Recently, I appeared on the Business Of Business Podcast to discuss how business and tax strategy is an important year-round focus. Below is a video of the podcast along with a full transcript. All of this originally appeared on the Business Of Business Podcast which you can visit here. Roy: Hello, and welcome to another …
We’ve been in the tax game long enough to understand the many ways businesses can save money during tax time. We compiled some of our most popular tax deduction strategies for your benefit. 1. Prepay Expenses Using the IRS Safe Harbor You just have to thank the IRS for its tax-deduction safe harbors. IRS regulations …
7 Tax Deduction Strategies to Get the IRS to Owe You Money! Read More »
On November 17th, the IRS firmly planted its stance on the deductibility of expenses paid with PPP funds. The original ruling essentially stated that any expenses that were funded with PPP loan funds that were forgiven would be nondeductible. This guidance left a gray area making it seem as though if the funds had not …
IRS Affirms Deductibility of Expenses Paid with PPP Funds Read More »
President Dwight D. Eisenhower once said, “Plans are nothing; planning is everything.” In other words, your plans must constantly be evolving to match the ever-changing landscape of life. As a seasoned tax professional, this quote has never been more relevant than it is today. The business landscape is rapidly changing, and the future becomes more …
If you wait until tax time to start thinking about how you can save on your taxes, that opportunity has already passed. Typical tax preparers are merely historians: they take information you provide and turn it into a tax return. If the information on your return is less than favorable for your business, there’s little …
Friday March 20, 2020 Updates According to Treasury Secretary Steven Mnuchin, the tax filing due date has been moved from April 15th to July 15th. This is a change from the original plan which extended just the payment deadline and required taxpayers to file their returns or an extension of time to file by April …
Small Business Tax Resources Related to COVID-19 Read More »
It is an exciting time to be a small business owner. The world of online retailing has opened up new markets that were once inaccessible to companies without the infrastructure of retail giants. In addition, new fulfillment methods offered by services such as Amazon drop shipping mean that small businesses can deliver their products at …
As most of us know, the landmark case South Dakota v. Wayfair, Inc. (2018) built out the sales tax obligation rulings established by National Bellas Hess v. Illinois Department of Revenue (1967) and Quill Corp v. North Dakota (1992). Under Hess (which took place in the pre-digital commerce era, mind you), resellers didn’t have to …
Three things are certain in this world: death, taxes, and the fact that private entities will be in direct competition with governments for control of their profits. Such is the case in 2018’s South Dakota v. Wayfair, Inc. ruling. The Wayfair decision changed the rules for how companies and states were to levy sales taxes …
Economic Nexus: A Beginner’s Overview of Wayfair Read More »
The Supreme Court case South Dakota v. Wayfair was heard in June of 2018, producing big changes to the established rules for sales tax liability. The new precedent changes the rules for establishing a company’s presence (or “nexus”) and requires that all companies making interstate sales abide by each state’s new sales tax guidelines. This …
How the Wayfair Ruling Affects Your Business’s Sales Tax Obligations Read More »
As the year winds to a close, business owners are starting to fret about tax preparation. But tax season doesn’t have to be such a stressful time. Knowing where you can save money on your taxes can help lessen the burden from tax season. Here are 10 tips for saving on your small business taxes …
Tax season is right around the corner, so it is time to get your finances together and get ready to file. While you are getting prepared to file for the year, it can be helpful to start thinking about what tax deductions for small businesses you can take advantage of. Here are the top 15 …
