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Common Tax Filing Mistakes for Small Business Owners
Small business owners face numerous challenges, and managing taxes is often one of the most daunting. Tax mistakes can lead to financial penalties, audits, and unnecessary stress. Understanding and avoiding common tax filing errors can save small business owners both… -
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:… -
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… -
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… -
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… -
Tax Tips for Your Summer Job
Summer brings warm weather, fun outdoor activities, and new opportunities to earn some additional income. Taxes on seasonal income, however, need to be handled with care, whether they’re related to your child’s first job or an extra income opportunity for… -
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… -
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… -
The IRS “Dirty Dozen” – Top Tax Scams of 2023
With this year’s tax season coming to an end, the IRS has recently released the top twelve scams noticed in 2023, the “Dirty Dozen.” Scams come in all shapes and sizes. These days, there just seems to be a ton…