Boost Your Tax Benefits with Section 179 for Commercial Rentals
With bonus depreciation declining to 40 percent this year, Section 179 expensing is a powerful alternative. It allows you to deduct up to the full cost of personal property and eligible improvements in the year you place them in service. For 2025, the maximum deduction is $1.25 million, with phaseouts beginning at $3.13 million. Eligible […]
How to Avoid Unwanted Partnership Tax Status
Suppose you’re involved in a real estate or investment venture with one or more other parties, perhaps co-owning property or collaborating on a business project. In that case, you might think you’re simply sharing ownership. But the IRS may see it differently. Without proper precautions, your arrangement could be classified as a partnership for federal […]
Protect Your Business with Section 530
It can cost you a bundle if you misclassify a worker as an independent contractor instead of an employee for federal employment tax purposes. Read further about that in our article about Worker Classifications & Why It Matters. The IRS can make you pay back payroll taxes plus penalties. In some cases, these can equal […]
Protect Your Deductions with Digital Receipts
When it comes to IRS audits, one of the most common reasons taxpayers lose deductions is the lack of proper documentation. To fully protect your deductions, especially for business-related expenses such as meals, travel, vehicle use, and gifts, you need to keep receipts that document five key facts: the date, the amount, the place, the […]
Boost Your Roth Savings with this Mega Backdoor Roth Strategy
If you are a business owner with no employees and prefer Roth-style retirement savings, you may want to consider the mega backdoor Roth strategy. This powerful tool allows you to contribute significantly more to a Roth account than the standard Roth IRA or even the regular backdoor Roth route—up to $70,000, or $77,500 if you’re […]
How to Ask Your C or S Corporation for Travel Reimbursements
Here’s a short note on your payments of corporate expenses and the process for receiving travel reimbursement from your C or S corporation. Your Corporation Is a Separate Legal Entity As a business owner operating through a corporation, you need to remember that the corporation is a distinct legal entity separate from you. Ensuring proper […]
Retirement Plan Options for a Single-Owned C or S Corporation
Because you operate your business as a solely owned corporation (C or S) with no employees, several excellent retirement plans are available to you that can provide significant tax deductions and help you build wealth for retirement. The options for single-owned corporation retirement are varied and can be tailored to your needs. Some of the […]
Triple Tax Advantages: Reimburse Employee-Spouse for Health Insurance
If you operate a sole proprietorship or a single-member LLC taxed as a proprietorship and your spouse is your only eligible employee, you can take advantage of tax-free health insurance reimbursements while reducing your tax liability. Key Tax Benefits By reimbursing your employee-spouse for health insurance and medical expenses, you can achieve up to four […]
Tax Saving Tips for Small Businesses
Running a small business can be hard, but your taxes shouldn’t be! Find tax saving tips for small businesses below and how to get the most out of this tax filing season. Almost the Last Chance to Claim the 2021 Employee Retention Credit! If your business has not yet claimed the 2021 Employee Retention Credit […]
Last Chance to Claim the 2021 Employee Retention Credit
If your business has not yet claimed the 2021 Employee Retention Credit (ERC), you still have time—but you must act soon. What Is the ERC, and How Much Can You Claim? The ERC is a refundable tax credit designed to support businesses that retained employees during the COVID-19 pandemic. For the 2021 tax year, eligible […]