The Ultimate Guide to Tax Planning For Your Online Business in 2022
It’s 7:00 PM on April 15 you’ve just written a check to the Internal Revenue Service for $23,450. You’re scratching your head wondering why Uncle Sam is getting his, and if there’s anything you could’ve done to save on taxes. The scary thought is that without working with a professional on proper tax planning, you […]
How To Accelerate Tax Deductions Before The End Of 2022
One key strategy to lower your tax bill before the end of the year is to manipulate the timing of recognizing income and deductions when it’s most advantageous to your business. Before we explore further, we need a quick lesson on how the tax rules work around recognizing income and deductions based on your “Tax […]
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 […]
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 […]