When you’re running a small business, every tax advantage matters. One of the more strategic methods for reducing your taxable income is tax loss harvesting. While it’s typically associated with individual investors, small business owners—especially those with investment accounts or who actively manage portfolios—can also benefit from this tax strategy. In this post, we’ll explore…
Managing payroll is one of the most critical responsibilities for any small business owner. It’s not just about cutting checks—it involves accurately calculating wages, withholdings, and submitting payroll taxes to the right agencies on time. Unfortunately, even minor mistakes in payroll tax compliance can lead to major penalties, IRS audits, or legal trouble. The good…
Business travel is a necessary part of growth for many entrepreneurs, whether it’s attending conferences, meeting clients, scouting new locations, or conducting in-person team trainings. The good news? Many of those costs can be tax-deductible, helping you reduce your taxable income and reinvest more money back into your business. But not all travel expenses qualify,…
For small business owners, staying on top of tax deadlines and filing requirements is just as important as making sales or managing payroll. Miss a due date, and you could be hit with costly penalties and interest charges—not to mention the stress of dealing with the IRS. But with the right system and a solid…
When it comes to small business taxes, one size does not fit all. Each industry has its own income patterns, allowable deductions, and compliance challenges. Whether you’re a freelancer, retailer, restaurant owner, real estate investor, or service-based entrepreneur, knowing the industry-specific tax tips that apply to you can make a big difference in how much…
In today’s economy, reducing energy usage isn’t just good for the planet—it’s good for your bottom line. Small business owners looking to cut costs and increase sustainability can take advantage of a variety of energy efficiency tax incentives, rebates, and deductions. These financial tools reward businesses that invest in green technologies and energy-saving upgrades. Whether…
If you’re starting a business—or already running one as a sole proprietor—choosing the right legal structure is one of the most important financial decisions you’ll make. Two of the most popular options are the Limited Liability Company (LLC) and the S Corporation (S Corp). Both offer liability protection and tax advantages, but they differ significantly…
Receiving a letter from the IRS can be nerve-wracking, especially if it includes terms like “amount due,” “underreporting,” or “audit.” But before you panic, it’s essential to understand that not all IRS tax notices are bad news. Many are simply informational or request clarification. Still, IRS letters should never be ignored. Acting quickly and correctly…
Freelancing and independent contracting come with the freedom of being your boss, but they also bring new responsibilities, especially when it comes to paying taxes. Unlike traditional employees who have taxes withheld automatically from their paychecks, freelancers and contractors must calculate, report, and pay their taxes themselves, often before tax season even begins. This is…
Plan to Maximize Profit and Minimize Taxes Selling a business is a significant milestone—and a complex transaction that goes far beyond just finding a buyer and signing a contract. One of the most critical, and often overlooked, aspects of this process is understanding the tax consequences of the sale. Poor tax planning can turn a…