Business vehicle write-offs under current law help company owners deduct more than ever – faster than ever – from their taxes. But the specifics are sometimes confusing (not to mention they can change year by year). Never fear: I’m here to help. Let’s dig into the nitty-gritty of vehicle write-offs for your business, so you
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 need to file a form 1099-NEC for every person for whom they pay $600 or more over the course of the previous tax year. A 1099-NEC form is only necessary for people who are NOT employees, such as contractors.
All of us want to save taxes, but at the same time stay out of trouble with the IRS. In fact, I would hope we would even have a higher standard of being honest and ethical in the manner in which we all report our income, deductions and file our tax returns. We live in
When most people hear the term “family office,” they imagine billionaires with private jets, private investment advisors, and fancy offices. But guess what? You already have a family office — it might just be the third bedroom down the hall with a hide-a-bed in it. And that’s more than enough to start building serious tax
Starting your own business feels incredible—until reality hits: you’re also now the bookkeeper. If you’re wondering, “How do I even start my bookkeeping?”, you’re not alone. We’ve been there. So have thousands of business owners we’ve coached—some who got it right early, and some who learned the hard way. Good news? You don’t have to figure it
Health insurance is expensive, and making sure it’s a write-off in your business is a big deal. Regrettably, it’s not as easy as just putting it on your P&L and treating it like office supplies. Health insurance premiums can be deductible. However, they must be reported in a specific way based on your type of
Crypto clients don’t always know what they’re doing—but their wallets sure do. If you’ve ever looked at a spreadsheet full of transactions from a crypto client and wondered how you’re supposed to make sense of it all… you’re not alone. Tracking crypto trades, swaps, staking rewards, and DeFi earnings can feel like trying to untangle
When you filed your LLC or corporation paperwork, did you accidentally just blast your home address to the internet? It’s a mistake I see business owners make all the time—and trust me, it’s one you don’t want to make. Here’s the deal: the moment you list your name and home address in your business filing,
Making sure our travel has a ‘business purpose’ is critical and a perfect opportunity for business owners for a great tax write-off.
Not all debt is created equal. For years, we’ve been told that debt is something to avoid at all costs. But the truth is, debt can be either a wealth-building tool—or a financial anchor. Understanding the difference between good debt and bad debt isn’t just helpful… it’s essential. Whether you’re advising clients or managing your
Cryptocurrency isn’t going away. In fact, it’s becoming more mainstream by the day—and that means tax professionals need to keep up. But here’s the tricky part: your crypto clients might not even understand what they’re doing. They throw around terms like “staking,” “swapping,” and “DeFi,” often using them interchangeably. And if you’re not fluent in
If you’re a small business owner, there’s a good chance you’ve felt the ripple effects of tariffs—whether directly or indirectly. While the headlines often spotlight global giants, it’s Main Street entrepreneurs who experience the day-to-day impact of policy changes. And while tariffs can bring new challenges, they also open the door to unexpected opportunities—especially for
For most of us, our home is one of our most valuable assets. It truly is our “castle,” but can also be one of our most vulnerable assets. Although we need to protect it at all costs, we face several dilemmas that create significant hurdles to protecting the complete value of our home from a
If you’re a pet owner, you know the joy and companionship a pet can bring to your life. But did you know that you may be able to write-off some of the expenses associated with owning a pet on your taxes? It’s estimated that over 68% of American households have a pet. There are a
