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, […]
7 Strategies to Reduce Taxes When Facing a Long-Term Capital Gain
7 Strategies to Reduce Taxes When Facing a Long-Term Capital Gain – When it comes to selling a business, real estate, or any other large asset, many people don’t realize the significant tax implications until it’s too late. A unique life event like this—where there’s suddenly more income than usual—can create a hefty tax burden […]
Boost Your Business: The Importance of Regular Financial Check-Ins
Boost Your Business: The Importance of Regular Financial Check-Ins – I want to discuss a topic that’s often overlooked but is absolutely crucial for the success and longevity of your business: regularly checking your finances. It’s easy to get caught up in the daily hustle and bustle—managing operations, serving customers, and focusing on growth strategies—but […]
Are You Throwing Away Money on Taxes? Here’s How to Stop
Saving money on taxes doesn’t have to be as complicated as many people think. While the implementation and audit-proofing processes require effort, identifying tax savings opportunities is straightforward. Here are key strategies to help you reduce your tax burden and keep more of your hard-earned money. Personal Experience and Transformation Six years ago, my business […]
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 just like in any good show, once the dust settles, there’s always […]
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 share some tax tips that can help you reduce […]