This tax season, the IRS is intensifying enforcement and audits due to increased funding from the Inflation Reduction Act. The agency aims to close the tax gap by focusing on high-income taxpayers and complex tax situations, impacting small business owners as well. Taxpayers should maintain accurate records and consider professional assistance to ensure compliance.

As we approach the 2025 expiration of the Tax Cuts and Jobs Act (TCJA), the future of the U.S. tax system looms large. Both Kamala Harris and Donald Trump offer starkly different visions for what happens next. With significant changes on the horizon, understanding their approaches could help you plan for what’s to come. The TCJA, implemented in 2018 under the Trump administration, brought sweeping tax cuts for corporations and individuals alike. It lowered the corporate tax rate from 35% to 21% and provided temporary individual tax cuts that are set to expire in 2025. While supporters argue that the TCJA stimulated economic growth and increased competitiveness, critics point out that it disproportionately benefited the wealthy and added to the national deficit. Trump’s Vision Post-2025

We’re excited to welcome you to the Top Tax Preparation blog—your go-to source for expert insights, helpful tips, and the latest updates in the world of taxes and small business finance. Whether you’re a small business owner looking for advice on managing your financials or an individual navigating tax season, we’re here to provide clear, actionable information that will help you make smarter financial decisions. Taxes can be complex and overwhelming, but they don’t have to be. In this blog, we’ll break down complicated tax concepts, provide guidance on how to maximize deductions, and keep you updated on important changes in tax laws that could affect you or your business. We’ll also offer practical tips on bookkeeping, payroll, and other essential financial services designed to