1. Updated Tax Filing Deadlines

Starting in 2025, there will be changes to certain tax filing deadlines for small businesses. The IRS is adjusting deadlines for some forms, including S-corp returns and partnerships, to streamline the filing process. This means earlier filing requirements for some businesses. Be sure to review your calendar and stay ahead of deadlines to avoid late penalties!

2. New Sales Tax Collection Rules

Several states are implementing new sales tax collection rules, particularly for businesses that sell across state lines. If your business is operating online or in multiple states, this could impact how you collect and report sales tax. We recommend reviewing your sales tax policies and working with an expert to ensure you’re compliant with the latest regulations.

3. Increased Minimum Wage in Some States

As part of ongoing legislative efforts to improve the workforce’s quality of life, many states are increasing their minimum wage in 2025. If you have employees, be sure to check your state and local guidelines to stay compliant with these new wage laws. Adjusting payroll systems in advance will help ensure a smooth transition.

4. Changes to the Qualified Business Income (QBI) Deduction

For businesses eligible for the QBI deduction, there are some proposed adjustments to the income thresholds and calculation methods for 2025. If you’ve been taking advantage of this deduction in previous years, it’s essential to understand the new guidelines to continue maximizing your tax benefits.

5. Expanded Retirement Plan Options for Small Businesses

In 2025, there will be new options available for small business owners looking to offer retirement plans to their employees. The SECURE Act 2.0 is introducing changes that make it easier for small businesses to offer retirement plans, with enhanced tax credits to help offset administrative costs. These options could help you attract and retain talent while benefiting from tax breaks.