Browsing Tag

business tax deductions

10 posts
tax mistakes
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Dodge These 5 Common Tax Mistakes Entrepreneurs Make

Starting and running a business requires precise attention to detail—especially when it comes time to file your business taxes. Whether you head a startup with a few employees or you’re an independent contractor, taxes are a common pain point for entrepreneurs. Tax law is complex, and penalties for filing mistakes can affect a business’s bottom...
tax season
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Entrepreneurs Should Stop Sweating Tax Season — And Do This Instead

Complying with complicated tax regulations is difficult enough for new businesses without having to learn about the latest in tax reform. Without knowing for sure how new laws will affect them, entrepreneurs are often left guessing about how to file for their company. And if they don’t have an accounting professional advising them, the average...
gig economy
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Many Entrepreneurs Hope Gig Economy Leads to New Career

The rise of the gig economy has reshaped the way Americans approach their careers. Just a decade or two ago, “moonlighting” was frowned upon by many employers, but attitudes have changed. Today, it’s not uncommon for full-time employees to have a side gig as they pursue their entrepreneurial passion or dream. Many entrepreneurs use the...
Taxes
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5 Proven Strategies to Cut Your Small Business Taxes

If you are a small business owner, I can guarantee you are paying too much in taxes. How do I know? Because over the last 20 years, we have helped tens of thousands of hard-working business owners cut their taxes by up to 40 percent. Time and time again we see entrepreneurs just like you...
post-tax season
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A Post-Tax Season To-Do List for Small Business Owners

We’re all familiar with the tax season hustle – getting all of your paperwork in order, scheduling appointments with your tax guy or gal, and praying you don't owe an arm and a leg to the IRS. This is a pressing time for small business owners, especially those that tend to be less organized all...
deducting startup costs
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Does Your Business Qualify for the Home Office Deduction?

Does your office space qualify for a home office deduction? Working from home has become a practice of choice for entrepreneurs and small business owners across all fields. Thanks in large part to advances in technology, more self-employed professionals are discovering the great perks of using a home office to conduct their trade instead of...
deducting startup costs
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Deducting Startup Costs in Your Small Business

Get ready for tax season by deducting startup costs Laying the foundation for a brand new business enterprise and then formally registering it are two costly ventures. However, don’t fret because there are some savings opportunities. The IRS allows entrepreneurs to write off certain business expenses they incur during the startup phase of putting a...
deducting startup costs
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5 Commonly Missed Tax Deductions for Small Business Owners

Commonly Missed Tax Deductions If you put a price tag on the amount of money it costs to get a small business off the ground, the tag would probably be too small to fit all the numbers. This is because diving into business ownership can be an extremely expensive proposition. But there is some good...
entity classification election
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Entity Classification Election for LLCs: Get the Lowdown

Entity Classification Election for LLCs In the world of business entity ownership, a limited liability company (or LLC for short) offers lots of options and flexibility to those who own such a company. A big choice LLC owners are able to make involves deciding how they want the IRS to treat their business entities from...
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Are You Waving a Red Flag Outside Your Office?

An accountant can really help you figure out what tax deductions you qualify for, and mine has suggested a myriad of things I didn't know were deductible. I suggest if you don't have an accountant, you consider hiring one. The Sloan Brothers offer this advice on how to choose the right accounting service. With that...