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02/03/2026

🚗 2025 Vehicle Purchasers — Important Tax Update for Personal Use Vehicles in Preparing Your 2025 Income Tax Return

If you purchased a new vehicle in 2025, the recently passed One Big Beautiful Bill created a new deduction for qualified vehicle loan interest that may reduce your taxable income for 2025.

Key qualifying details:

* Vehicle must be new (not used) and purchased (not leased) in 2025
* Vehicle must have final assembly in the United States (VIN typically starts with a 1, 4, or 5)
* Loan must be a qualified auto loan in your name
* Deduction is subject to income limits and other eligibility rules
* Only the interest portion of loan payments may qualify

Items needed for tax preparation:

*Vehicle Identification Number (VIN)
* Purchase documents showing the vehicle was new and purchased in 2025
* Confirmation that final assembly occurred in the U.S. (VIN codes beginning with 1, 4 ,or 5)
* Year-end or monthly loan interest statement from your lender (may receive a Form 1098-VIL)
* Loan start date and borrower(s) listed on the note

02/03/2026

What does ChatGPT know about you? Ask it to create a caricature based on what it knows about you. Here are ours. 😄

08/13/2025

The Small Business Center in the NC Community College Network is offering a free 2 hour course on Sales and Use Tax. The course is scheduled for Wednesday, Auguat 27th from 4:00pm-6:00pm.

https://www.ncsbc.net/workshop.aspx?ekey=590450087e

This workshop will help business owners better understand their sales and use tax obligations including covering sales and use tax basics, registering for an account, and learning about the most common types of sales and use taxes collected. In addition, participants will receive hands-on help prepa...

07/16/2025

One Big Beautiful Bill Act: "Deduction for Seniors"

From IRS Fact Sheet FS-2025-3...

Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000. This new deduction is in addition to the current additional standard deduction for seniors under existing law.

The $6,000 senior deduction is per eligible individual (i.e., $12,000 total for a married couple where both spouses qualify).

Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).

Qualifying taxpayers: To qualify for the additional deduction, a taxpayer must attain age 65 on or before the last day of the taxable year.

Deduction is available for both itemizing and non-itemizing taxpayers.

Taxpayers must include the Social Security Number of the qualifying individual(s) on the return, and file jointly if married, to claim the deduction.

07/16/2025

One Big Beautiful Bill Act: "No Tax on Car Loan Interest"

From IRS Fact Sheet FS-2025-3...

Effective for 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle, provided the vehicle is purchased for personal use and meets other eligibility criteria. (Lease payments do not qualify.)

Maximum annual deduction is $10,000.

Deduction phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers).

Qualified interest: To qualify for the deduction, the interest must be paid on a loan that is:
-originated after December 31, 2024,
-used to purchase a vehicle, the original use of which starts with the taxpayer (used vehicles do not qualify),
-for a personal use vehicle (not for business or commercial use), and
-secured by a lien on the vehicle.

If a qualifying vehicle loan is later refinanced, interest paid on the refinanced amount is generally eligible for the deduction.

Qualified vehicle: A qualified vehicle is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds, and that has undergone final assembly in the United States.

Deduction is available for both itemizing and non-itemizing taxpayers.

The taxpayer must include the Vehicle Identification Number (VIN) of the qualified vehicle on the tax return for any year in which the deduction is claimed.

Reporting: Lenders or other recipients of qualified interest must file information returns with the IRS and furnish statements to taxpayers showing the total amount of interest received during the taxable year.

Guidance: The IRS will provide transition relief for tax year 2025 for interest recipients subject to the new reporting requirements.

07/16/2025

One Big Beautiful Bill Act: "No Tax on Overtime"

From IRS Fact Sheet FS-2025-3..

Effective for 2025 through 2028, individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay - such as the “half” portion of
“time-and-a-half” compensation — that is required by the Fair Labor Standards Act (FLSA) and that is reported on a Form W-2, Form 1099, or other specified statement furnished to the individual.

Maximum annual deduction is $12,500 ($25,000 for joint filers).

Deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).

Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers.

Taxpayers must:
▪ include their Social Security Number on the return and
▪ file jointly if married, to claim the deduction.

Reporting: Employers and other payors are required to file information returns with the IRS (or SSA) and furnish statements to taxpayers showing the total amount of qualified overtime compensation paid during the year.

Guidance: The IRS will provide transition relief for tax year 2025 for taxpayers claiming the deduction and for employers and other payors subject to the new reporting requirements.

07/16/2025

One Big Beautiful Bill Act: "No Tax on Tips"

From IRS Fact Sheet FS-2025-3...

Effective for 2025 through 2028, employees and self-employed individuals may deduct qualified tips received in occupations that are listed by the IRS as customarily and regularly receiving tips on or before December 31, 2024, and that are reported on a Form W-2, Form 1099, or other specified statement furnished to the individual or reported directly by the individual on Form 4137.

“Qualified tips” are voluntary cash or charged tips received from customers or through tip sharing.

Maximum annual deduction is $25,000; for self-employed, deduction may not exceed individual's net income (without regard to this deduction) from the trade or business in which
the tips were earned.

Deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).

Deduction is available for both itemizing and non-itemizing taxpayers.

Self-employed individuals in a Specified Service Trade or Business (SSTB) under section 199A are not eligible. Employees whose employer is in an SSTB also are not eligible.

Taxpayers must:
▪ include their Social Security Number on the return and
▪ file jointly if married, to claim the deduction.

Reporting: Employers and other payors must file information returns with the IRS (or SSA) and furnish statements to taxpayers showing certain cash tips received and the occupation of the tip recipient.

Guidance: By October 2, 2025, the IRS must publish a list of occupations that “customarily and regularly” received tips on or before December 31, 2024.

The IRS will provide transition relief for tax year 2025 for taxpayers claiming the deduction.

06/16/2025

05/20/2025

Growing your business right here in our small town doesn't have to be complicated. Here's a friendly reminder of four simple ways to make it happen:

1️⃣ Invite New Faces: Spread the word, connect at local events, and welcome new customers into your community.
2️⃣ Offer a Little Extra: Encourage folks to grab that extra pie or service—they’ll appreciate your thoughtful suggestions!
3️⃣ Come Back Soon: Create reasons for your customers to drop by more often. Loyalty programs and hometown deals go a long way.
4️⃣ Fine-tune Your Operation: Small changes like reducing waste, watching expenses, and improving efficiency keep profits healthy.

🌟 Remember: Growing your business means strengthening our whole community. We’re all in this together!

03/20/2025

🚀 Want to grow your business? 🚀
It boils down to mastering these 4 ways:

1. 🎯 Attract More Ideal Customers – Focus your marketing to draw in exactly who you want to serve.

2. 💳 Increase Transaction Value – Find ways for customers to happily spend more each time they buy.

3. 🔄 Boost Purchase Frequency – Get customers returning more often through loyalty strategies and exceptional experiences.

4. ⚙️ Optimize Your Operations – Streamline processes, reduce waste, and improve efficiency to boost profitability.

What are some simple actions you can take on one or all of these that can lead to positive impacts in YOUR business?

Share with us in the comments!