Grow Your Business Through Tax Planning
Most business owners are interested in tax planning because without proper tax planning, business owners may end up with huge tax bills, giving away their hard-earned money. Tax bill is often the largest expense of any business. However, tax planning strategies will not produce the desired outcome if you do not know or understand your overall financial goals for the long run. An important thing to ensure is that your personal financial and investment strategies should always
Time to Update Your Tax Planning
With all the recent IRS news and updates, tax planning is becoming more important, especially for business owners who wish to reduce their tax bills. As many of you know the IRS is set to receive an increase of $80 billion budget over the next ten years, which would increase % of IRS audits for many. This means you as a business owner should start thinking of careful and intentional tax planning by executing strategies backed by solid record keeping. With proper tax planning,
10 Strategies To Reduce Your Taxes - Tax Tip #7 Retirement Contributions
As a small business owner, you are completely responsible for your own retirement planning. If you have employees, you may feel responsible for helping them plan for a successful retirement. The considerations and retirement savings plans that work you, as a small business owner, should be paramount when planning for both your own retirement and that of your employees. It is never too late to consider last-minute strategies regarding retirement contributions to help you reduc
Deductions Are Never Enough!!!
There are many deductions to cover, but an important one is the Home Office Deduction. Whether you are a sole proprietorship, S-Corp, or C-Corp, these deductions can benefit you if you have an office at home and do a lot of your business there. If you have also paid business expenses using your personal credit card then those can be deducted. It seems like a lot, luckily, we offer a reimbursement template to maximize your deductions. By using the Safe Harbor Rule🧾, the busin
When Selling Your Home, Save Big On Taxes Before It's Too Late!
With home prices rising, many who wish to sell their home expect to gain a profit, hence increasing the possibility of needing to pay capital gains tax. Based on current tax laws, single filers who sell their home may exclude up to $250k of capital gain while married couples may exclude up to $500k. If you believe your gain exceeds the home exclusion threshold, you may want to look into ways to reduce your tax liability from a home sale. For example, one way is to consider im
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
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
Reminder Oct 15 Is When FBAR Extension Should Be Filed!
Today, the IRS reminded all U.S. citizens, resident aliens, and any domestic legal entity to complete the annual FBAR (Report of Foreign Bank and Financial Accounts) filing by October 15, 2021. So if you have financial interest or authority over one or more bank accounts, brokerage, mutual funds, or other financial accounts OUTSIDE the US and the combined total exceeds $10,000 at any given time of the year, you would have to file FBAR. Any filers that missed the April 15 dead
