How Can I Deduct 100% of Employee Recreation and Parties?
Not too long ago we talked about meal expenses for small businesses. We also discussed how entertainment expenses are no longer deductible but what if we told you that if you do it the right way you can party with your employees and deduct 100% of the cost? We get questions like this all of the time […]
How Are Start-Up Costs Handled?
Thinking of starting a business? Congratulations! This is one big step in tax savings. Being a business owner provides you a lot of opportunities for tax deductions that are not available to a typical W2 employee. We talk about those tax savings options in most of our articles but today we are going to talk […]
How Do I Avoid A Big Tax Bill Or Surprise?
I get it, everyone hates talking or thinking about taxes. However, avoiding the word tax only makes the situation worse. We hear stories from business owners all the time where they are simply paying too much in tax or are surprised with a big tax bill at year-end. In our Free Facebook Group a member actually just […]
How Does The Legal Structure Of Your Business Affect Tax Filing?
Deciding to flex your entrepreneurial muscles and start your own law firm is an exciting step in your legal career. Running your own firm means that you’re doing a lot more than practicing law. You’re also running a business. You’ll have to make big decisions about things like your location, your brand, your area of […]
What Are Baseline Tax Strategies vs Advanced Tax Strategies?
If you are a regular reader here you know that we put a very heavy focus on tax savings or tax strategies you can implement to ensure you pay the least amount in taxes as legally possible. You’ll often times see us talking about baseline tax strategies and then advanced tax strategies. Someone in our Free […]
I Accidentally Paid For Business Expenses Using Personal Funds, Now What?
If you have been around here for awhile you will know I am always preaching, always have a separate business bank account. That should always be the case. Whether you run your business as a sole proprietor, LLC, partnership, S Corp, C Corp, if you have a business you should have a separate business bank […]
How Do You Get Profits Out Of Your Business?
This is a question that I get all of the time (and one we just saw in our Free Facebook Group). How do I get money out of my business to use personally? Another one that relates to this is, my business bank account as no money in it, how am I showing a profit? We […]
What If I Cannot Afford To Pay My Taxes When Due?
First off, if you cannot afford to pay your tax bill, do not panic. There are options available but there are some key things you want to ensure you are doing. What Do I Need To Know If I Cannot Afford To Pay My Tax Bill? Make sure at a minimum you complete a few […]
Is It Fine To File An Extension And What Do I Need To Know About Tax Extensions?
It is that time of the year where we start to get a lot of questions around extensions and there are a lot of mis information out there so we want to try and clear all those up in this article. Is It Fine To File An Extension? We hear from so many business owners […]
Can I Have A Home Office If I Have Another Office?
COVID brought along this new way of working for so many businesses that in the past may have said they are never going virtual. One question that we have seen a lot is around if a business owner can take a home office deduction even if they have another office away from home. That is […]