Tax Article Archive - Blog - OvernightAccountant.com

Progressive Tax System Explained: 2025 Brackets, Examples & How It Really Works Learn how the progressive tax system actually works with 2025 US tax brackets and real calculations. Discover why moving into a higher bracket won't reduce your take-home pay, plus see how flat tax and alternative systems compare globally. Published: 02/17/2026 - Edited: 03/03/2026

Tax-Free Tips in 2025: Who Qualifies & How to Report Them Starting in 2025, many tipped workers may deduct up to $25,000 of “qualified tips” from their taxable income. Learn which occupations qualify, how to track and report tips for 2025, and what rules apply to employees and the self-employed. Published: 12/09/2025 - Edited: 12/16/2025

Big Beautiful Business Tax Changes; Small Biz Windfall & Big Biz Onshoring Discover how new tax law changes boost small business deductions, expand expensing, and push big corporations toward U.S. investment. Published: 08/21/2025 - Edited: 08/22/2025

Big Beautiful Bill Tax Changes: Congress Outdid Itself This Time The BBB makes so many tax changes that we’ll need to divide them into two articles. This one will focus on key individual return changes. Published: 08/04/2025 - Edited: 10/16/2025

Giving to Caesar: Taxing Ministers My goal in this article is to help ministers prepare for next tax season and to enlighten church leaders about how the IRS taxes their minister’s compensation. Published: 07/11/2025

Happy Extension Season! April 15th, A Ridiculous, Arbitrary, Outdated Extension Deadline Why has April 15th become the extension filing deadline instead of the tax filing deadline? To answer this, we need to learn the History of April 15th. So, let's go! Published: 03/28/2025 - Edited: 04/08/2025

Is Beneficial Ownership Interest Reporting Finally Gone? Explore the latest developments in Beneficial Ownership Interest Reporting (BOIR) under the Corporate Transparency Act. This article discusses the recent suspension of enforcement actions by FinCEN and insights from President Trump's announcement, highlighting the potential implications for businesses. Published: 03/05/2025 - Edited: 03/06/2025

How Congress is Killing the Tax Profession (Part 3) Discover how Congress is making tax preparation more challenging and what you can do to protect yourself. Learn why tax extensions are your friend, why quality tax services are worth the cost, and how you can support tax professionals in an evolving industry. Published: 02/06/2025

How Congress is Killing the Tax Profession (Part 2) Discover how Congress’s ever-changing tax code is transforming the tax profession. Learn about the increasing complexity, fraud challenges, and why the April 15th deadline is outdated in Part 2 of this insightful series. Published: 01/28/2025 - Edited: 08/13/2025

West Virginia’s Motor Vehicle Property Tax Credit – Are You Missing Out? West Virginia taxpayers and businesses can claim the Motor Vehicle Property Tax Adjustment Credit and get money back—even if they owe no income tax! Learn who qualifies, how to claim it with Form MV-1, and where to find your property tax records. Don’t miss out on this valuable tax break! Published: 01/28/2025

How Congress is Killing the Tax Profession (Part 1) Learn how Congress’s constant tax code changes turned Form 1040 into a complex labyrinth—discover the burden on pros and taxpayers in Part 1. Published: 01/27/2025 - Edited: 08/13/2025

Year-End RMD Reminders and Recent Changes Stay informed about year-end RMD deadlines and the latest changes from the SECURE 2.0 Act. Learn key updates for 2024, including new Roth account rules and how to avoid penalties. Plan smarter for your retirement! Published: 12/17/2024

Update! Beneficial Ownership Interest Reporting - BLOCKED NATIONWIDE A Texas federal court has preliminarily blocked the Beneficial Ownership Reporting requirement nationwide, a key provision of the Corporate Transparency Act, in a lawsuit filed by a family-run business and the Libertarian Party of Mississippi. Published: 12/11/2024

Updated for 2024! Business Deductions - Seven Tax-Cut Tricks Boost your business profits and cut taxes with these 7 tax-cut tricks, from Section 179 deductions to hiring your kids, and make the most of the 2024 tax season! Published: 12/11/2024 - Edited: 12/16/2024

Beneficial Ownership Interest Reporting: What?… Why?… Wait… What?! As one learns more about BOI reporting, they are more likely to shake their head and ask, “What? …Why? ...Wait, What!?” Published: 11/26/2024

Two Wealth-Building Tax-Cut Strategies for Kids and Grandkids One of the easiest ways to create generational wealth and avoid taxation is to invest in a child’s education and future. Here's why and how you can do it! Published: 12/18/2023

WV’s New Property Tax Credit/Rebate TL;DR Do NOT Pay the Second Half of Your 2023 West Virginia Personal Property Tax Bill Until Early 2024 Published: 07/28/2023

Three Retirement Strategies: Which is the Best? A review of the tax implications of three popular retirement-saving options. Published: 06/02/2023 - Edited: 07/22/2025

April 15th: Media Hype & The Audit Myth Learn how the media has utilized the tax "deadline" as an eyeball-catching, fear-arousing, space & time-filling, ad-selling tool. Published: 04/17/2023

Why is April 15th the Extension-Filing Deadline? A brief history of Form 1040’s due date Published: 04/06/2023

The Necessity & Benefit of Filing a Tax Return Extension In this article we discuss a few attributes that endear the tax filing extension to filers and professionals alike. Published: 03/27/2023

A Brief History of the Earned Income Tax Credit Everything you've ever wanted to know about the EITC but were too afraid to ask! Published: 02/22/2023

The 1099 Headache (Confusion, Frustration & Punishment ) Everything you ever wanted to know about the importance of filing Forms 1099 and the roadblocks the IRS -places in one's way. Published: 02/07/2023

Energy Credits for 2022, 2023 & Beyond An overview (and likely everything you ever wanted to know) of 2022 & 2023’s energy credits for individuals and families. Published: 12/12/2022 - Edited: 12/27/2022

Notable Tax Changes for 2022 The list of significant tax changes impacting your 2022 tax return, especially compared to 2021 Published: 11/30/2022

How Congress is Killing the Tax Profession Growing complexity, the changing purpose of Form 1040, the tax practitioner’s role in fraud avoidance, and America’s evolving financial landscape have made the April 15th tax deadline obsolete. Published: 08/10/2022 - Edited: 11/01/2024

2022 Notable Individual Tax Changes Our job is to inform you of tax changes that may impact your financial picture. To this end, We’ve compiled a brief list of changes that may affect your 2022 taxes. Published: 07/25/2022

Coping with April 15th Stress Disorder In this article, I will discuss the symptoms and prevalence of April 15th Stress Disorder and how it endangers the tax profession when expertise is most needed. Published: 07/07/2022 - Edited: 04/03/2023

The Earned Income Tax Credit - History & 2021 Changes This article will focus on changes to the Earned Income Tax Credit. Published: 01/11/2022

The American Rescue Plan & The 2021 Child Tax Credit Mess In this article I’ll highlight some changes sure to impact most 2021 returns. Then, I’ll dig into the details of the 2021 Child Tax Credit. Published: 12/10/2021

Your Second ($600) Stimulus Payment This article answers some common questions regarding these stimulus payments. Published: 01/06/2021

Introducing IRS’s New Form 1099-NEC, Nonemployee Compensation What’s is Form 1099-NEC? A brief explanation of this new (not new) form. Published: 08/05/2020 - Edited: 08/20/2020

State Form 1099-NEC & Form 1099-MISC Filing Requirements A quick summary of state requirements for Form 1099-MISC & 1099-NEC. Published: 08/05/2020 - Edited: 01/24/2022

I’m a Real Estate Agent, Do I Qualify for the 20% Income Deduction? The vast majority of self-employed real estate agents will qualify for the 20% Income Deduction! Here's how. Published: 06/14/2020 - Edited: 07/15/2022

IRS Announces That Forgiven Payroll Protection Loans are Back-Door Taxable Many business owners are wondering if taking a PPL made good business sense. Published: 05/01/2020

Helping the Homeless Receive Economic Impact Payments This article will discuss how to get CARES Act funds to many who desperately need them but are unable to obtain them on their own: The homeless. Published: 04/20/2020 - Edited: 04/27/2020

CARES Economic Impact Payments, Many May Have to Wait This article will discuss why many of the Coronavirus Aid, Relief, and Economic Security Act (CARES) payments will take much longer to disburse than intended. Published: 04/09/2020 - Edited: 04/11/2020

2019 Year-End Business Tips & Reminders The new year is almost here, get your ducks in a row now with our VERY THOROUGH Year-End Business Newsletter. Published: 12/23/2019

Qualified Residence Indebtedness Exclusion Retroactively Extended for 2017, 2018, and 2019 This article will discuss the challenge faced by those who owe more debt on a home than the home is worth and an overview of remedies to avoid taxes on that debt. Published: 12/23/2019

Contractor or Employee? A Confusing & Dangerous Question The way you classify workers can have a significant impact on the bottom line of your business. Employee? Independent Contractor? Find out now. Published: 05/14/2019 - Edited: 07/24/2019

I’m Self-Employed. Can I Deduct My Spouses Health Insurance Premiums? When it comes to deducting a spouse’s health insurance via the self-employed health insurance deduction, enough loose interpretation exists to confuse professionals & taxpayers alike. Published: 01/29/2019 - Edited: 01/16/2025

2018: Major Business Tax Changes Big changes in the TCJA! Here are the changes that are impacting businesses and business owners. Published: 12/18/2018 - Edited: 07/23/2019

What are Statutory Nonemployees? Are you an employee? Indepent contractor? The answer to this question has a major impact on your bottom line! Published: 12/03/2018

2018 Tax Changes for Individuals & Planning Tips Our guide to the tax law changes that will impact most taxpayers in 2018 (and beyond)! Published: 11/28/2018 - Edited: 12/11/2018

Will My Service Business Qualify for the 20% Income Deduction? I own a small business, do I qualify for the 20% income deduction? Make less than $157,500? Then, YES! Published: 09/27/2018 - Edited: 12/09/2019

Real Estate Agents: What Auto Use is Deductible? A Lot More if You Have a Home Office! The auto deduction is a real estate agent’s largest tax deduction. We show you how you can make the most of this deduction. Published: 03/30/2018 - Edited: 01/03/2022

Real Estate Agents, the #1 key to maximizing your tax deductions is your home office Maximum tax deductions for real estate agents start with having a qualified home office. This article explains the "Why?" and "How?" of setting up a home office. Published: 03/12/2018 - Edited: 01/18/2022

Form 1099-NEC & 1099-MISC, Who Must File is Important & Confusing The vast majority of businesses and organizations are required file 1099-NEC & 1099-MISC Forms when they make payments that require Form 1099-MISC. Published: 01/17/2018 - Edited: 01/13/2023

The 1099-NEC & 1099-MISC Perjury-Trap & Penalty Escalator Explaining the perjury statement and how the IRS uses it to assess other penalties. Published: 12/28/2017 - Edited: 08/22/2022

How to Use The Tax Cuts and Jobs Act to Reduce Your 2017 Tax Bill (Updated) Strategies for using the Tax Cut and Jobs Act to minimize your 2017 taxes. Published: 12/20/2017 - Edited: 03/08/2018

How to cut taxes and not go broke(r) We show you how cuts in individual tax rates will impact tax collections. Published: 11/22/2017 - Edited: 03/08/2018

Does My Church Need to File Form 1099-NEC and 1099-MISC? Here's how to find out if your church needs to file a 1099-MISC with the IRS. Many do, but don't. Published: 11/13/2017 - Edited: 09/08/2025

Form 1099-NEC and 1099-MISC Noncompliance (Can Literally Destroy Your Business) This article will discuss the tax gap, why small business is in the IRS crosshairs, and the steps - including LARGE penalties – to increase compliance. Published: 09/22/2017 - Edited: 09/01/2020

Not Understanding Form 1099-NEC is Risky Business All businesses, nonprofits, and government agencies must file Form 1099-MISC when they make payments that require it. Published: 03/01/2017 - Edited: 08/12/2020

Last Minute Tax Tips 2016 Every $1,000 in additional deductions or reductions in taxable income can save up to $390 in federal tax! Published: 12/20/2016 - Edited: 01/06/2018

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