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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

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

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

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

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

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

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

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

Based on the latest tax law changes, CEOs are getting worried about a potential increase in corporate tax rate from 21% to 26.5%. To make it worse, there are other challenges including the challenge to hire qualified workers and slow recovery from the pandemic. Democrats have proposed a higher corporate tax rate with the intent to use the tax dollars to fund a $3.5 trillion reconciliation bill to tackle US poverty. In addition, Democrats have also proposed adding back the top

The end of the year is approaching fast, regardless of what new tax legislation that Congress passes, there are a few year-end tax strategies you may want to consider to increase your tax savings. For example, for investors, you may want to consider tax-loss harvesting which allows you to offset capital gains with losses, especially if you have more losing assets than winning assets. Next, charitable donations. With a $12,550 standard deduction for single filers ($25,100 for