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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Life happens. You miss a tax deadline or can’t pay the taxes you owe. While you might face IRS penalties, these penalties are often preventable. In some cases, you might even be able to get them waived. So rather than panicking or avoiding the issue, let’s look at what kinds of penalties the IRS charges, […]
So, you’ve hit the jackpot with your sports bets—congratulations! Whether you’re betting on your favorite team or analyzing stats like a pro, winning feels amazing. But before you get too comfortable dreaming about what to do with your earnings, let’s talk about an often-overlooked aspect of sports betting: taxes. Yes, you might have to send […]
A 1099-NEC is an information return form to report nonemployee compensation (i.e. payments to someone other than an employee of your company) and is probably one of the most misunderstood business requirements of the IRS. Every year when January rolls around, many business owners are wondering if they have to send 1099s to their contractors […]
With tax season right around the corner, this is the time of year that many business owners are thinking about taxes. Do you want to reduce your taxes? Of course you do. One way of doing this is implementing tax deferral strategies. But what does that even mean? Tax deferral means taking a deduction and […]
Running a small business is already a juggling act—do you really want to complicate things further by having the wrong bank accounts? Whether you’re starting out, expanding, or streamlining your finances, having the right mix of business bank accounts is like having the perfect tool for the job—it just makes everything run smoother. To help […]
How much do you need to retire comfortably? It’s a tricky question to answer, but according to a survey from Schwab Retirement Plan Services, on average, Americans believe they need to have $1.9 million saved for retirement. A seven-figure 401(k) balance is certainly an achievement, but it can come with some tax challenges in retirement […]
Chances are, your business now faces a new compliance requirement: FinCEN’s Beneficial Ownership Information reporting requirements, also known as BOI reporting. What Is Beneficial Ownership Information Reporting? Beneficial Ownership Information (BOI) reporting is part of the Corporate Transparency Act (CTA)—legislation Congress passed to crack down on illegal activity, including money laundering, corruption, and tax fraud. […]
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