Tax & Bookkeeping Hacks for Entrepreneurs
Yep, you can write that off! We’re here to help you maximize your profits, minimize your tax liability, and tap into the right tax deductions for your small business.
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Historically many people have claimed the child tax credit to help offset the rising cost of raising children (did you know that on average, kids cost approximately $300,000 from birth to age 17?!). There have been a lot of changes to the child tax credit over the past few years; it first changed during Tax […]
Many business owners are surprised to learn that taxes are one of their biggest costs. Soul crushing, right?! That’s why it’s so important to be aware of as many deductions and credits as possible to keep more of your money in your pocket! PS – Download this entire list in PDF form to keep handy […]
The average individual will normally experience borrowing on some type of credit at some point. And that’s okay! It might sound strange, but not all debt is “bad.” Certain types of debt can actually provide opportunities to improve your financial future. Good debt should ideally be in low amounts, low cost, help you achieve your […]
Does the thought of all things accounting and taxes as an entrepreneur completely freak you out? Don’t worry, I’ve got you. Let’s walk through the 8 things you need to do throughout the year as a business owner to make sure you are in tip-top shape come tax season. Follow this list and I promise […]
When you’re working for an employer, it is their responsibility to ensure that federal and state taxes are withheld from your paycheck. However, if you’re an independent contractor, freelancer, own your own business, or do any income-producing side hustle, the burden to pay Uncle Sam is solely on you. Bummer, I know. The good news […]
The number one question I get from entrepreneurs (who typically have just been slammed with a large tax bill) is this: What one strategy should I implement to reduce my tax liability? Luckily, it’s a pretty simple answer. The most important step in successful tax planning is keeping up with your record keeping. Not the […]
As a business owner, you probably know that there are potential tax-related upsides and downsides for every type of business entity. But the question is, what exactly are those tax advantages and how do they apply to you? Deciding which legal business structure to form for your business is SO important! So let’s take a […]
Hello Spring! If you enjoy a good weekend getaway, but also want it to be deductible, then keep reading! In the accounting world we call this strategy “wrapping a weekend”. The IRS states that if you travel for business and work both Friday AND the following Monday, then the Saturday and Sunday in between count as […]
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