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.
Tax season is in full swing! Will you be filing your taxes by the deadline, or do you need a little more time? The IRS reports that as of April 15th each year, about 50 million taxpayers still need to file their taxes (!!!)… so if this is you each year, keep reading. Filing a […]
While 2023 is over and the 2024 tax filing season is here, did you know you can still get a tax deduction for retirement savings in the 2023 tax year? Many tax planning strategies must be implemented before the end of the year. However, you can make contributions to IRAs and SEP-IRAs after the end […]
As we enter a new year, it’s time to gear up for another tax filing season. Whether you’ve been filing tax returns for years or are new to the process, understanding the basics can make tax filing less daunting. This article covers key tax season basics, including the tax brackets for 2023 and 2024, standard […]
Let’s be real – a big part of building a business is building relationships. And a lot of times we build relationships over coffee, meals, and maybe an occasional drink. So how do you write-off these expenses that are required to grow your business?? Keep reading. Business meals generally are 50% deductible. This means that […]
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 […]
As a small business owner, one of the most critical decisions you’ll make is how to pay yourself. It’s not just about deciding how much but also about choosing the right method that aligns with your business structure and tax obligations. Whether it’s through draws, guaranteed payments, salary, distributions, or dividends, understanding these options can […]
During the COVID-19 pandemic, the Employee Retention Credit (ERC) became a financial lifeline for businesses. It helped companies continue to pay employees while dealing with a drop in revenue. Unfortunately, the credit also opened the floodgates to a slew of fraudulent and improper claims. Even after the credit officially ended, “ERC mills” continued aggressively marketing […]
Are you thinking about hiring some help for your business? Or maybe you already have? It’s important to understand and correctly apply the rules for classifying a worker as an employee or an independent contractor. For federal employment tax purposes, a business must examine the relationship between it and the worker. The IRS Small Business […]
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