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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As part of the recently passed Inflation Reduction Act, the IRS has been allocated $80 billion over the next ten years. Yes, billion with a “b”! About half of those funds will be used for enforcement. And while the IRS has pledged that they will not use these funds to increase audits of small businesses […]
Thinking about bringing some fresh talent into your team? That’s exciting! But before you post that job ad, let’s talk dollars and sense because understanding the full cost of hiring employees is essential unless you like surprises in your budget (spoiler alert: they’re not the fun kind). Why do Hiring Costs Matter? First things first, […]
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 […]
I rarely meet someone who doesn’t wish they could pay less taxes. A new initiative from the IRS could make that wish a reality… eventually. One reason some Americans pay so much in taxes is the tax gap—the difference between what Americans owe and what they actually pay. The IRS estimates the tax gap to […]
Owners of digital assets, including Bitcoin and other cryptocurrencies, face increased scrutiny from the IRS and other tax authorities. Whether you’re a seasoned trader of crypto assets or just dipping your toes into the world of virtual currency and non-fungible tokens (NFTs), it’s crucial to understand how buying, selling, exchanging, and receiving digital assets as […]
Taxes are an inevitable part of doing business—or are they? Maybe you’ve heard about the states with no income tax and wondered whether you can keep more of your hard-earned money by incorporating your business in one of the seven states with no income tax or perhaps just one with lower overall tax rates. Unfortunately, […]
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 […]
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