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Articles: Tax Planning
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Straight talk on tax planning, accounting, and financial strategies your company needs to grow fast and smart.
Case Study: Scaling A Local Retail Nursery & Landscaping Design Business
New Case Study: 20% increase in profit margin, $272K in tax savings with C-Corp selection, and 50% reduction in hours spent on data entry.
Tax Planning Strategies for Construction Companies
Take full advantage of section 179D deductions, 45L tax credits, depreciation schedules, and accounting methods that maximize savings.
Maximizing Wealth Through Tax-Deferred Investments: A Guide for Small Business Owners
Tax-deferred investments with pre-tax contributions and tax-free growth so that you can put your money to work for a comfortable retirement.
What Is Passive Activity Loss?
If losses from “passive” activities are not tax-deductible, how do we avoid passive roles in real estate and business ventures? Find out.
When Is the Right Time to File an Amended Tax Return?
A short guide for business owners: how to file amended returns for errors and when to file to for refunds, tax savings, and tax law changes.
TCJA Extensions & Revisions: Tax Changes For 2025
Will the extension of the TCJA impact small businesses? Depreciation, QBI, and valuable deductions are all potential tax changes for 2025.
Can I Still Claim Deductions After the Tax Filing Deadline?
Running a pass-through business entity? Here’s what need to know about amended returns and claiming deductions after tax filing deadlines.
Here’s What Businesses Need to Know About New IRS Regulations for 2025.
Plan for updated cryptocurrency rules, increased standard mileage rates, and other significant changes in IRS regulations for 2025.
Year-End Tax Savings Tactics to Implement Now
Be prepared to implement these eleven year-end tax saving tactics and strategies right now to avoid the rush next year.
What is the Future of Accelerated Depreciation?
Accelerated depreciation, part of the TCJA, offered 100% depreciation for assets in a single year. Now, it’s 80%. What’s next?
Tax Implications of Selling Investment Property at a Loss
Selling investment property at a loss is not ideal. Learn how to use capital losses to offset capital gains and income tax to soften the blow.
Tax Season Never Stops
Tax planning is a year-round sport, and there are winners and losers. Winners recognize that tax reduction is the same as any other business function. There’s no off-season.
How to Hire Your Children for Tax Savings
Hiring your kids is an effective strategy to reduce federal FICA and payroll taxes. See this article for rule, requirement, and steps to do it right.
Tax Loss Harvesting for Small Businesses: A Concise Guide
Read a CPA’s guide to tax loss harvesting for small businesses with definitions, concepts, scenarios, and how to execute two core strategies.
Employee Benefits 101: Tax Deductions for Healthcare & Retirement Plans
Employer contributions to retirement plans are tax-deductible and so are heatlhcare plans. See how tax planning and employee retention meet.
What is the Augusta Rule?
Host leadership retreats at your home and deduct the equivalent cost of a hotel stay. It’s called the Augusta rule. Get the details here.
The Complete Depreciation Guide for Small Businesses
Get useful information on depreciation
as an accounting method and tax deduction, as well as eligibility, depreciable assets, and depreciation methods.
Will R&D Tax Credits Be Viable in 2024?
Here’s what small business owners need to know about the past and future of R&D tax credits.
How to Set up a 1031 Exchange for Commercial Real Estate
Defer capital gains taxes and grow your real estate holdings with 1031 exchanges.
Are Business Mortgage Payments Tax Deductible?
Get the facts on business mortgage interest deductions, property tax deductions, and other tools like depreciation to maximize tax savings.
How Does the Federal Solar Tax Credit Work for Businesses?
Believe the hype. Federal solar tax credits are a good deal for businesses.
When Does the QBI Deduction Expire, and Will You Pay More In Taxes?
Small business owners need to know if and when QBI deductions expire and what actions to take now to avoid devastating tax bills.
Use the Self-Employed Healthcare Deduction and Save on Taxes.
Small business owners rarely maximize their self-employed healthcare deductions, from premiums to expenses. Stop spending. Start saving.
How to Maximize Fuel Tax Credits: Off-Highway Use and Limits
See how to maximize fuel tax credits with eligibility requirements, filing information, scam prevention, and accounting tips.
What Is Section 179? Seven Steps to Maximize Deductions
Cash flow problems? Don’t wait for depreciation. Get full deductions this year with an informed approach to section 179.
What are Allowable Business Expenses?
How many business experienced owners can tell you what “allowable expenses” are? It matters for tax savings.
Can You Deduct Real Estate Taxes on Investment Property?
There’s a slew of federal deductions for property owners. The question is, “Do you know them, and do you qualify?” Get the details here.
What Are Small Business Tax Brackets?
Find out how your individual income tax bracket, FICA taxes, and the qualified business income deduction (QBI) raise or lower tax liability.
How To File An Extension For C-Corp Business Taxes Using IRS Form 7004
If your business is structured as a C-corp, file an extension for business taxes and get the key dates and processes you need to know.
Can I Deduct My Cell Phone as a Business Expense?
Every business owner who uses their personal phone for business must read this article.
What Is Tax Planning?
What is tax planning? It’s a process that reduces personal and business tax liability starting now and extending into retirement. Learn more.
What is Tax Aggressiveness? Five Reasons You Need It.
Real tax aggression is a relentless pursuit of improvement in process and knowledge: from tighter bookkeeping, accounting, tax planning, and financial leadership to actionable knowledge of the latest changes that present opportunities for my clients.
Are Utilities Tax Deductible for Businesses?
Any utility that your business would not be able to operate without is a tax-deductible expense. Get the details you need to turn big bills into big savings.
How to Set Up a Retirement Plan for Small Business Owners in 2024
Let’s get familiar with long-term tax planning and learn how to set up a retirement plan for small business owners. Now is the time to start.
Every Penny Matters in Taxes
Why will the majority of business owners miss out on tax savings this year? Because when you let go of pennies, you let go of dollars.
Small Business Tax Deductions Checklist for 2023 (Plus Credits)
Start the 2023 tax season strong with a checklist to plan to for tax deductions and credits. Take a hard look. Does your business qualify?
How to Prepare for Tax Season 2024
Read my new year primer that tells how to prepare for tax season with organized documents and potential tax credits.
What Is The New Markets Tax Credit Program? Charity or Opportunity?
The New Markets Tax Credit program is not charity, it’s a tax reward for businesses that bet on long-term growth in underserved communities.
What Expenses Qualify for R&D Tax Credits?
Only 3 in 10 small businesses take advantage of research and development tax credits that they are eligible for. See if you qualify here.
Maximize Tax Savings Every Time You Travel
Are travel expenses tax deductible? Yes! So why do small business clients come to me missing 15% to 20% of those tax savings? I’ll explain.
What Business Meals Can You Deduct?
What business meals can you deduct? How much can you deduct per expense? Read this guide to build relationships without breaking the bank.
Letter: The Danger of a Tax Compliance Mindset
Over the last few weeks, I’ve been busy breaking down complex elements of the tax code and Internal Revenue Service (IRS) regulations. Have we been...
How to Avoid Self-Employment Taxes for LLCs
The numerous small business taxes can be a killer, and in large part that’s because a lot of business owners don’t know how to avoid self-employment...
What Deductions can I Claim Without a Receipt?
The “$75 rule” allows business owners to deduct four common business expenses without a receipt—but only if the expenses are less than seventy-five dollars. Remember the “$75 rule?” Here are, well, the rules.
How to Depreciate Renovation Costs and Save on Taxes
Learn how to offset the cost of renovation with simple tax deductions.
A Simple Reason Why You Should Start Marketing
Marketing is critical for small businesses. It’s also tax deductible. Get the details here.
How do Business Owners Pay Less Taxes Now and In Retirement?
How do business owners pay less in taxes now and plan for retirement? Let’s talk tax-efficient businesses and tax-efficient retirement plans.
How to Depreciate a Car for Business
Learn how to depreciate a car for business, account for depreciation, and claim lucrative tax credits.
How to Invest Business Profits to Avoid Taxes
Here are my top four tax strategies that allow yout business to reinvest business profits and reduce tax liability simultaneously.
Reminder: Q2 Tax Filing Deadline
When are Q2 taxes due? If you're asking Google, then your business needs a CPA. Until then, I can help. Today, I'll guide you through the process of...
Tax Season is Over. What’s Next?
If small business owners knew what to do after tax season, we'd see tax savings increase next year by wide margins. So what do you do after tax...
How to Keep Small Business Taxes Low
Sometimes business owners just get it. I ran into a client at the Fort Worth Arts Festival last weekend. He said, “Just a quick check-up," and...
Tax Preparation vs. Tax Planning: A Guide for Business Owners
Tax preparation is the ultimate "of course" service for growth-stage business owners. Tax planning is entirely different in terms of process and...
Small Business Tax Changes for 2023
See my list of good (and bad) small business tax changes for 2023 that all business owners should be aware of.
Is Depreciation Tax Deductible?
Is depreciation tax deductible? Which assets can and can not be depreciated? Stay informed with my comprehensive guide to depreciation.
A Complete Guide to 2023 Tax Credits for Small Businesses
Actionable information on high-impact tax credits: tax-saving potential, qualifying requirements, rules and exceptions, costs, forms, and next steps.
How to Avoid Small Business Tax Mistakes
Tax and bookkeeping errors cost small businesses millions in taxes each year. Avoid the five most common mistakes with easy solutions you can implement now.
Are Employee Health Insurance Costs Deductible for Businesses?
Want to attract and retain talent? Offer employees quality healthcare benefits and insurance options and offset the extra cost with deductions and credits. It’s a win-win.
Do Businesses Get Tax Refunds?
Yes, businesses get tax refunds. And we can break down business tax refunds into two types: Tax Refunds for Overpayment: These refunds apply to...
What Business Expenses are Tax Deductible for 2023?
A deductible expense isn’t a write off. It’s an opportunity. Here’s the tax deductible business expenses for 2023
When Are Small Business Taxes Due for 2022?
Tax deadlines are coming up, and small business owners are asking the same question, “When are small business taxes due for 2022?” Today, we have to...
Why Are Small Business Taxes So High? Get These Services, and Yours Won’t Be.
Most small business owners do not know what they owe in taxes. A single accountant or tax preparer is not qualified to provide tax advisory services...
Four Small Business Tax Credits To Know for 2021
For small business owners, it helps to keep track of the tax credits unique to your business and industry. Some tax credits have the potential to...
The Top 5 Common Tax Deductions Most Businesses Miss
Almost every small business owner knows that common tax deductions have tremendous value. But too often, people aren’t aware of all the small...
6 Signs Your Business Needs Tax Planning
Tax planning is a prerequisite for growth for any small business with rapid-growth potential. Why? For two reasons: First, tax planning lowers what...