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The Home Office Deduction: A 2024 Guide
The home office deduction continues to be a significant tax break for the thousands of Americans who work from home, either part-time or full-time. However, in 2024, it’s important to note that this deduction primarily benefits self-employed individuals or those… -
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… -
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… -
8 Reasons Why You Should Consider Filing an Extension
Tax season can be a challenging time for small business owners. The pressure to meet tax deadlines, ensure accurate financial reporting, and navigate complex tax laws can feel overwhelming. However, filing a tax extension is a valuable option that can… -
Cash vs Accrual Accounting: Choosing the Right Method for Your Business
Accounting is the language of business, and choosing the right accounting method is like selecting the right dialect to communicate effectively. Among the key decisions you’ll make as a business owner is whether to use cash or accrual accounting. Each… -
Understanding the IRS Extension Deadline: What Business Owners Need to Know
Tax deadlines can be overwhelming for business owners, with numerous forms to fill out and financial information to gather. However, the Internal Revenue Service (IRS) provides an option that can alleviate some of the pressure: filing an extension. Let’s dive… -
Outsourcing Accounting Work: Exploring the Pros and Cons
As businesses seek to optimize their operations and focus on core competencies, outsourcing non-core functions has become increasingly popular. Accounting, a crucial aspect of business management, is no exception. As with most things, there are pros and cons of outsourcing… -
Maintaining Financial Health: Why Business Owners Shouldn’t Fear Filing Extensions
Tax season can be a source of stress for business owners, with multiple responsibilities and deadlines to manage. One option that often causes apprehension is filing an extension for business taxes. However, it’s important to dispel any fears and recognize… -
Graduation Season: A Great Time to Review Money Basics
Graduation is a big life event that has so many emotions wrapped up in it – pride, relief, excitement and fear. Fear of what the future holds, the unknown. Many young adults often don’t feel prepared to “enter the real… -
Safeguarding Your Business’ Cash with Segregation of Duties
Fraud and embezzlement don’t just happen at large companies. In fact, theft may be more common in small businesses because many lack internal controls that are typically in place at larger organizations. But the good news is that effective internal… -
How to Choose the Best Entity for my Business
Are you thinking of starting a business? Maybe you already have a business but you’re questioning whether or not you have it set up as the best entity type for your situation. We’ve got some tips on how to go…