On March 25, 2025, President Trump signed Executive Order 14247 titled “Modernizing Payments to and from America’s Bank Account.” This executive order mandates the federal government discontinue the use of paper checks and transition entirely to electronic payments by September 30, 2025. This change represents one of the most significant updates to federal payment systems […]
Major Tax Bill Passed: What It Means for You
For Individuals: Key Provisions and Impacts of the Tax Bill 1. Permanent Individual Tax Rate Reductions The tax bill makes permanent the individual tax rate cuts originally enacted under the 2017 Tax Cuts and Jobs Act (TCJA). All tax brackets continue to be indexed for inflation. 2. Standard Deduction Increases Effective as of January 1, […]
Mastering Your Money: 7 Budgeting Tips from a Professional Bookkeeper
As a bookkeeper at an accounting firm, I’ve seen firsthand how a well-structured budget can transform financial outcomes—and how chaotic things can become without one. Whether managing your finances or guiding your business toward growth, a solid budgeting strategy can be the cornerstone of success. Here are the budgeting tips I regularly share with clients […]
Secure 2.0 Act of 2022 Key Takeaways
The SECURE 2.0 Act of 2022 was signed into law on December 29, 2022. The law builds on and expands the SECURE Act of 2019 and it expands coverage, increases retirement savings and simplifies retirement plan rules. Some of the key provisions of the Act include: EFFECTIVE DATE DECEMBER 29, 2022 Optional Treatment of Employer […]
Social Security: The Elephant in the Room
For most Americans, Social Security has represented nothing more than some unavoidable payroll deduction with the positively cryptic initials of “FICA” and “OASDI” (Federal Insurance Contributions Act and Old Age, Survivors and Disability Insurance). It hinted at a future that seemed both intangible and far away. Yet, many Americans now sit on the cusp of […]