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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Chances are, maximizing your tax savings is top of mind this time of year—especially if you have multiple income streams. When dealing with income from various sources—a job, a business, investments, and more—tax time can get complicated. Fortunately, there are plenty of ways to maximize your tax savings. So read on to discover five tried-and-true […]
Your most recent return might contain a stash of tax deductions you can’t use (yet). They’re in a tax-code junk drawer called “Suspended Passive Losses.” Every year that your rental property or side investment loses money on paper, those losses pile up on Form 8582 until you free them. Here’s how to do just that. […]
With tax season just a couple months away, it’s time to get organized and prepared to tackle this not-so-fun side of being an entrepreneur. I know that taxes can be confusing and feel overwhelming, especially to business owners. I know that sometimes figuring out what can be deducted and how to file taxes accurately can […]
Nothing ruins a perfectly fine day quite like an IRS notice showing up in the mail. Your stomach drops before you even open the envelope. But occasionally the IRS does something that makes life a little bit easier for taxpayers, and this is one of those times. It’s called the Automatic Exemption from Penalty (AEP). […]
Transferring business ownership is one of those milestones that feels simple in your head and gets surprisingly tangled once you start the paperwork. That’s true whether you want to sell your business to a stranger, hand the reins to your kid, or bring on a new partner. Fortunately, once you understand how the process works […]
You just dropped $25,000 on a kitchen remodel or finally got around to replacing that roof. Now, you’re staring at the receipts and wondering, “Are home improvements tax deductible?” Clients call us with this question a lot, and it’s not surprising. Home improvements are expensive, and it feels like there should be some kind of […]
Running a small business means wearing a lot of hats. “Bookkeeper” is usually the one that fits the worst. As a result, you end up making expense mistakes that cost you money in missed deductions, audit risk, and hours of catch-up work. Fortunately, most of them are easy to fix once you know what to […]
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