation. What Is an LLC?…
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Lesser-Known OBBBA Provisions That Could Save You Big in 2025 – No Tax on Tips, Overtime Deductions, and More
With the One Big Beautiful Bill Act (OBBBA) now fully in effect, much attention has gone to the big-ticket items like permanent TCJA extensions and standard deduction boosts. But buried in the legislation are several targeted provisions that fly under the radar yet offer real savings—especially for workers in service industries, those putting in extra…
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2025 Tax Law Changes from OBBBA: Key Updates and Year-End Moves to Maximize Savings
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, has reshaped the tax landscape by making many popular provisions from the 2017 Tax Cuts and Jobs Act (TCJA) permanent while introducing new deductions and credits. Instead of the feared “TCJA sunset” that would have raised rates and slashed deductions after…
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Top Tax Deductions for Freelancers: The Ultimate 2025 Guide
Freelancers face a unique tax situation: you’re responsible for your own income tracking, quarterly taxes, and deductions. The good news? Freelancers also have access to powerful tax deductions that can significantly reduce taxable income — if you know what to claim. This guide breaks down the most important tax deductions every freelancer should know for…
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Navigate Taxes with Confidence: Resources from Tax Guide Daily
Taxes can be overwhelming, especially for freelancers, small business owners, and busy individuals trying to navigate deductions, filing requirements, and changing regulations. At Tax Guide Daily, our mission is simple: to make taxes clear, actionable, and stress-free. Whether you’re filing for the first time, managing multiple income streams, or looking for ways to maximize deductions,…