Mastering 2024 Taxes: W-9s, 1099s, and Year-End Accounting Tips
As the year winds down, Thanksgiving and holiday festivities are upon us. While this season is full of excitement, it’s also the perfect time to prepare for tax season. The hustle and bustle of the holidays may make it tempting to procrastinate, but taking action now will save you time, stress, and money when tax […]
How Trump’s Tax Policies Could Impact Your Business: Key Takeaways for Small Business Owners
The election is behind us, and as Donald Trump prepares to step back into office, one major question looms for small business owners: How will this affect our taxes? Regardless of where you stand politically, understanding the potential shifts in tax policies is crucial for planning your finances. As a small business owner myself, I […]
The Power of Tax Advisory: How Phillips Business Group is Helping Small Businesses Save
When running a small business, managing taxes can often feel overwhelming. Many small business owners simply focus on meeting deadlines and filing their tax returns, unaware of the potential savings that could be achieved with a proactive tax strategy. Phillips Business Group LLC, led by Tiffany Phillips, CPA, has made it their mission to help business […]
Phillips Business Group LLC: Houston’s Top CPA Firm of 2024
Phillips Business Group LLC has been recognized as Houston’s Best CPA Firm of 2024, raising the bar for tax advisory and financial planning in the city. Known for their creative tax-saving strategies, this firm helps small business owners reduce their tax overpayments by as much as 20-30%, thanks to an 85-point system they’ve developed specifically […]
Turning Your Side Hustle Into a Legit Business: Avoiding the IRS Hobby Trap
Hustle Into a Legit Business – In today’s world, having a side hustle has become almost as common as having a full-time job. Whether you’re selling handmade crafts, offering freelance services, or running an e-commerce store, side businesses offer a great opportunity to generate extra income and, for some, eventually replace the 9-to-5. But as […]
How the Work Opportunity Tax Credit (WOTC) Can Help Your Business and Community
How the Work Opportunity Tax Credit (WOTC) Can Help Your Business and Community: Running a business means you’re always looking for ways to save money and make a positive impact. The Work Opportunity Tax Credit (WOTC) is one of those hidden gems that can help you do both. It’s a federal tax incentive that encourages […]
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 straightforward, as it depends on various factors, including cash flow, tax considerations, and long-term […]
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 about acquiring assets. In this article, we’ll explore the various types of depreciation, when to use them, […]
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. Keep reading to understand how to do […]
5 Common Tax Planning Mistakes
Are you certain you’re not making tax planning mistakes in your business? As an entrepreneur, you often have to wear many hats and juggle many balls. You must manage your team, focus on your product or service, and find new ways to grow your business. It’s no wonder many entrepreneurs tend to put their tax […]