Filing taxes doesn’t have to be a stressful ordeal. Following some simple steps throughout the year can make the process much smoother. Here are some friendly tax tips to help you out: Organize Your Tax Records Keeping your tax records organized is essential. Create a system where you store all important documents together. You can use [...]
As the fiscal year unfolds, businesses and individuals alike are gearing up for crucial tax deadlines that demand attention and adherence. We’ll break down two significant dates that could impact your financial landscape. March 15: S-Corporations and Partnerships The first date, March 15, holds particular importance for those operating S-Corporations and Partnerships. Here's a quick [...]
As a business owner, you likely have two primary goals for your work: make as much money as possible and do anything possible to lower your tax bill. However, many small business owners miss one key deduction right in front of them: their children. Many business owners are unaware there is a tax strategy where they [...]
Saving money on taxes might be the most common question that a business owner has for their tax professional. But really, as a business owner, you should be asking how you can make the most of the current tax code, as it is written, and ensure your maximum refund. Unfortunately, most business owners are so busy [...]
Why do I have to pay taxes? Such a small, interesting question opens the door for a barrage of follow-ups. What are taxes? How are they used? Do we need those things? Are there better ways to pay for them? If you know the answers to these questions, you might have a bright future in politics. [...]
It is not uncommon to hear about individuals with "side hustles" or secondary income sources. Almost half of working Americans have a gig outside their primary job with the average side hustle bringing in $1,100 a month. While many people are quick to jump on the opportunity to earn more money, just as many fail to properly [...]
You know when you go on vacation or are over the road for extended periods, and you come home, and the mailbox is SO full you can barely open it? Well, with the global pandemic going on with COVID -19, the IRS has tons of mail. No, they weren’t on vacation, but due to the pandemic, [...]
Got assets and need cash? As a Senior Analyst for Abacus CPAs, I have seen this all too often. Business owners, like you, get the short end of the deal. You spend a ton of money to build, buy, and add on to facilities for your business, and at the end of the year, you still [...]
