If you own a rental property, knowing how your property basis and depreciation work can make a big difference in how much tax you pay — both today and when you sell. These two concepts form the foundation of how your property is valued for tax purposes, and they help you maximize deductions the right way. What is “Basis” […]
Rental Property Basis and depreciation explained Read More »
S-Corp SEP, SIMPLE, traditional ira, roth ira, and 401(K) As a small business owner — especially if you’re a more-than-2% shareholder in an S-corporation — the world of retirement planning can feel overwhelming. Because of this, each plan has different rules for contributions, timing, deductibility, and tax reporting. Let’s break down the major options you
Retirement Plans for Owners Compared Read More »
One of the most frequently asked questions by business owners is whether their meals are deductible. The IRS provides clear guidelines, but social media platforms like TikTok often exaggerate the deductions a business owner can claim. Let’s clarify the tax rules by examining four types of food purchases, starting with those that are not deductible.
Tax Deductibility of Meals: What Business Owners Need to Know Read More »
Avoiding the Pitfalls of Inaccurate Recordkeeping: An Entrepreneur’s Guide
Business Recordkeeping Read More »
As a seasoned bookkeeping professional, I’ve seen my fair share of DIY disasters. There’s a reason why bookkeeping is a specialized field – it’s not as straightforward as it seems. If you’re a business owner trying to manage your books on your own, kudos for your determination. But beware, the road to financial clarity is
The Perils of DIY Bookkeeping: Top 5 Mistakes You’re Probably Making Read More »
This is one of the most frequently asked questions we get as bookkeeping and tax professionals. The answer is “It Depends”. There are many items we need take into consideration when answering this question, but the first is how is your business structured? Please note, this is a very high-level overview of a complex subject
How Do I Pay Myself? Read More »
In a previous article we talked about loans versus leases, now we will talk about the cost to factoring your invoices. I am including a calculator to help you determine what your Annual Percentage Rate (APR) is on the transaction. Because factor financing is short term (usually 30-45 days), you will not see an annualized
Factoring, the True Costs Read More »
Everyone has a contact sphere, but not everyone develops those into a power team. According to Ivan Miser who coined the term, “a contact sphere is a group of symbiotic professions who have a good opportunity to provide referrals to each other.” A power team takes this a step further. A power team is a
Power Team versus Contact Sphere Read More »
Recordkeeping for your business is primarily driven by tax requirements, but your industry may have specific requirements for records as well. The information of this blog is not considered tax advice and you should always consult your tax preparer when making decisions which could affect your tax situation. The article is based on the IRS
Recordkeeping for your Business Read More »
The Ferry Ride This summer, we were out and about in Hampton Roads exploring the area. My fiancée decided to surprise me with a short day trip to the Jamestown-Scotland Ferry. This was my first time taking a car onto a ferry! We took the trip across on the ferry named Pocahontas. Pocahontas, the newest of
Weirdest Speed Limit Read More »
