Insights & Updates

Big Changes Ahead: What the OBBBA Means for Your Itemized Deductions

Below is a breakdown of the recent tax law updates, focusing on what's new for individuals, particularly those who itemize deductions. These changes affect your tax planning starting with the 2025 tax year.

The Tax Guide to Choosing Your Business Entity: Making the Decision #LessTaxing

Starting a business is exciting, but choosing the right entity structure can feel overwhelming. The decision you make can impact your tax obligations for years to come, so let's break down the tax pros and cons of each option to help you make an informed choice.

Before we dive in, we realize it is very likely you have already set up your company as a Limited Liability Company (LLC). This is an important first step. However, once you have set up the LLC, you will then need to choose the taxing entity that works best for you.

Clean Energy Incentives Ending This Month

Credits for electric vehicles (new, used and commercial) are set to expire 9/30/25. If you are in the market for one of these vehicles, you need to act fast to qualify for the credit.

Tax Extension Deadlines Quickly Approaching

If you filed an extension for your 2024 tax return, now is the time to complete the process. Extended business returns are due September 15, and extended individual returns are due October 15.

To ensure we can prepare and e-file your return on time, please provide us with all of your tax documents as soon as possible. For individual returns, documents can be securely uploaded through your digital tax organizer (look for an email from noreply@safesendreturns.com).

Once we have everything we need, our team will get to work so your return is filed promptly and accurately. We appreciate your timely attention and look forward to assisting you as we officially wrap up the 2024 tax season.

Staff Introductions

Meet the Newest Member of Our Tax Team

Trevor Perry Trevor began his career as an intern with Weber Clark in Sylvania, Ohio. Following the firm’s acquisition by GBQ Partners, he continued interning while completing his degree at the University of Toledo. After graduating, Trevor joined GBQ full time as a staff accountant in 2022. In 2024, he relocated to Columbus and was promoted to senior accountant. Trevor is currently pursuing his CPA designation and brings to N&Co a broad range of experience in small business, individual, estate, trust, and gift tax preparation and review.

Would You Like to Check In Before Year-End?

Proactive planning before year-end could make a meaningful difference in your tax outcome. 

Whether you’re anticipating income changes, considering large purchases, reviewing your business structure, or mapping out retirement goals, a check-in now ensures your tax strategy stays aligned with your bigger picture.

We’re grateful for the confidence you place in Nichols & Company CPAs. We take our role as advisor very seriously.

To learn how we can help you, please contact us or visit our website.

Ampersand header image courtesy of John Weber