Kick Off 2025 Strong: Tax Changes and Pro Tips for Business Owners
Happy New Year! We hope you're as excited as we are to kick off 2025. As we start the new year, we want to share some crucial updates and reminders to ensure you're set up for success:
2025 MILEAGE RATE UPDATE
✦ The IRS has updated the standard mileage rate to 70 cents per mile for 2025. Ensure your mileage logs and expense report calculators are updated to the new rate to maximize your tax deductions. Accurate record-keeping not only saves money but keeps your finances organized and compliant.
NEED A TRUSTED CPA OR TAX PREPARER?
✦ If you're seeking expert support with your taxes, we can recommend trusted CPAs and tax preparers who specialize in working with small businesses. The right professional can simplify your tax process and help ensure your strategy is tailored to maximize efficiency and savings. Contact us today for a referral to a professional who can help you make the most of this tax season.
NOTIFY YOUR BOOKKEEPER OF ANY BUSINESS CHANGES
✦ Keep your bookkeeper updated on any changes to your business, including new asset purchases, opening loan or credit accounts, or other major financial activities. Providing timely updates ensures accurate bookkeeping and allows for more precise financial guidance tailored to your current needs.
JANUARY IS 1099 TIME
✦ It’s time to prepare your 1099s. Please gather any missing W-9s from your service providers if you haven't already. For our current clients, we will be sending out a list of any W-9s we're missing to help streamline this process.
STAYING PROACTIVE IN 2025
✦ Staying proactive with your financial management ensures smooth operations and reduces last-minute stress. Our team is here to support your business every step of the way.
Ready to start 2025 strong? Visit MJ Webb Bookkeeping or call us to set your business up for financial success this year.
Thank you for trusting MJ Webb Bookkeeping as your partner in growth and financial health. If you have any questions or need assistance, don’t hesitate to reach out. Here’s to a productive and prosperous year ahead!