10 Ways to Prepare Your Business for a Successful 4th Quarter
Fourth-quarter planning is crucial for business owners as it sets the stage for a successful year-end and prepares their businesses for the challenges and opportunities of the upcoming year. Here are some key areas to focus on during your fourth-quarter planning: Budget Assessment: Evaluate your current year’s budget and compare it to actual results. Identify […]
3 Things That Scare Business Owners
What scares small-business owners? According to the survey, they are most worried about: Taxes, Government requirements, and Poor sales. So, what’s a nervous small-business owner to do? Instead of fretting about how government regulations, shutdowns, and debt defaults might affect your bottom line, channel your energy into focusing on what you can control: financial planning, […]
Rev Up Your Tax Savings: Leverage Increased Auto Depreciation Limits in 2024
You may have heard that auto depreciation limitations are getting a boost in 2024, and you’re curious about what that means for you, right? Whether you’re a small business owner, a freelancer, or just someone trying to make sense of tax talk let’s break it down into simple terms, so you can understand how these […]
Should Your Hobby Be a Source of Income?
Do you have a hobby or pastime that brings you incredible joy? Maybe it even earns you a few bucks here and there. It could be painting, photography, gardening, sailing, or flying. Hobbies are a wonderful way to unwind, express creativity, and indulge in a personal interest. Did you know that, in certain circumstances, […]
Maximizing Tax Deductions: IRS Guidelines for Donating Clothing
Donating clothing to charitable organizations is not only an excellent way to declutter your closet, but it can also provide you with valuable tax deductions. However, to ensure you get the most out of your charitable contributions, following the Internal Revenue Service (IRS) guidelines for donating clothing is essential. An Overview Here’s a brief overview […]
Demystifying Depreciation: Understanding the True Value of Assets
Depreciation is a concept that plays a vital role in the world of finance, accounting, and business. It’s a term that often creeps up in financial discussions and is crucial for understanding the actual value of assets. What exactly does depreciation mean, and why is it so important? Let’s delve into this fundamental financial concept. […]
ERC Mills Keep Pushing—But the IRS is Pushing Back!
The IRS has stopped processing new claims for the Employee Retention Credit due to the number of filings by aggressive “ERC mills” luring ineligible businesses to file bogus claims. Along with this moratorium on the ERC, which will last at least through the end of this year, the IRS strongly encourages companies to work with […]
Understanding the 1099-NEC: Who Needs to Receive It?
In the landscape of tax forms and IRS documentation, the 1099-NEC Form is a crucial form for certain types of income. As tax season approaches, it’s essential to understand who is required to receive this form. What is a 1099-NEC? The 1099-NEC, “Nonemployee Compensation,” is a tax form introduced by the IRS for the tax […]
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 […]
