Bean Wise Tax & Advisory

03/16/2026

03/13/2026

Still filing as an LLC? Same income, same work — but potentially $7,277 more in taxes than you need to pay. 👀
Most small business owners have never had this conversation with their CPA. That's exactly why I started Bean Wise.
If you're clearing $150K+ in profit, an S-corp election might be worth a real look.
DM me "S-CORP" and let's find out if it makes sense for you. 💬

03/11/2026

The "No Tax on Overtime" headline is catchy — but the math is a little more nuanced than it sounds. Here's what actually changed.
Under the One Big Beautiful Bill (signed July 2025), FLSA-covered workers can now deduct the premium portion of their overtime pay from federal taxable income. That means the "half" in time-and-a-half — not your full OT paycheck.
The limits:
🔹 Single / HOH → up to $12,500 | phase-out starts at $150K MAGI
🔹 Married Filing Jointly → up to $25,000 combined | phase-out starts at $300K MAGI
🔸 Married Filing Separately → not eligible
A few things people miss:
• F**A taxes (Social Security + Medicare) still apply to all overtime
• State taxes are unchanged unless your state conforms
• The deduction runs 2025–2028 — it's not permanent
• You claim it on the new Schedule 1-A
If you worked OT this year and aren't sure how to calculate your deduction — or whether you even qualify — let's figure it out together.
📅 Book a free consultation at beanwisetax.com (link in bio)
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NoJudgmentZone

03/11/2026

🚨 New IRS guidance just dropped — and if you're self-employed with tip income, this affects your 2024 return.
The IRS updated Schedule 1-A instructions in early March, placing hard limits on the tip income deduction that many workers were expecting to be clean and simple. Here's what you need to know:
✅ Max deduction: $25,000 — no matter your filing status
✅ Limited to your net business income (not gross)
✅ Married filing jointly? That $25K is shared, not doubled
✅ Higher earners face a phase-out on top of the cap
✅ SE health insurance & retirement contributions count against your limit
The rules arrived mid-tax season and caught a lot of preparers off guard. If you've already filed — or you're about to — let's make sure your deduction is calculated correctly.
📅 Book a free consultation at beanwisetax.com (link in bio)
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