Top 3 Mistakes Business Owners Face!
The need for adapting to business conditions is crucial for a business to succeed. That's why it is important to review the most common business challenges and strategize methods of overcoming them. An organized and prepared business owner, who knows about these potential challenges, is far more likely to meet expectations than one who doesn't. Today, our team of experts is sharing the top 3 mistakes business owners frequently make. We will go over these problems and talk abo
10 Strategies To Reduce Your Taxes- #3 Taking Advantage Of Business Credit Cards
Happy December! The holidays are coming, but so is the end of the fiscal year. As a business owner, you probably already know the importance of funneling legitimate expenses through your business for tax purposes; but if you really want to take your finances to the next level, you should consider using business credit cards. In this video, you're going to learn how business credit cards can be beneficial, and Charlene covers how to reduce your overall tax burden! This tip is
10 Strategies To Reduce Your Taxes - Tip #2 Maximize Deductions
We are nearing the end of the year with Thanksgiving at a close. Luckily, we have our second strategy out of the ten to reduce your taxes! The second tip we are going to be covering is about maximizing your deductions and investing in revenue-generating assets. We discuss what depreciation is, and the three types of depreciation. We give business owners strategies to make their assets have a 100% deduction before the end of the year. Need help? Please do not hesitate to call
Build Back Better Act Has Passed, What Does This Mean To You?
The House of Representatives on Friday morning passed H.R. 5376, the Build Back Better Act, by a vote of 220–213. The bill encompasses a wide range of budget and spending provisions and has been the focus of protracted negotiations for the past several weeks. How is this Bill going to affect you? One good news you would perhaps want to know is the change in the SALT deduction cap. The bill would increase the Sec. 164(b) limitation on the deduction for state and local taxes fr
Make Year-End More Efficient!
As year-end is approaching, there are important steps that business owners should consider, to make year-end closing procedures more efficient. These important steps include making sure your financial statements are complete and accurate, making sure you gather all signed W9s from your contractors, making sure you take legitimate actions to increase your tax savings, and many more. Want to find out more? Please watch our video. #video #tax #yearend #yearendplanning If you nee
This New Tax Rule Will Affect You If You Use Online Payment Apps!
Dear business owners, in this upcoming year, your merchant processor will start requesting you to provide your tax information like your EIN (Employer Identification Number), ITIN (Individual Tax ID Number), or SSN (Social Security Number). Surprised? This is because the IRS is now asking third-party electronic payment companies (including PayPal, Venmo, and Square) to disclose to the IRS a user's business transactions if, in aggregate, they total $600 or more for the year. T
Employee Retention Credit Is Now Gone!
We have some shocking news today! ERC has ended! The infrastructure legislation ends the employee retention credit (ERC) early, making wages paid after Sept. 30, 2021, ineligible for the credit (except for wages paid by an eligible recovery startup business). This latest legislation H.R. 3684 passed the House of Representatives and is headed to the President’s desk to be signed into law. President Joe Biden is expected to sign the Infrastructure Investment and Jobs Act which
How Are Taxes Going To Rise Without The Help Of Lawmakers?
While Democrats make a huge push to raise taxes on the wealthy, many of the current tax provisions are going to expire anyways by 2026. For example, TCJA 2017 was previously passed to cut the top income-tax rate, a 20% tax break was offered to business owners, and estate tax threshold was increased from 5.5M to 11.7M. All these provisions would not survive after 2025. Regardless, the current proposals may still change in ongoing negotiations and lawmakers may decide to extend
Is America Becoming A Communist Country?
President Joe Biden recently proposed a mandate that the IRS should have access to all of our transaction information (withdrawals or deposits) that exceeds $600 from your personal bank accounts. With this proposal, the Treasury Department believes that it will raise 460 billion untapped tax revenues from its people. What does this mean to you and other business owners out there? Watch our latest video on how this could affect you and your business! If you have any questions
Tax Loophole That Crypto Investors Must Take Advantage Now!
If you invest in virtual currencies i.e. Bitcoin, there is a tax loophole that could go away in 2022 that you should take advantage of now. With crypto tokens, wash sale rules don’t apply which means you could sell your bitcoin and purchase it right back instead of waiting for 30 days so it helps crypto investors when it comes to tax-loss harvesting. The IRS currently classifies digital currencies as property, so losses are treated much differently than for stocks and mutual
