Why aren’t more small business owners paying their kids under 18? It’s a smart move to shrink your tax liability and gain so much more
Businesses will now file Form 1099-NEC for each person in the course of the payor’s business to whom they paid at least $600 during the year. This payment would have been for services performed by a person or company who IS NOT the payor’s employee.
The Auto Deduction is the best it’s been in over 30 years, with business owners able to write-off a vehicle faster and with even bigger deductions!
If you’re navigating the tax industry—either as a professional looking to expand your expertise or a taxpayer seeking the right assistance—you might be wondering whether to hire a tax preparer vs CPA. While both professionals help individuals and businesses with taxes, their qualifications, services, earning potential, and authority vary significantly. Below, we break down the
Imagine earning thousands of dollars in rental income completely tax-free—no reporting, no IRS hassle, just pure profit. Sounds too good to be true? It’s not. The Augusta Rule (the Augusta tax rule) is a powerful tax-saving strategy that allows homeowners to rent out their home for up to 14 days per year—without paying a single
Trusts are essential tools in estate planning and wealth management, offering numerous benefits. However, understanding their taxation is crucial to maximizing these advantages. This guide delves into the taxation of trusts, covering various types, tax implications for beneficiaries, and strategies to minimize taxes. What Taxes Do Trusts Pay? Trusts are generally subject to two primary
A Health Savings Account (HSA) is more than just a way to save for medical expenses—it’s one of the most tax-advantaged accounts available in 2025. Whether you’re looking to reduce your taxable income or save for retirement, an HSA offers several benefits that can maximize your financial health. In this guide, we’ll cover FIVE key
“Yay…I WON THE LOTTERY! Now what?” Whether you’re here because you hit the motherload of jackpots or just want to know what would happen if your numbers came through, let us say…CONGRATULATIONS! Congrats on your winning and congrats for having the foresight to ask what your next steps are from a tax perspective. Winning the
Choosing the right business structure is a critical decision for entrepreneurs and business owners. Among the most common options are S Corporations (S Corps) and C Corporations (C Corps). Each structure comes with its unique set of tax advantages and disadvantages, which can significantly impact your bottom line. In this guide, we’ll break down the
Working from home is no longer a trend—it’s the new normal. Whether you’re running a full-time business, managing a side hustle, or freelancing, the S-Corp home office deduction can be a game-changer for your finances.
I believe in smart investing, not overcomplicating. Setting up an LLC for every rental property might seem like a great idea, but for the majority of investors, it’s just a costly and inefficient move—especially when equity is still building.
There are truly several tricks or strategies to maximizing your tax-writes and acquiring the correct health insurance policy.
“You may have not voted for Donald Trump, and that’s okay. But, he’s the quarterback on the field right now. He’s promised to deliver some new things for us. I want to tell you what’s going to happen now.”
With new IRS updates to 401(k) and IRA contributions, 2025 is shaping up to be a promising year for retirement planning. Dive into what these changes mean and how you can make the most of them.
A 10-year plan is your personal roadmap to achieving long-term financial goals and living life on your own terms. Whether you’re growing a business, managing a side hustle, or planning your exit strategy, having a well-defined vision will help you stay focused and in control of your future. Instead of being reactive to life’s twists
