Opportunity Zone Tax Benefits: What Changes in 2027?
Selling a business, rental property, stock, or another investment can create a significant capital gain. If you are looking for a legal way to delay the tax, investing through a Qualified Opportunity Fund may be an option. However, 2026 is a transition year. The Opportunity Zone tax benefits available for investments made in 2026 are […]
Tax Q&A: Can I Deduct My Dog, Claim My Kitchen as a Home Office, and Ignore Venmo Income?
Can you deduct your dog if she appears in your business advertising? Can your kitchen table qualify as a home office? Do you need to report a Venmo payment when you never received a 1099? Small business tax questions often sound simple, but the correct answer depends on details such as your business entity, how […]
How to Use Life Insurance for Wealth Building (5 Ways)
How to Use Life Insurance for Wealth Building (5 Ways) Most people think of life insurance as protection for their family. You pay a premium, and the insurance company provides a death benefit if you pass away while the policy is active. For certain high-income earners and business owners, life insurance can play another role. […]
How to Calculate Your S Corp Reasonable Salary (6 Steps)
How much should you pay yourself as an S Corp owner? Many business owners want to choose the lowest possible salary because wages are subject to payroll taxes while qualifying distributions generally are not. However, an artificially low salary can expose your business to back taxes, penalties, interest, amended payroll filings, and additional IRS scrutiny. […]
S Corp Tax Savings: When Does an S Corp Make Sense?
When an S Corp Saves You Thousands (and When It’s a Waste of Money) You’ve probably heard someone say, “You need to be an S Corp.” Sometimes, that advice is exactly right. Electing S Corporation status can save a profitable business owner thousands of dollars in taxes every year. But sometimes the election is premature, […]
Audit-Proof Documentation: How to Protect Your Tax Deductions
Audit-proof documentation starts with consistently tracking your business receipts, expenses, and mileage before an IRS audit ever happens. Many business owners qualify for valuable tax deductions but don’t have the records needed to support them. They’re missing receipts, estimating their mileage at the end of the year, or relying on bank statements that don’t explain […]
Rental Property Tax Strategies: How to Reduce Your Taxable Income
Rental Property Tax Strategies: How to Reduce Taxable Income Rental property tax strategies aren’t only about using large losses to offset your business or W-2 income. That can happen in certain situations. A short-term rental may produce nonpassive losses when the activity meets the right requirements, and qualifying as a real estate professional can open […]
Oil and Gas Tax Deductions: How Business Owners Can Reduce Taxable Income
Oil and Gas Tax Deductions: How Business Owners Can Reduce Taxable Income Oil and gas investing gets a lot of attention because of the large tax deductions. But there’s more to it than chasing a write-off. For high-income business owners, oil and gas tax deductions can potentially reduce taxable income, create first-year tax savings, and […]
Trump Accounts Explained: Gimmick or New Savings Tool for Kids?
Trump Accounts for Kids Explained: What Parents and Business Owners Need to Know Trump Accounts are getting a lot of attention because of the $1,000 government contribution. But there’s so much more to it than “free money.” There is a huge opportunity to compound wealth over decades. So, are the Trump Accounts a gimmick or […]
Mid-Year Tax Planning Checklist for Small Business Owners
Mid-Year Tax Planning Checklist for Small Business Owners Most business owners wait until December to think about tax planning. That’s a problem. By the time year-end rolls around, many of the best tax-saving opportunities are already gone. Payroll mistakes may be locked in. Bookkeeping errors may have caused missed deductions. Retirement strategies may be rushed. […]