Blog
Save on Taxes Today, Cover Medical Costs Tomorrow
If you’re looking for a smart, tax-savvy way to save for medical expenses, Health Savings Accounts (HSAs) might be your new best friend. They’re like a supercharged savings account designed just for healthcare costs. But the real kicker? They come with triple tax...
Tax Tip 6: Pass-Through Entity Tax (PTET) as a Tax Strategy
Let’s face it—the $10,000 SALT deduction cap introduced by the Tax Cuts and Jobs Act (TCJA) in 2017 has been a headache for small business owners, especially in high-tax states. That’s where the Pass-Through Entity Tax (PTET) comes in. Think of it as a clever...
Tax Tip 5: Prepay State and Local Taxes (SALT)
If you’re looking to reduce your federal tax bill before year-end, prepaying state and local taxes (SALT) can be a smart move - but only if you play by the rules. Here’s how a high level look at how this works and what you need to know.What is the SALT Deduction? The...
Tax Tip 4: Generosity Pays: Turn Donations into Tax Deductions
For small businesses, making charitable contributions before year-end can help reduce taxable income, while also supporting causes that align with the company’s values. However, there are some rules and limits to keep in mind.Eligibility for Deductions C Corporations:...
Tax Tip 3: Review and Maximize Retirement Contributions
Contributing to retirement plans is one of the most effective ways to reduce taxable income while also building a strong financial foundation for the future. Here’s how you can maximize this strategy by year-end: Why Retirement Contributions Help: Contributions to...
Tax Tip 2: Turn Business Investments into Tax Breaks: Why Buying Assets Pays Off
This one’s all about getting more bang for your buck when you invest in business equipment and other assets. Both Section 179 Expensing and Bonus Depreciation are powerful tax incentives for businesses to deduct the cost of “qualifying property” or equipment...
Tax Tip 1: Defer Income and Accelerate Expenses
If you are a business using cash-based accounting for tax purposes, this is one of the simplest options to implement – assuming your cash position allows for it! Basically, if you want to lower your taxable income for the current year, think about holding off on...
Let’s Talk Beneficial Ownership Information (BOI) Reporting
Beneficial Ownership Information (BOI) reporting was implemented under the Corporate Transparency Act (CTA) and aims to curb financial crimes such as money laundering, tax evasion and terrorist by increasing transparency in business ownership. It came into effect on...
New Stimulus Bill Finally Signed on Dec 27
President Trump signed the new $900 billion stimulus bill into law on Sunday December 27 and, as of this morning, it’s all action across the various government departments to translate and implement what is one of the largest bills with 5,593 pages of text! As with...
Growth v Scale – does it really matter?
Typically, when we start our businesses all we talk about is growth - we want to grow to X number of clients with $Y amount of revenue and loads of cash in the bank before retiring and reaping the rewards of our hard earned efforts - easy, eh? It’s great to have goals...
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