LLC vs. S Corp: What’s the Difference?
LLC vs. S Corp: What’s the Difference? https://youtu.be/swBomiuIOs0 Not all LLCs are created equal. Choosing between a default LLC and electing S corporation (S corp) status can significantly impact your taxes. Let’s compare the two structures. Sole Proprietorship LLC (Default) Files taxes on Schedule C. Pays 15.3% self-employment tax on all profits. Simple setup, minimal […]
The Tax Game: Play to Win
The Tax Game: Play to Win https://youtu.be/sBkVitpwzxY Taxes aren’t about paying more—they’re about keeping more. By using the right strategies, you can legally reduce your tax bill and keep more of your hard-earned money. Here’s how to play smarter. Strategy 1: Shift Personal Expenses to Business Many everyday expenses can be partially or fully deductible […]
Tracking Expenses Without the Paper Chaos
Tracking Expenses Without the Paper Chaos https://youtu.be/M80cBJusbI0 Managing business expenses doesn’t have to mean drowning in a sea of crumpled receipts. By implementing a few simple strategies, you can track expenses efficiently and stay prepared for tax season—without the chaos. Step 1: Separate Business and Personal Accounts The first step to organized finances is separating […]
Writing Off an Old Vehicle in a New Business
Writing Off an Old Vehicle in a New Business https://youtu.be/okPgxcpMDN0 If you have an old car sitting in your driveway, you might be sitting on an unexpected tax deduction! When starting a business, you can place your existing vehicle into service and deduct its fair market value (FMV)—potentially saving thousands on taxes. How It Works […]
The IRS Won’t Judge Your Steak Dinner (But They Will Audit Dishonesty)
The IRS Won’t Judge Your Steak Dinner (But They Will Audit Dishonesty) https://youtu.be/rsUFJLzyUxw When it comes to tax deductions, many business owners wonder: Can I deduct my client dinners or that new truck? The answer is yes—if you follow the IRS guidelines correctly. The key to avoiding audits? Proper documentation and reasonable claims. Business Meal […]
How to Pay Yourself as an LLC Owner
How to Pay Yourself as an LLC Owner https://youtu.be/ZKhYT4g-i3s As an entrepreneur, understanding how to pay yourself properly as an LLC owner is crucial for both financial stability and tax efficiency. If you’ve ever wondered how to take money out of your business without triggering unnecessary IRS scrutiny, this guide is for you. Let’s break […]
Retirement Saving Options for Your Small Business: SIMPLE Plans
Retirement Saving Options for Your Small Business: SIMPLE Plans https://youtu.be/OBH0GPFpcS8 A Savings Incentive Match Plan for Employees (SIMPLE) is a tax-advantaged retirement plan designed for small businesses with 100 or fewer employees. These plans allow employees to contribute to their retirement savings while requiring employers to make mandatory contributions. In this blog, we’ll cover the […]
What Is Beneficial Ownership Information Reporting?
What Is Beneficial Ownership Information Reporting? Understanding the significance of Beneficial Ownership Information Reporting is vital for businesses, accountants, and legal professionals. With new regulations and a global emphasis on financial transparency, this guide will explain what beneficial ownership is, why it matters, and how reporting works. Additionally, we’ll explore its implications for businesses and […]
Requirements to Qualify for the Work Opportunity Tax Credit (WOTC)
Requirements to Qualify for the Work Opportunity Tax Credit (WOTC) https://youtu.be/YrX7yWTHYeQ The Work Opportunity Tax Credit (WOTC) is a valuable federal tax credit available to employers who hire individuals from specific target groups facing employment challenges. By offering this credit, the government incentivizes businesses to give opportunities to workers who may have difficulty finding jobs. […]
Tax Records: What Can You Toss and What Should You Keep?
Tax Records: What Can You Toss and What Should You Keep? https://youtu.be/arFG5-6OoEU Maintaining accurate tax records is essential for financial organization, and knowing what to keep and for how long can save space, reduce the risk of identity theft, and ensure you’re prepared for any potential audits. The IRS generally has three years to audit […]