Boost Your Business’s Bottom Line: Tax Saving Strategies for Business Owners
As a business owner, maximizing your tax deductions and implementing effective tax saving strategies can significantly impact your bottom line. With the complexities of business taxation, it is essential to stay ahead of the game and navigate tax season with confidence. By unlocking the secrets of business tax planning and understanding key principles, you can […]
Florida Residents May be Entitled to Tax Relief
Victims of recent storms in Florida now have until August 15 to file various federal individual and business returns and make tax payments. The IRS automatically provides filing and penalty relief to taxpayers with an IRS address of record in the disaster area. Taxpayers would get the extra time even if they did not request an […]
Early Filers May Be Due an Extra Refund
Taxpayers who filed their federal income taxes early this year and reported state refunds they received in 2022 as income may want to take the time to file an amended return. After some uncertainty about the taxability of refunds and rebates issued by certain states concerning inflation, general welfare, and disaster relief, among other issues, […]
Tax planning shouldn’t be a last-minute headache!
Tax planning is not just a task to tackle hastily as December 31 approaches or a source of panic right before April 15. It is a year-round activity that requires continuous attention and consideration. Let’s explore some personal and business tax issues you can address throughout the year to make your tax planning more effective […]
Let’s Be Reasonable…
Has your CPA had a compensation discussion with you recently? Did they infer that your compensation is “unreasonable”? Don’t take offense. It’s not personal. But as a business owner, paying yourself a salary that aligns with the general marketplace is essential. After all, if your compensation is deemed out of line, the IRS could get […]
Accounting for Crypto
Cryptocurrency is a relatively new monetary instrument that has the potential to change the way we do business and transact currency across the globe. Often misunderstood or misvalued, it’s been at the crux of financial frauds and institutional collapses. It badly needs boundaries, categorization, and established policies for both trading and holding the currency. If […]
Minimum Wage Changes Impact You in 2023
For employers with employees in multiple states, keeping up with numerous minimum wage rate changes can be a daunting task. While some states are on a schedule for annual increases to reach $15 an hour eventually, 12 states still adhere to the federal minimum. A significant influence regarding the adjustments has been the increased rate […]
Save on Taxes and Protect Your Assets – Consider Changing Your Business Entity
As a business owner, it’s essential to understand how your legal structure affects your taxes and liability. Let’s break it down into simple terms. Business Entity Types If you’re a sole proprietor, your business’s property and liability are not legally separate from your personal assets. This means that your business income is considered personal income, […]
Overcoming the SALT Cap: Proven Tactics for Business Owners
In response to complaints about the Tax Cuts and Jobs Act of 2017 SALT cap, many states have authorized workarounds that allow a pass-through entity to pay state income taxes at the entity level. The entity deducts the payments and passes them to the individual owner as deductions or credits, bypassing the SALT cap at […]
SECURE Act 2.0 – Bolster Retirement Savings and Reinforce Long-term Financial Security
The Secure 2.0 Act will help Americans bolster their retirement savings and reinforce their long-term financial security. The common-sense solutions in the bill will help encourage employees to save for their retirement and to help ensure that savings will last a lifetime. Key provisions include: Increasing tax credits to promote the establishment of retirement plans, […]
