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Understanding Tax Liabilities on Investments for Your Grandchildren
Most business owners didn’t start their business so they could agonize over how to pay themselves. They started it to do the work they love, serve their clients, and build something of their own. But here’s the truth: how you… -
How to Choose the Best Entity Type for Your Business
One of the first big decisions you’ll face when starting your business is choosing the right entity type. Each option has its own pros and cons, and the right choice depends on your goals, the size of your business, and… -
Mid-Year Financial Health Check: 8 Detailed Steps to Ensure Your Business Stays on Track
Mid-year is the perfect time to take a closer look at your business’s financial health. By evaluating your financial position now, you can make informed decisions to guide your business toward success for the remainder of the year. Here are… -
Show Me the Money! Where’s My Tax Refund?
Tax season can be a stressful time for many, but the anticipation of receiving a tax refund can also bring a sense of relief and excitement. For those expecting a refund, knowing where to check its status and understanding the… -
Tax Season Do’s and Don’ts for Small Business Owners
As tax season approaches, it’s crucial for small business owners to navigate the complexities of tax filings accurately and efficiently. This article aims to guide you through some essential do’s and don’ts to help ensure a smooth tax season. Do:… -
Watch for These Tax Surprises
Our tax code contains plenty of opportunities to cut your taxes. There are also plenty of places in the tax code that could create a surprising tax bill. Here are some of the more common traps. Please call to schedule… -
2024 Health Savings Account (HSA) Limits
Contribution limits for the ever-popular health savings account (HSA) are set for 2024. The new limits are outlined here with current year amounts noted for comparison. So plan now for your 2024 contributions. What is an HSA? An HSA is… -
The Home Office Deduction: A 2026 Guide
The home office deduction is still one of the most valuable tax breaks available to self-employed business owners, and still one of the most misunderstood. Here’s what qualifies in 2026, how to calculate it, and what’s changed since we first… -
When You Give to Charity…Chances are…
Did you know that you may be able to reduce your taxable income by donating cash or goods to a “qualified charity”? Giving your neighbor or family member money to help them cover bills in a challenging economy does not… -
Mileage Reimbursement Rates for 2024
This is a subThe Internal Revenue Service (IRS) has announced the new standard mileage rates for 2024, reflecting changes in the costs associated with operating an automobile. These rates are crucial for individuals and businesses to understand as they affect… -
Mileage vs Actual Expense Tracking
Maximizing tax write-offs as an independent contractor or self-employed individual often includes leveraging car-related expenses. There are two primary avenues for deduction: tracking mileage or itemizing actual car expenses based on work usage. Deciding between these approaches can significantly impact… -
Meal Deductions for Businesses: 2023 Update
When it comes to business expenses, deductions can be a key factor in managing your company’s financial health. Among these expenses, business meal deductions have long been a valuable tax benefit for organizations and self-employed individuals. However, recent changes in…
