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 ...

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.

 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. 

Business entity selections are not only important for start-ups, but also for more mature businesses. The more complex a business gets, the more flexibility may be needed in order to maximize tax savings. 

Tax planning provides a way for business owners to keep more of the money they earn. The key to tax planning is knowing the right deductions that will work for your unique tax situation. For example, getting an S-corporation election one of the most common tax planning strategies to lower self-employment tax.  

For most business owners the best part of tax season is getting large deductions to lower their tax bill. A tax deduction is a decrease in taxable income based on business spending or use of resources. But what happens, when a business owner doesn’t understand how much they can deduct? 

For most business owners, their business is their retirement plan. So, what do you think would happen if they cannot work as much as they used to, or if they could not work for a while? Let’s face it; a business may not be the best retirement plan, but it is a great funding source for one.