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S-corporations can provide numerous tax benefits when used correctly. This article explains:
What an S-corporation is
Tax benefits of an S-corporation
How to maximize the tax benefits
How to start an S-corporation
Common mistakes business owners make with their S-corporations
The IRS began disbursing Child Tax Credit advance payments in July 2021. But, are these advance tax payments the right choice for your tax strategy. Find out in this article.
We helped this client save $502,000! Our strategy involved a tax savings plan and other tax reduction strategies. This article explains our approach.
Buying real estate for investment is a popular strategy for building wealth. This article explains:
The questions you should ask when buying real estate for investment
Five powerful benefits of investing in real estate
How to avoid capital gains tax
Medical doctors often have high tax bills. This article provides clear solutions for helping you reduce your tax bill and put more money in your pocket if you’re a medical doctor.
The business use of car is one of the most misunderstood tax deductions. There’s so much misinformation about it out there. This article clears the air and provides useful advice to help you maximize your business use of car deduction.
Taxes are often one of the most expensive business costs. This comprehensive guide provides various strategies that you can use to pay less taxes and put more money in your pocket.
You’ll learn:
How to pay less taxes as a business owner
How to create an effective tax savings plan
How to capitalize on tax credits for small businesses
How to create a solid financial plan that creates long-term tax savings
Why you need a tax advisor, even when you love your CPA
Oh, December… this is easily my favorite time of the year and I hope that you also enjoy the holiday season as well.
Enjoy time with your loved ones and I hope you get to take a long vacation from work and business. But before you do this, I’ve prepared an early gift for you: 12 Money-Saving Moves Before December 31st.
Here are the 12 things you need to do before year-end…
Everyone hates paying taxes. Everyone wants to pay less in taxes
Unfortunately, most business owners don’t know how to find tax-deductible loopholes, so they merely accept things as they are. Some business owners are already working with great CPAs who are amazing at preparing tax returns but don’t know how to help their clients minimize their taxes.
Are you looking to cash out money from your 401(K)? In these uncertain times, the focus is on these two things: Cash Flow and Sources of Cash Flow. The Cares Act aka the stimulus bill includes great incentives for business owners, who need access to cash.
In business cash is king and that is way I focus on cash flow and what can you do to keep more money in your bank account. We all know the phrase “It’s not how much you make, it’s how much you keep”, and if you’re in business long enough then you will approach this statement since you should now realize that cash is king.
This topic came up in three different conversations last week so I felt compelled to talk about it because it is very important if you plan to be successful in business as well as achieving your goals.
If you are a travel enthusiast my guess is that you will be constantly searching travel sites to find cool places to visit, or you could be wondering why you never have time to travel and promise yourself that something will change soon.
Just when you started to have fun in your business, the new tax law comes along take away all the fun deductions from your business expenses. One of the benefits...
If you operate your business as a professional service provider where your clients rely on your expertise to provide service, here, I am talking all lawyers, doctors, accountants ...
Rejoice if you operate your business as a sole proprietorship, partnership, or S corporation because your 2018 income from these businesses can qualify for some or all of the new 20 percent deduction.
We are in goal setting season for 2018 both for business and personal growth! Are you an action taker?Did you know that most people do not take action on their dreams, because they are either afraid of failure or not sure what to do?
Business deductions are based on the spending or the use of existing resources. Generally, your personal spending is not tax deductible but with a business, you can find ways to write off some of these expenses that qualify.
This may sound too good to be true, but there are ways in tax planning that you can use to receive tax-free income. With everything in the law, documentation is always the key and there is no way around property documenting transactions to be able to substantiate the transaction during an IRS audit.
There are several ways that young families that own businesses can benefit from the tax law, increase their tax deductions, and also have more cash in their family bank account. The great news is, you can get this done tax-free.
With the high cost of health care, business owners need to ensure that they are maximizing their deductions by implementing the right steps to claim 100% of their expenses incurred for healthcare. You are eligible to utilize the self-employment insurance premium deduction on your individual income tax return (Form 1040).
If you have low cash flow, you may have considered a few alternatives such as getting a loan or increasing your sales. You may even have tried doing these things, but realized that the results were short-lived. Here’s why these alternatives may not be the best solution for your situation.
As a CPA, I understood the importance of cash flow, but it wasn’t until I heard this quote that I had the epiphany that a company’s cash flow could determine if it stays in business or not. What I have also discovered over the years is that the biggest challenge that ...
We are now in the second half of the year and in order to achieve our business goals, strategic business planning becomes extremely important. As business owners, we are buried in the day-to-day business routine that we often fail to stop and take a holistic or bird’s eye view of our business.
Running a business can be more rewarding and less stressful if you understand your financial situation and how you can improve. It will also help to be aware of the various performance indicators and how they affect your bottom-line. Weak margins, cash leakages ...
In writing this article, my number one goal is to help you to navigate the systems and processes in your business so you can maximize their profits. There are seven key components of a profitable business and by understanding each one and making the necessary adjustments ...
Self-employed individuals are eligible to utilize the self-employment deduction on their individual income tax return (Form 1040). They are also able to deduct the amount paid for medical and dental insurance and qualified long term care for your family.
As you prepare to file your tax return you may be worrying that you may owe taxes or wondering if you will receive a refund. Regardless of your current situation, there is potential for you to save even more on your taxes. Here are some strategies that may further reduce your tax bill:
Most people are unaware of another type of tax return fraud, where the tax preparer files a return on your behalf, but claims inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions.
It’s often difficult to get large tax savings without tax credits. This article explains how tax credits are used in tax planning. It also describes some of the most frequently used tax credits. You can use this information to discuss with your tax advisor how tax credits can help you pay less taxes.