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 […]
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 […]
How to Correctly Pay Yourself and Take Cash from your Business
A common question among business owners is how to pay themselves from their businesses properly. The correct method depends on your business structure, so I wanted to give you this quick guide to help you navigate this issue and manage paying yourself cash from your business. Sole Proprietors and Single-Member LLCs Partnerships and Multimember LLCs […]
Gather Your Tax Documents Now for Less Filing Stress
My hope for you this first quarter of 2025 is simple: That you have the most stress-free tax season possible. For that to happen, you have to start NOW – primarily, to get a jump start on gathering your documents. Life gets away from you, I know – the kids’ basketball games, work deadlines that keep piling […]
2024 Last-Minute Retirement Deductions
The clock continues to tick. Your retirement is one year closer. You have time before December 31 to take steps that will help you fund the retirement you desire. Here are five things to consider if you want to add to your 2024 retirement deductions. 1. Establish Your 2024 Retirement Plan First, a question: Do […]
2024 Last-Minute Medical Plan Tax Strategies
All small-business owners with one to 49 employees should have a medical plan for their business. Sure, it’s true that with 49 or fewer employees, the tax law does not require you to have a plan, but you should. When you have 49 or fewer employees, most medical plan tax rules are straightforward. Here are […]
2024 Last-Minute Business Income Tax Deductions
The purpose of this blog post is to reveal how you can get the IRS to owe you money through smart business tax deduction strategies. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay […]
Maximize The QBI Deduction Before It’s Too Late!
As you may be aware, the qualified business income (QBI) deduction introduced by the Tax Cuts and Jobs Act provides a valuable tax-saving opportunity for business owners like yourself. Unfortunately, the QBI benefit expires after 2025, so there is a limited window of time to maximize this deduction. The qualified business income deduction can be […]
IRS Penalties & Strategies for Relief
If you’ve recently been billed by the IRS with the claim that you owe a penalty for late filing, late payment, or missed employment tax deposits, we urge you to pause before making any payment. You may not have to pay that penalty at all. The IRS often imposes steep penalties for filing tax returns […]