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With the introduction of the “no tax on overtime” rule in the OBBBA, many employees see a potential reason to celebrate as they head into the 2025 tax year. This may result in meaningful tax savings, but only if you are eligible. Let’s take a closer look at how the rule really works and clear up a few common misconceptions.    What is “No Tax on Overtime” Rule  No Tax on Overtime  is a new tax break under OBBBA that helps eligible workers keep more of what they earn when they

When it comes to filing your taxes, missing a deduction is like leaving free money on the table. Even if you use tax software or a...

You can’t improve what you don’t measure. Keep an eye on these 10 key metrics: 1. Gross profit margin- Revenue minus COGS, expressed as a...

Are you a business in the trades or resale industry and unsure how resale purchases are treated for tax purposes in New Mexico? If your profit margins feel tighter than expected and you cannot quite tell why, you are not alone. Many small business owners eventually find themselves asking the same question: Where is the money going?  One thing to look at here is the Gross Receipts Tax. New Mexico’s GRT works differently than traditional sales tax systems in most other states,