GAAP (Generally Accepted Accounting Principles) has long been considered the gold standard for financial reporting. Public companies are required to prepare their financial statements in accordance with GAAP, and most private businesses also follow these standards, although some elect simplified alternatives for certain complex accounting rules, such as lease accounting.
If you’re self-employed, every legitimate tax deduction matters. Yet many sole proprietors, freelancers, and independent contractors miss valuable deductions simply because they aren’t familiar with the rules or fail to keep adequate records. Here’s a quick overview of the filing requirements for self-employed taxpayers, along with five commonly overlooked deductions
Last year, the Internal Revenue Service introduced a new income tax deduction for qualified cash tips under the One Big Beautiful Bill Act (OBBBA). The deduction is set to expire after 2028. In September 2025, the IRS issued proposed regulations to help guide taxpayers. The agency has now released final
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