How Section 831(b) Captive Insurance Protects Your Business and Saves You Taxes
For most business owners, insurance is a cost of doing business. But with the Section 831(b) captive insurance election, it can also be a powerful tax strategy. A captive insurance company is essentially a private insurance company you own that insures risks your traditional policies won’t cover—such as supply chain disruptions, brand damage, cyber threats, […]
How to Choose the Right Retirement Account for Your Business
Most business owners want to do the right thing for their future: Save for retirement, lower their tax bill, and maybe even offer a benefit to employees along the way. But here’s the problem: many are using the wrong retirement plan. Some are overcomplicating things. Others are limiting themselves without even realizing it. And almost all are […]
Partnership vs. S Corp | How Basis Can Make or Break Your Tax Bill
A client took $35,000 out of their S Corporation, thinking it was tax-free. Come tax season, they were hit with a $7,000 surprise capital gains bill. Why? Because no one was tracking something called basis. Not them, not their bookkeeper, not even their accountant. This is not an uncommon mistake. When most small business owners choose […]
Mixing Passive and Active Income | Why Your Entity Structure Is Costing You Thousands
Don’t Mix Passive and Active Income Mixing active and passive income in one entity could be costing you thousands. Let’s break down why separating your income streams is essential. You’ll learn how to structure your business the right way using S Corps, LLCs, holding companies, and even C Corps to unlock advanced tax strategies. From hiring your […]
Trump’s ‘One Big Beautiful Bill’ Just Changed Your Taxes Forever – What’s Inside
What Business Owners Need to Know About the 2025 Tax Overhaul Trump’s Big Beautiful Bill just became law. What’s actually in it? On July 4th, the biggest tax overhaul since 2017 was signed, and it’s packed with big wins for business owners. 100% bonus depreciation, a permanent 20% QBI deduction, tax-free tips and overtime, and […]
Small Biz Tax Q&A: Closing Companies, Meals Deductions & Real Talk on Low LLC Income
On this Podcast we answer listener questions! If you have a question you would like discussed on a future episode, submit it now! Go to www.TaxSavingsPodcsat.com Click Podcast Scroll to the Bottom and Submit Your Question You never know, your question may be on the next Q&A session. Below are today’s questions, tune into our Podcast to […]
Compliance 101: Essential Deadlines and Requirements for Small Businesses
Starting a small business is exciting, but with it comes the responsibility of staying compliant with federal, state, and local regulations. Whether you’ve just formed your LLC or recently incorporated, understanding your compliance obligations is crucial to avoid fines, legal issues, or falling out of good standing. This guide will walk you through the essential […]
Your Tax Questions Answered: Home Office Deductions, Business Beers, and S-Corp Salaries
On this Podcast we answer listener questions! If you have a question you would like discussed on a future episode, submit it now! Go to www.TaxSavingsPodcsat.com Click Podcast Scroll to the Bottom and Submit Your Question You never know, your question may be on the next Q&A session. Below are today’s questions, tune into our Podcast to […]
How to Rent Your Property to Your Business Without Falling Into the IRS Self-Rental Trap
Did you know you can rent a property to your own business and save thousands in taxes—but only if you structure it correctly? Mess it up, and the IRS could trap your losses or even hit you with unexpected taxes. This is a common scenario we see at TaxElm, where business owners own a building that […]
Will the IRS Send You to Jail? Civil vs. Criminal Tax Issues
When most people hear the words “IRS audit,” their minds immediately jump to one thing: Jail time. What actually gets small business owners into serious legal trouble with the IRS? Civil vs. Criminal Tax Issues: What’s the Difference? The IRS operates in two lanes; Civil and criminal. Civil cases make up more than 90% of IRS activity. These […]