Paychex's Stephen Dombroski: Decoding Small Business Tax Changes for 2025

Taxes are changing — what does that mean for your business? On this week’s episode of Paychex THRIVE, Gene Marks chats with Stephen Dombroski, Senior Compliance Manager at Paychex, to break down the critical tax changes coming as the Tax Cuts and Jobs Act approaches its expiration. From bonus depreciation to the Section 199A deduction (and everything in between), Stephen shares what these changes might mean for your business, your employees, and even your personal finances. Whether you're planning capital investments, thinking about R&D credits, or just trying to stay ahead of tax changes, this episode is packed with expert advice to help you prepare.

Topics include:

00:00 – Episode preview and welcome

01:03 – Discussion on Tax Cuts and Jobs Act (TCJA)

02:20 – Provisions of TCJA

04:42 – Impact of fluctuating TCJA depreciation policies

06:35 – Potential bipartisan tax deal and its outcomes

08:29 – Individual income tax changes

10:36 – Future tax changes and employer considerations

12:37 – Employee Retention Credit discussion

14:18 – Implications of possible changes to estates taxes and the Work Opportunity Tax Credit

15:34 – Advice on preparing for tax changes

17:39 – Wrap up and thank you

14 ways to save on small business taxes in 2025: https://bit.ly/3CoMNgy

Regulatory changes every business should know and prepare for this year: https://bit.ly/4gfFWE6

DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.