Business Tax Benefits
Tax laws are changing, and your bottom line could take a hit. With key provisions from the Tax Cuts and Jobs Act (TCJA) of 2017
February 18, 2025
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Blog
Category: Tax Deductions and Credits
Tax Preparation Mistakes
Tax season doesn’t have to be a nightmare. Procrastination only makes it worse, and filing late could cost you in more ways than one. Filing
February 17, 2025
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Real Estate Taxes
As remote and hybrid work models reshape the business world, many companies are scaling back on office space. While downsizing can save money, it also
February 14, 2025
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Tax Record Keeping
Every year, business owners and self-employed professionals find themselves in the same situation—scrambling to pull together tax documents at the last minute. It’s a stressful
February 13, 2025
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Tax Implications of Disasters
Disasters can strike at any time, leaving individuals and businesses scrambling to recover. When a federally declared disaster occurs, the IRS provides tax relief, giving
January 24, 2025
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Business Tax Incentives
In a move that benefits business owners involved in research and development (R&D) activities, the IRS has extended the transition period for revising claims for
January 13, 2025
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Military Tax Relief
Simplified Guide to Military Tax Benefits: Helping Service Members and Veterans Navigate Their Taxes
Members of the U.S. Armed Forces and veterans often have unique tax situations and needs. Recognizing the sacrifices they make, the IRS provides specific tax
January 9, 2025
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Business Tax Benefits
Cryptocurrency investors, businesses, and brokers are about to face a major shift in tax reporting. Starting January 1, 2025, the IRS will require brokers and
January 9, 2025
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Business Tax Incentives
The Inflation Reduction Act of 2022 brought substantial enhancements to energy tax credits, creating opportunities for business owners to save on taxes while making energy-efficient
January 7, 2025
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Business Tax Benefits
The IRS has recently rolled out several updates that are critical for business owners to understand, especially with regard to the Employee Retention Credit (ERC),
January 3, 2025
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Tax Preparation Options
The October 15th deadline for tax extension filers is approaching quickly, and now is the time for business owners and individual taxpayers to gather all
January 3, 2025
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Tax Scams
In times of disaster, fraudsters often use people’s generosity to their advantage, setting up fake charities and using deceptive practices to steal money from well-meaning
December 30, 2024
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Capital Gains Taxes
For business owners, navigating the complexities of capital losses can offer significant opportunities to reduce tax liabilities. Understanding how to strategically manage and utilize these
December 27, 2024
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Small Business Tax Help
As we approach the end of 2024, the IRS has released its annual inflation adjustments for tax year 2025, which will significantly impact individual taxpayers
December 18, 2024
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Business Tax Benefits
As we approach the end of the year, it’s time for business owners to take a hard look at their finances and implement strategic tax
December 18, 2024
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Business Tax Benefits
As the year comes to a close, it’s the perfect time for business owners to revisit their vehicle-related tax strategies. Whether you’re using a vehicle
December 12, 2024
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Back Taxes
The IRS’s recent recovery of $1.3 billion from wealthy tax dodgers highlights a renewed focus on tax enforcement, thanks to funding provisions in the Inflation
December 12, 2024
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Business Tax Benefits
As we head into 2025, one topic gaining significant bipartisan support is the restoration of the immediate expensing for research and development (R&D) costs. For
December 9, 2024
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Business Tax Incentives
The Social Security Administration (SSA) has announced a significant change for 2025: the maximum earnings subject to Social Security (OASDI) tax will rise from $168,600
December 9, 2024
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Business Startup Taxes
Running a business can be both exciting and challenging, but one wrong move can lead to financial disaster. As a business owner, having a solid
December 5, 2024
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Inheritance Taxes
In the recent Tax Court case Estate of Anne Milner Fields v. Commissioner, a complex estate planning scenario involving a Texas oil heiress has underscored
December 4, 2024
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Business Tax Benefits
Introduction As a business owner, navigating the complex tax landscape can be overwhelming. One aspect of the U.S. tax system that may catch you off
December 3, 2024
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Tax Deductions and Credits
When it comes to filing your taxes, claiming dependents can significantly reduce your taxable income, often leading to valuable tax credits and deductions. But, determining
November 28, 2024
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Business Tax Benefits
As a business owner, it’s essential to stay updated on all tax benefits available—not just those directly tied to your business, but also those that
November 27, 2024
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Business Tax Benefits
For many business owners, early retirement can seem like an enticing option or an inevitable necessity. However, stepping away from your business before reaching age
November 27, 2024
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Real Estate Taxes
When it comes to estate planning, business owners have unique considerations that go beyond personal assets. With the estate tax exclusion amount set at $13.61
November 26, 2024
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Business Tax Benefits
As a business owner, managing travel expenses for yourself and your employees can be a tedious task. Fortunately, the IRS offers a streamlined way to
November 20, 2024
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Taxes and Divorce
If you’re paying alimony as part of a divorce or separation, it’s important to understand the tax rules that govern these payments, especially after recent
November 14, 2024
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IRS tax planning
As Donald Trump prepares to return to the White House, his administration’s tax policy direction is a topic of keen interest for business owners. With
November 7, 2024
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Business Tax Benefits
As we approach 2024, understanding the gift tax rules is essential for business owners who are planning to make gifts to employees, family members, or
October 28, 2024
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Business Tax Benefits
As a business owner, it’s essential to understand the tax implications of providing fringe benefits to your employees. Fringe benefits encompass a wide variety of
October 28, 2024
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Small Business Tax Help
A Guide for Business Owners: An Understanding of Form 1099-MISC and Form 1099-NEC Reporting for 2024
As a business owner, it’s essential to understand the requirements surrounding Form 1099-MISC and Form 1099-NEC reporting. These forms are critical in ensuring compliance with
October 28, 2024
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Business Tax Benefits
As a business owner, understanding how your filing status impacts your tax liability is essential for minimizing costs and staying compliant with IRS rules. For
October 28, 2024
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Business Tax Benefits
As 2024 unfolds, tax laws continue to evolve, and families with children can take advantage of several credits and benefits designed to ease financial burdens.
October 28, 2024
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Tax Preparation Options
The October 15th deadline for tax extension filers is approaching quickly, and now is the time for business owners and individual taxpayers to gather all
October 28, 2024
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Business Tax Benefits
The IRS has recently rolled out several updates that are critical for business owners to understand, especially with regard to the Employee Retention Credit (ERC),
October 28, 2024
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Payroll Taxes
Hiring household employees such as nannies, housekeepers, or caregivers can significantly ease personal and family responsibilities, but it also brings tax obligations that business owners
October 28, 2024
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IRS tax planning
Every business owner understands the importance of having the right insurance coverage. From fire and flood damage to business interruption policies, ensuring your business is
October 24, 2024
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Small Business Tax Help
As a sole proprietor, tax season can feel overwhelming. However, with the right preparation, you can ensure your business remains tax-compliant while maximizing deductions. Whether
October 21, 2024
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Small Business Tax Help
When it comes to running a successful business, especially one that involves manufacturing, production, or retail, inventory and the Cost of Goods Sold (COGS) play
October 21, 2024
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Business Tax Benefits
For business owners, protecting assets from unforeseen disasters or theft is critical. However, when such events do occur, understanding how to recover financial losses through
October 21, 2024
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Investment Taxes
As a business owner, you may be focused on optimizing your personal tax strategies, but if you have children, the Kiddie Tax is an important
October 16, 2024
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Business Tax Benefits
A Limited Liability Company (LLC) is one of the most versatile and popular business structures in the United States. Business owners choose LLCs for their
October 15, 2024
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Small Business Tax Help
Owning rental property can be an excellent investment, but it comes with its fair share of tax implications. For business owners who are diving into
October 10, 2024
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Retirement Account Taxes
As you plan for retirement, understanding how your income will be taxed is essential, especially for business owners who may have more complex financial situations.
October 9, 2024
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Small Business Tax Help
As rideshare services such as Uber and Lyft continue to grow, many individuals are taking the opportunity to work as drivers. While this can be
October 9, 2024
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Real Estate Taxes
In recent years, the short-term rental market has exploded, with platforms like Airbnb and VRBO offering property owners an easy way to generate income. However,
October 7, 2024
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Small Business Tax Help
As we enter 2024, it’s crucial for business owners to stay on top of the latest tax updates and maximize their opportunities for tax efficiency.
October 3, 2024
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Retirement Account Taxes
As a business owner, you may not immediately think about Social Security benefits when it comes to tax planning. However, understanding the tax implications of
October 3, 2024
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Small Business Tax Help
Understanding the Nuances for Business Owners For many small business owners in the U.S., forming a limited liability company (LLC) or a partnership is a
October 1, 2024
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real estate
When it comes to planning your estate and minimizing tax burdens, the federal gift tax exclusion offers a valuable opportunity to transfer wealth to your
September 27, 2024
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Business Tax Benefits
As we pass the halfway mark of 2024, now is the perfect time to review and adjust your tax planning strategies. Waiting until the end
September 26, 2024
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Charitable Deductions
When it comes to charitable giving, the IRS provides guidelines that ensure donors can take full advantage of tax deductions, while also keeping everything above
September 25, 2024
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Investment Taxes
When disaster strikes, such as a tropical storm or other unforeseen calamities, the damage to your investment property can be devastating. To make matters worse,
September 25, 2024
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Tax deductions
When managing your personal or business finances, every deduction counts. Medical expenses are one area where careful planning can lead to significant tax savings. If
September 25, 2024
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Real Estate Taxes
Investing in rental properties can be a lucrative endeavor, but it’s crucial for business owners to understand the tax implications that come with it. Whether
September 17, 2024
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IRS tax planning
Owning a vacation home or second property can be more than just a personal luxury; it can also be a strategic asset in your tax
September 17, 2024
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Business Tax Benefits
Introduction As a business owner, understanding tax deductions can significantly impact your bottom line. One area that often raises questions is the deduction of expenses
September 13, 2024
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Tax Credit
If you were self-employed during 2021 and faced challenges due to COVID-19, you might be sitting on a financial windfall without even knowing it. The
September 12, 2024
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Business Tax Benefits
Owning and leasing an aircraft can be an effective way to offset the high costs of ownership. However, as beneficial as this strategy might seem,
September 10, 2024
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Capital Gains Taxes
If you’re a business owner operating as an S corporation and considering shutting down your company, it’s crucial to understand the federal income tax implications
September 9, 2024
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Business Tax Benefits
Long-term care insurance is an essential component of financial planning for many business owners, especially those who are thinking ahead about potential chronic illnesses or
September 6, 2024
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Investment Taxes
Investing in raw land can be a strategic move for business owners looking to diversify their portfolios. Raw land, which refers to unimproved land without
September 6, 2024
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IRS tax planning
As the calendar year winds down, many small business owners are tempted to make last-minute purchases to maximize their tax benefits. While this can be
September 2, 2024
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Business Tax Benefits
In our ongoing series to help business owners optimize their tax strategies, we previously covered the Disabled Access Credit. Today, we’re delving into another valuable
September 2, 2024
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Tax Deductions and Credits
As a business owner, you’re always looking for innovative ways to save money on taxes while maintaining support for your family. If you’re providing financial
August 30, 2024
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Tax Deductions and Credits
Tax Deductions and Credits Texans Should Know About,Tax Deductions and Credits
June 22, 2024
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Home Office Deduction
You can leverage your home office into a tax benefit for both you and your corporation by following these steps. Remember, careful documentation is key to proving your home office meets the IRS requirements.
June 17, 2024
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IRS
Navigating the intricacies of tax deductions for business meals can be challenging, especially with the IRS’s Sutter rule potentially reducing or denying your claims. In “Navigating the Tax Maze: How to Safeguard Your Dutch-Treat Business Meal Deductions,” we unravel the nuances of this rule, highlight triggers that might attract IRS scrutiny, and provide practical strategies to protect your deductions. Discover how to effectively document your business meal expenses to ensure they are recognized as legitimate, deductible costs.
June 3, 2024
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