BRICS Tariffs & Trump 2025: What Small Business Owners Need to Know
As we move into 2025, the economic landscape is poised for significant changes, especially with the re-election of Donald Trump and his stance on BRICS tariffs. This article aims to dissect what these tariffs mean for the economy, small business owners, and the broader implications from a tax perspective. What Are BRICS Tariffs? BRICS stands […]
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 […]
How the Election Could Impact Your Taxes as a Business Owner
Every election cycle brings questions and concerns about potential tax policy changes, and this year is no different. For small business owners, understanding what lies ahead in terms of tax policy is crucial for planning and long-term financial health. Let’s dive into what to expect, especially with the potential expiration of the Tax Cuts and […]
10 Sales Tax Rule for Small Business Owners
Sales tax—just reading those words might make your head spin! If the rules around state sales taxes make you want to bury your head in a mountain of paperwork, you’re not alone. Many small business owners feel overwhelmed by sales tax laws, especially when selling across multiple states. But here’s the thing: ignoring it can […]
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 […]