The One Mistake Keeping Your Business from Explosive Growth in 2025
As we step into 2025, many of us have big goals for our businesses. Whether it’s scaling to new heights, expanding our services, or simply creating more balance, there’s one key strategy that could make all the difference: delegation. I know what you might be thinking because I’ve been there too: These thoughts held me […]
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 […]
Smart Debt Management for Small Business Owners
Smart Debt Management for Small Business Owners – Managing debt effectively is a crucial aspect of running a successful small business. Many business owners struggle with decisions about which debts to pay off first, whether to take on new loans or how best to utilize cash reserves. This guide provides practical steps to help you […]
After the Storm: Post-Tax Season Tips for a Prosperous Summer
Ah, tax season: that magical time of year when coffee consumption spikes and our desks become buried under mountains of paperwork. But now that the storm has passed and the last tax return has been filed, it’s time to sail into the calm waters of summer. I’m Tiffany Phillips, captain of the Phillips Business Group […]
Summer Forecast: Sunny Days Ahead with Streamlined Accounting
Ah, summer! A time for sun, sand, and… streamlined accounting? Absolutely! I’m Tiffany Phillips, the proud owner of Phillips Business Group, and I’m here to convince you that summer isn’t just for sipping margaritas by the pool (though that’s important too). It’s also the perfect season to get your accounting practices sleek, efficient, and dare […]
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 […]
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 with your tax obligations. If you’re […]
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 to take stock of the […]
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 […]
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 it’s not a surprise. After all, the federal tax code is over […]