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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:… -
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 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… -
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…