Why You Need a Small Business Tax Planner
Taxes are often the last thing on the minds of business owners. After all, there’s so much to do to keep things running. But thinking and planning for taxes is the best way to minimize your tax burden as a small business owner. Each year, when you prepare and submit your filing, you think, “That’s […]
Employer Tax Deductions: Common and Uncommon
As a business owner, you are responsible for paying taxes on your profits. That said, you can deduct certain expenses from your taxable income, which will reduce the amount you have to pay. This blog post discusses some of the most common and uncommon business deductions. Knowing about these deductions can help you keep more […]
Boost Business Savings with Tax Planning
Effective tax planning strategies help your business save more money that can be reinvested for business growth and expansion. A key part of managing your business’s finances is adopting tax savings initiatives. The following tax planning strategies can help your business plow back money into lucrative operations. Hiring your children as employees An applicable tax […]
Distinguishing Tax Prep from Tax Planning
The most successful business owners have a clear understanding of the difference between tax planning and tax prep. Both types of financial management are valuable to companies of any size. Over time, the implementation of these two concepts is often the difference between a successful, growing company and a struggling company. However, they are two […]
10 Overlooked Tax Deduction Strategies
Despite various “tax simplification” pushes in congress over the years, the truth is that the U.S. tax code is an extremely complex system. As a result, many small business owners may be missing out on business tax saving strategies they are eligible for but don’t know about. While you may already know about some of […]
7 Common Tax Mistakes for Entrepreneurs
7 Common Tax Mistakes for Entrepreneurs: Have you ever made one of the seven common mistakes on your taxes? If you have, you know it’s not a great feeling. Your heart probably sank and you began questioning what it means for your business. If you’ve never had this experience, consider yourself lucky. While it is […]
How to Avoid Capital Gains Tax on a Business Sale
A business sale can become quite complicated depending on the type of business structure. When selling a business, this usually involves the disposal of various assets. As such, selling your business may result in capital gains tax. You can minimize, defer, or avoid capital gains tax on a business sale.What is the best way to […]