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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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: […]
The Tax Cuts and Jobs Act, also known just as Tax Reform, is likely to produce some winners and losers when taxpayers file their returns this tax season. Among those who are expected to pay more this year in taxes are those homeowners who have high loan balances, homeowners with non-qualified home equity debt, itemizers […]
18 years sound like a long time to save for your child’s higher education, however according to Sallie Mae, only 56% of parents are actively saving. Of those parents, the savings average around $18,000 which wouldn’t cover one year of tuition, fees, and room & board at an in-state public institution, according to College Board. […]
Wait, you’re not interested in reading the 600-page tax reform bill? SHOCKING. Below I summarize the main changes for individuals and businesses brought on by the Tax Cuts and Job Act that go into effect this year and break it down between the good, the bad, and the ugly. Individuals 1. The bill retains seven […]
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