Posts Tagged ‘tax deductions’
Tax Planning for Growing Businesses: Why You Can’t DIY Forever
Running a business is exciting, but growth comes with new challenges. One of the biggest mistakes business owners make is thinking they can handle their taxes alone indefinitely. Tax planning evolves as your business grows, and DIY approaches often leave money on the table. Understanding why professional guidance matters can help you keep more of…
Read MoreHow Business Owners Can Take Advantage of the Expanded SALT Deduction in 2025
As a business owner, keeping more of your money is always a priority. With the tax laws in flux, the expanded SALT (State and Local Tax) deduction in 2025 presents a great opportunity to lower your taxable income and keep more funds in your pocket. By understanding how this deduction works and taking strategic actions,…
Read More2025 Guide: 11 Ways High-Income Individuals Can Save on Taxes
As a high-income earner, you’re likely facing a significant tax burden, but with the right strategies, you can significantly reduce that liability. 2025 brings new opportunities for tax savings, and with the right knowledge and guidance, you can keep more of what you’ve earned. In this guide, we’ll cover 11 actionable ways to save on…
Read MoreThe Right Way to Ask Your C or S Corporation for Travel Reimbursements
Keep these basic rules in mind when you work in and operate your business as a corporation: You are an employee of the corporation. The corporation is a legal entity separate from you. The corporation is the business. You can incur business expenses on behalf of the corporation. The corporation may reimburse you for the…
Read More10 Overlooked Tax Deductions That Could Save You Big Money
When it comes to filing taxes, maximizing your deductions is a critical step toward reducing your tax burden and keeping more of your hard-earned money. However, many taxpayers leave money on the table by overlooking deductions they’re entitled to claim. Here’s a list of the top 10 commonly missed tax deductions that you should keep…
Read MoreThe Coming Storm: Year-End Tax Planning for Businesses
Drive Down Your Taxes with These Vehicle Deductions
Car and truck expenses can be confusing on your tax return. What are considered eligible expenses? And what are the current limits and mileage rates? Key takeaways: An individual who owns a business or is self-employed can deduct vehicle expenses Automobile costs based on mileage or actual expenses are eligible Mileage rates have changed between…
Read MoreUnderstanding Business Travel Expenses and Tax Deductions
The TCJA changes how to treat business travel expenses when filing taxes Entrepreneurs have plenty to manage, from growing their business to paying employees to managing client and vendor relationships. Paying taxes is a big consideration and can be complex, especially when the tax law continues to change and thus requirements are hard to follow.…
Read MoreDoctors: Is Your Physician Group Causing You to Pay Higher Taxes?
Classifying doctors as employees can significantly increase their tax burden An increasing number of doctors are banding together to form medical “super groups” and the benefits can be significant: economies of scale, greater leverage in negotiations with insurance companies and large hospitals, administrative support that leaves doctors free to focus on patient care, and a…
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