To paraphrase Benjamin Franklin: Nothing can be certain except death and higher taxes! The House Ways and Means Committee released a new tax proposal to help for $3.5 trillion in additional spending. The programs would be paid for through additional taxes on higher-income individuals and pass-through businesses like partnerships, sole proprietorships, and S-corporations. Among other …
When tax season comes around, many people—including business owners—find themselves scrambling to produce their receipts, dig out income records, and provide the information needed to put together their taxes. Providing documentation is critical for minimizing the taxes you have to pay and protecting your business’s finances. If you do not have that documentation, you may …
Leaving behind a legacy, not just for your children, but for future generations, is a serious concern–especially when it comes time to balance your finances and determine your next steps. Legacy wealth is about everything from retirement contributions and education accounts to purchases like a Rolex that can be handed down for generations. Look at …
One of President Joe Biden’s key domestic policy priorities since taking office has been sweeping legislation to overhaul the nation’s aging infrastructure. In late August, the U.S. House of Representatives took action on the infrastructure plan, advancing a bipartisan $1.2 trillion infrastructure bill as part of a larger $3.5 trillion budget plan. This clears the …
The home office deduction can be a lucrative tax savings plan that ensures you aren’t leaving any money on the table during tax season. If you use a room in your home for business, this deduction can bring additional savings to your tax savings plan. However, there are a few key parts to implementing this …
The Internal Revenue Code (IRC), in multiple ways, is written for business owners because of the many tax deductions they can implement that are not available to W2 employees. Whether you are an established business owner or new to the entrepreneur life, it is crucial to know the best legal deductions for your business so …
Turning your hobby into a side hustle can often be intimidating for many individuals. Not only is there the fear of failure and uncertainty involved, but there is also a lot to learn when it comes to filing your taxes the following year. Despite these potential roadblocks, taxes should never deter you from going after …
Whether or not there will be tax reform this year becomes less of a certainty with each passing day. One thing we know for sure is that taxes will increase and decrease many times throughout our lifetime. Adapting to the ups and downs of taxes can be a challenge (and a headache) for many small …
Navigating the waters of the various healthcare strategies and reimbursement plans can be confusing. What is the right healthcare strategy and plan for you, personally? What is the right strategy and plan for you as a business owner? During this presentation, Tom Gibson, CPA, and Kami Elhert discuss the rules and benefits of the different …
A tax credit can give your business an instant cash infusion, plus provide you with current and future tax breaks. It’s a win-win solution for any business owner who knows the ropes. First introduced in 1981, the R&D Tax Credit rewards U.S. businesses for improving a product, process, invention, or technique. And today, this credit …
