Discover often-overlooked deductions to maximize your tax savings! From depreciation and cell phone expenses to bank fees, unlock hidden opportunities with our expert guidance.
Category: Taxes
Understanding Financial Statements
Financial statements are like the heartbeat of any business. They reveal essential information about its financial health and performance.
Navigating Tax Season: Tips to Reduce Stress for Closely Held Business Owners
Tax season – two words that can strike some angst into the hearts of even the most seasoned business owners. But fear not; with a few savvy strategies throughout the year and preparation, you can breeze through tax season with the right accounting and tax partner.
Stay Organized
The key to reducing stress during tax season is staying organized. To streamline the tax preparation process, keep all your financial records in one place throughout the year. Consider using accounting software or apps to categorize expenses and track income. While it sounds complex to get started, owners report that recordkeeping gets easier with each year, and you’ll save yourself countless headaches when tax time rolls around.
Know Your Deductions
Did you know numerous tax deductions are available specifically for small business owners and there have been changes over the past months? Take the time to familiarize yourself with these deductions and ensure you’re taking advantage of every opportunity to lower your tax bill. From home office expenses to business travel and professional development, every deduction counts. Working with an accounting professional can ensure you keep up-to-date on the changing rules and regulations. Ask about the 2023 and potential 2024 deductions for federal and state taxes.
Plan Ahead
Are you familiar with the last-minute rush to get things done? We recommend spreading out the workload over the course of a year through regular financial checkups. By spreading out the workload, you’ll minimize stress and ensure a smoother tax season. (The same principle applies to your holiday shopping, but unfortunately, we can’t help you with the wrapping!)
Consider Hiring a Professional
If the thought of doing your taxes fills you with dread, consider hiring a qualified tax professional to help you navigate the process. A skilled accountant or tax advisor understands your situation and will ensure that both the business and personal aspects of your taxes are filed accurately. They will also ensure you maximize your deductions. While it may require an upfront investment, the peace of mind and potential tax savings are well worth it.
Take Breaks and Practice Self-care
Remember to take care of yourself during tax season. We know better than anyone that deadlines and paperwork can cause stress for business owners. As we tell our accounting and tax team members, take breaks, get plenty of rest, and engage in activities that help you relax and recharge.
Keep Your Cool This Tax Season
Implementing these strategies and approaching tax season with a more calm and confident mindset will also help you and your tax accountant. So take a deep breath—together, we’ve got this!
Navigating the Corporate Transparency Act: What Your Business Needs to Know
In a bid to combat money laundering, terrorism financing, and other forms of illegal financial activities, Congress passed the Corporate Transparency Act (CTA) in 2021.
Introducing the 2023-2024 Tax Guide
It can be challenging to know how to plan and prepare for filing your taxes, and we want to help. We thrive on providing our clients with information that is practical, beneficial, and current.
Are Business Tax Services Tax Deductible?
Tax season comes with a slurry of questions, frustrations and points of friction.
First-year bonus depreciation and Sec. 179 expensing – Watch out for the pitfalls
Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them isn’t always an easy decision.
