How to Lower Your Tax Bill By Accelerating Deductions
Do you know when you can claim a deduction and when you have to defer it? Claiming a deduction on a business return sounds pretty simple, right? All you need to do is look at your practice’s income statement and just enter it into TurboTax as a deduction… no questions asked. It’s a little more […]
How To Overcome Business Constraints Throughout a Business’ Lifecycle
As an entrepreneur, have you ever hit a ‘growth wall’? t’s puzzling, as the strategies that once worked to accelerate your business, and solve your growth obstacles are no longer effective. You’re left feeling stuck, overwhelmed, and frustrated. To understand how to conquer these growth obstacles, we need to dive into what they are and how they operate.
2022 Tax Break for Small Business Owners: The Qualified Business Income Deduction
Did you know that 2018 was the HUGE tax savings year for business owners when the President signed into law a shiny new deduction – the Qualified Business Income Deduction under Section 199A? The Tax Cuts and Jobs Act was a huge boon for agencies, coaches, and creators in the US, especially when the Qualified […]
How to Deduct Your Home Office in 2021
The number of business owners that have built their companies working from their home office has gone through the roof. Access to cloud-based software allows businesses to run seamlessly entirely online. As a result, working from your home office has become the new normal in a post-COVID world in 2021. We’ve been bringing up hidden […]
The Ultimate Guide to Picking Your LLC Tax Classification
It’s no secret that the de facto legal entity choice is a limited liability company (“LLC”). A limited liability company is the preferred legal entity of choice for business owners because it offers a flexible capital structure and limited liability protection for owners. Flexible Capital Structure With an LLC, you can create an unlimited combination […]
A Crash Course in Accounting for Online Entrepreneurs
Every entrepreneur needs to understand basic accounting in order to responsibly grow their business. Without understanding basic accounting and what the numbers are telling you, it’s impossible to answer simple questions like: How much should I pay myself? Can I hire another contractor? Are my client projects profitable? Do I have enough working capital to […]