Entrepreneurs can own multiple businesses in their lifetime. While you could separately own each business, you lose out on potential efficiencies. Learn more about the benefits a Holding Company Structure provides, and why you should consider implementing one.
Tag: Deductions
How To Maximize Your Business Vehicle Deduction In 2022
Buying a Tesla at the end of the year to lower your tax liability will probably be the worst dinner party tax advice for an unsuspecting online business owner.
Optimize Your S-corp Payroll, Save Big on Taxes
One of the most important elements of tax planning for S-corporation owners is to consider the amount of W-2 salary paid to the owner of the business.
How to Claim The “Augusta Rule” Deduction in 2021
One of the most significant expenses a business owner will pay throughout their lifetime is taxes.
The reality is that 95% of business owners are overpaying the IRS every year without knowing it!
When you compound overpaid taxes over decades, the difference could result in you retiring an entire decade earlier.
How To Accelerate Tax Deductions Before The End Of 2022
One key strategy to lower your tax bill before the end of the year is to manipulate the timing of recognizing income and deductions when it’s most advantageous to your business. Before we explore further, we need a quick lesson on how the tax rules work around recognizing income and deductions based on your “Tax…
How to Lower Your Tax Bill By Accelerating Deductions
Do you know when you can claim a deduction and when you have to defer it? Claiming a deduction on a business return sounds pretty simple, right? All you need to do is look at your practice’s income statement and just enter it into TurboTax as a deduction… no questions asked. It’s a little more…
2022 Tax Break for Small Business Owners: The Qualified Business Income Deduction
Did you know that 2018 was the HUGE tax savings year for business owners when the President signed into law a shiny new deduction – the Qualified Business Income Deduction under Section 199A? The Tax Cuts and Jobs Act was a huge boon for agencies, coaches, and creators in the US, especially when the Qualified…
How to Deduct Your Home Office in 2021
The number of business owners that have built their companies working from their home office has gone through the roof. Access to cloud-based software allows businesses to run seamlessly entirely online. As a result, working from your home office has become the new normal in a post-COVID world in 2021. We’ve been bringing up hidden…