Financial planning for tax season

A comprehensive blog post for U.S. business owners and LLC founders should cover a quick executive summary of major federal changes (OBBBA highlights), a practical year-end/tax-season checklist, entity-specific notes for LLCs (tax classification, S-election, self-employment tax strategies), payroll & information reporting changes (1099 thresholds, 1099-K/DA, W-2/941 deadlines), state nexus & PTE/PTET overview, retirement & benefits planning, R&D and depreciation planning, working with a CPA, and a resources section with authoritative links.

Key federal changes include the restoration of 100% bonus depreciation for property placed in service after January 19, 2025, changes to interest expense limitation rules (Section 163(j)) shifting to an EBITDA-based test for 2025/2026, and increased inflation-adjusted thresholds for 2026.

Information reporting changes include the 1099-NEC/MISC reporting threshold remaining at $600 for 2025 payments (reported Jan 2026) but increasing to $2,000 for 2026 and after, with evolving rules for brokers and digital-asset reporting (Form 1099-DA).

Employment and payroll guidance includes updated Pub. 15/Publication 926 on employment tax deposits, filing (Forms 941/944/940), withholding tables, and employer benefit changes. Estimated tax and deadlines are listed in IRS publications and tax calendars.

State conformity to federal changes varies, and nexus and sales/use tax issues remain critical, especially with remote workers potentially triggering filing obligations. Pass-through entity (PTE) tax elections can mitigate the federal SALT cap impact, with state-specific implementation and deadlines.

A comprehensive blog post for U.S. business owners and LLC founders should cover a quick executive summary of major federal changes (OBBBA highlights), a practical year-end/tax-season checklist, entity-specific notes for LLCs (tax classification, S-election, self-employment tax strategies), payroll & information reporting changes (1099 thresholds, 1099-K/DA, W-2/941 deadlines), state nexus & PTE/PTET overview, retirement & benefits planning, R&D and depreciation planning, working with a CPA, and a resources section with authoritative links.

Key federal changes include the restoration of 100% bonus depreciation for property placed in service after January 19, 2025, changes to interest expense limitation rules (Section 163(j)) shifting to an EBITDA-based test for 2025/2026, and increased inflation-adjusted thresholds for 2026.

Information reporting changes include the 1099-NEC/MISC reporting threshold remaining at $600 for 2025 payments (reported Jan 2026) but increasing to $2,000 for 2026 and after, with evolving rules for brokers and digital-asset reporting (Form 1099-DA).

Employment and payroll guidance includes updated Pub. 15/Publication 926 on employment tax deposits, filing (Forms 941/944/940), withholding tables, and employer benefit changes. Estimated tax and deadlines are listed in IRS publications and tax calendars.

State conformity to federal changes varies, and nexus and sales/use tax issues remain critical, especially with remote workers potentially triggering filing obligations. Pass-through entity (PTE) tax elections can mitigate the federal SALT cap impact, with state-specific implementation and deadlines.