Blog
Lease or Buy: Making the Best Decision for Your Business
As a small business owner, acquiring new vehicles or equipment is a decision that comes with significant financial implications. One of the most common questions that business owners face is whether to lease or buy these assets. The answer isn’t always...
Leveraging Depreciation: The Smart Business Owner’s Guide
Depreciation is a powerful tool that can significantly impact your business's financial health. As a business owner, understanding how to leverage different types of depreciation can help you maximize tax benefits, manage cash flow, and make informed decisions...
Are You Overpaying in Taxes? Here’s How Your Small Business Can Save Thousands
As a small business owner, you're likely focused on growth, customer satisfaction, and managing day-to-day operations. But how much attention are you paying to your tax strategy? If you’re like the majority of small business owners, you might be overpaying in taxes...
Spring Clean Your Finances: Post-Tax Season Strategies for Fresh Success
Spring Clean Your Finances: Post-Tax Season Strategies for Fresh Success- As the owner of Phillips Business Group, I have seen firsthand the aftermath of tax season—it's like a season finale of your favorite drama series, but with more paper and less popcorn. And...
Tax Professional: Small Biz Necessity
As a small business owner or an S Corporation owner, navigating the complex tax laws can be overwhelming. However, with the help of a tax professional, you can save money on your federal income taxes while staying compliant with IRS rules. In this blog post, we'll...
7 Mistakes to Avoid Heading into New Year
7 Mistakes to Avoid Heading into New Year: As we head into the new year, many of us are focused on setting goals and making plans for the coming year. But for business owners, it's important to take a moment and reflect on how they can set themselves up for...
Align Your Tax Strategy with Annual Planning
An annual plan provides structure and direction for your business and employees. It helps you set goals, track progress, and ensure you are on track to achieve your objectives. It involves looking back at the year that was and...
Year-end SMB Tax Planning Checklist
Year-end SMB Tax Planning Checklist: As 2022 draws to a close, it is time for SMB owners to start thinking about their tax planning checklist for the coming year. Planning ahead and taking proactive steps now will help reduce the burden of taxes and make filing...
5 Signs You Might be Overpaying Taxes
The end of the financial year (EOFY) is an important time for your business. It's a time to reflect on your successes and failures over the last 12 months and to set goals for the coming year. It's also a time to review your expenses and ensure you're up-to-date...
How to Evaluate 2022 While Planning for 2023
We are just 2 months away from the new year, and you've likely started planning for 2023. Have you thought about how your business fared in 2022 and what steps you need to take to ensure a successful year in 2023? Like in all spheres of life, it is important...
Simple steps for a smooth accounting year-end
Simple steps for a smooth accounting year-end: For many firms, accounting is such a huge pain point. It's time-consuming and tedious and can often lead to big headaches come tax season. We just entered Q4, and it'll be time for year-end tax filings before you know...
Bonus Depreciation: Big Changes Coming
All good things must come to an end. On December 31, 2022, one of the best tax deductions ever for businesses will end: 100 percent bonus depreciation. If you're like most small business owners, you want to maximize your tax deductions prior to the end of the year....
Most Common Reasons Businesses Overpay Taxes
According to the IRS, taxpayers have the right to only pay the amount of tax legally due, including penalties and interests. However, so many businesses end up overpaying their taxes because of simple mistakes or misunderstandings of the tax laws. That's sad, but...
Budget Tips for Business Growth
No matter what stage your business is in, budget tips will play an important part in ensuring its success. But when you're trying to grow your business, having a clear understanding of your finances and being proactive about planning can make all the difference. To...
Using Data-Driven Decision-Making to Grow
Businesses now have access to more data than ever before. But what good is all that data if you don't know how to use it? If you have siloed, unused data, it is probably costing your business money and missed opportunities. This is why Data-driven decision-making...
