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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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 […]
We teamed up with the renowned CPA exam mentor and founder of CPA Exam Guide, Bryan Kesler, to write this awesome article about outsourcing your business accounting. We obviously couldn’t agree more, so we wanted to share his expertise on the topic! One of the most critical operational aspects of any business is a transparent […]
I’m just over here doing my best Billy Madison impression singing, “Back to school, back to school…” With school back in session, parents and students should look into tax credits that can help with the cost of higher education. Because, it’s for sure not cheap. Many students graduate college with 6 figures of student debt! […]
UPDATED AUGUST 12, 2021 Exciting news! The U.S. Small Business Administration (SBA) has launched a streamlined application portal to allow borrowers with PPP loans of $150,000 or less to apply for forgiveness directly through the SBA. The SBA’s new streamlined application portal will simplify forgiveness for millions of small businesses. The new forgiveness platform began accepting applications from […]
The 20% Qualified Business Income deduction was one of the big hot topics that came out Tax Reform last year. The new law created a deduction for small business owners who operate pass-through entities, including sole proprietors, LLC’s, S-Corps, and partnerships. Income from such entities may allow business owners to deduct 20% of their qualified […]
So it’s officially tax season and the government is still in a partial shutdown. You may be wondering how does this impact taxpayers. Will we still receive timely refunds? There is some good and some bad news: The Bad News: The IRS is among the government agencies affected by the government shutdown. The Good News: […]
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