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Tax Tip 6: Pass-Through Entity Tax (PTET) as a Tax Strategy

by Jackie Anthony | Dec 24, 2024 | Accounting, Blog, Business Taxes, Small Business, Taxes, Virtual Bookkeeping

1 What Is PTET? Pass‑Through Entity Tax (PTET) is an elective state‑level tax paid directly by a pass‑through entity—think LLCs, S corporations, or partnerships. Because the business pays the state income tax (instead of the owners), the full amount becomes a...

Tax Tip 5: Prepay State and Local Taxes (SALT)

by Jackie Anthony | Dec 17, 2024 | Accounting, Blog, Bookkeeping, Business Taxes, Small Business, Taxes

1 Why Prepay SALT? The basic idea is simple: by remitting certain 2025 state or local taxes before December 31, 2025, you may accelerate the deduction into your 2025 federal return—useful if you expect higher income (or a higher SALT cap) next year. Quick refresher:...

Tax Tip 4: Generosity Pays: Turn Donations into Tax Deductions

by Jackie Anthony | Dec 10, 2024 | Accounting, Blog, Bookkeeping, Business Taxes, Small Business, Taxes

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...

Tax Tip 3: Review and Maximize Retirement Contributions

by Jackie Anthony | Dec 3, 2024 | Business Taxes, Small Business, Taxes

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

by Jackie Anthony | Nov 26, 2024 | Business Taxes, Small Business, Taxes

1 Why This Matters If you’re planning a major equipment upgrade, the tax code gives you two fast‑track write‑offs—Section 179 expensing and Bonus Depreciation. Used strategically, they can slash taxable income, free up cash, and make that new CNC mill, fleet vehicle,...

Tax Tip 1: Defer Income and Accelerate Expenses

by Jackie Anthony | Nov 18, 2024 | Business Taxes, Small Business, Taxes

1 Who Should Use This Strategy? If your business files on the cash method of accounting, you report income when cash is received and deduct expenses when cash is paid. That makes timing your best friend: pushing revenue into next year and pulling deductible costs...