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 to Protect Your Small Business from the #1 Audit Risk
Running a small business often feels like juggling a dozen tasks at once. Between managing your team, handling sales, and keeping customers happy, your business finances can sometimes slip through the cracks. However, if there’s one area you absolutely need to get right, it’s separating your personal and business finances. The Risks of Mixing Personal […]
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 […]
Is Your Business Legitimate? Understanding and Managing Business Activities
Is Your Business Legitimate?– Today, I want to discuss a crucial topic that affects every small business owner: the legitimacy of your business. This isn’t just about paperwork or labels—it’s about understanding what makes your business legitimate in the eyes of the IRS and how that legitimacy impacts your ability to manage taxes effectively and […]
Seed New Growth: How to Leverage the Post-Tax Season Momentum
Seed New Growth: How to Leverage the Post-Tax Season Momentum – Hello, financial enthusiasts and seasonal strategists! I’m Tiffany Phillips, your go-to guru at Phillips Business Group, where we tackle your financial woes with a blend of savvy advice and a pinch of humor. Now that tax season has closed its books, you might find […]
Warm Up to New Opportunities: Transitioning Your Finances from Spring to Summer
Hello, sun-seekers and financial forecasters! I’m Tiffany Phillips, your beacon of light at Phillips Business Group, where we make navigating the murky waters of finance as delightful as a sunny day at the beach. Now that we’re transitioning from spring showers to summer sunshine, it’s the perfect time to talk about warming up to new […]
From Tax Season Recovery to Summer Growth: How Outsourcing Can Help
Well, tax season has wrapped up, and if you’re anything like me, you’ve probably spent the last few months feeling a bit like you’ve been running a marathon in high heels—exhausting, painful, and a tad ungraceful. But now that the dust has settled and the last of the frantic client calls have trickled to a […]
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 […]