Important Reminder: March 17th Deadline for S Corps and Partnerships to File Extension Business Exit Strategy As we approach the middle of March, we want to remind S Corporations and Partnerships that March 17th is a crucial deadline. This is the last day to file for an extension on your tax returns for the 2024 tax year. If you're not fully prepared to submit your tax returns by then, filing for an extension is your best option to avoid penalties for late filing. What Does This Deadline Mean...
13 days ago • 2 min read
Stress-Free Tax Season: Tips to Help You Navigate Tax Time with Ease As we approach tax season, it's natural to feel a sense of pressure and stress. The thought of gathering documents, understanding complex tax forms, and meeting deadlines can make anyone anxious. But rest assured, you're not alone, and there are plenty of strategies you can implement to reduce that stress. Whether you’re filing your taxes yourself or working with a professional, here are some helpful tips to help make this...
20 days ago • 3 min read
Why Filing a Tax Extension Might Be the Smartest Move You Make in 2025 Filing your taxes may feel like a race against time, but rushing to file can cost you. Many people think filing a tax extension is just a way to procrastinate, but in reality, it can be one of the smartest financial moves you make. Filing an extension allows you to get the details right, save money, and avoid penalties. Here’s why it could be the right move for you in 2025. 1. Rushing Your Taxes = Costly Mistakes When you...
27 days ago • 2 min read
Maximize Your Profits: Top Tax Saving Strategies for Small Business Owners in 2025 As we step into 2025, it's more important than ever to have a solid tax strategy in place. The right tax-saving measures can significantly reduce your tax liability, freeing up funds to reinvest in your business or put toward your long-term goals. Here’s a guide to some effective tax-saving strategies for small business owners this year. 1. Take Advantage of the 100% Deduction for Home Office Expenses If you...
about 1 month ago • 2 min read
Make the Most of Your Health Insurance Tax Did you know that some of your health insurance expenses may be tax-deductible? If you're self-employed, run a business, or have significant medical expenses, you might qualify for valuable deductions that can lower your tax bill. What Health Insurance Costs Are Deductible? Self-Employed Health Insurance Deduction – If you're self-employed and not eligible for employer-sponsored coverage, you may be able to deduct your health insurance premiums for...
about 1 month ago • 1 min read
Maximize Your Tax Benefits When Trading in a Business Vehicle If you’re considering trading in your business vehicle for a new one, it’s essential to understand the tax implications. The way your trade-in is treated depends on factors like depreciation, deductions, and business use percentage. Here’s what you need to know: Section 179 & Bonus Depreciation: If your current vehicle was expensed using Section 179 or bonus depreciation, trading it in may trigger taxable gains. If you deducted the...
about 2 months ago • 1 min read
Your Ally in Resolving Tax Problems: The Taxpayer Advocate Service The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that helps taxpayers resolve tax problems they haven’t been able to fix through normal IRS channels. TAS works to ensure that taxpayers are treated fairly and that they understand their rights and responsibilities. How Can TAS Help? Assisting with Delays: If your tax issue is causing significant delays and you aren’t getting responses from the...
about 2 months ago • 1 min read
The Brain of Your Business: Mastering Your Finances Why Understanding Your Business Finances Is Essential for Success Running a business without understanding your finances is like trying to steer a ship without a compass. Your finances are the brain of your business—they guide your decisions, shape your growth, and keep your operations alive. Whether you’re a seasoned entrepreneur or just starting out, taking control of your financial knowledge is the key to thriving in today’s competitive...
2 months ago • 1 min read
Your Ultimate Guide to 1099 Filing: Stay Compliant and Confident The start of a new year is a reminder for business owners and freelancers alike: it’s time to prepare and file your 1099 forms! Understanding your responsibilities is crucial to staying compliant and avoiding unnecessary penalties. Let’s break it down. Who Needs to File a 1099? If you’ve made payments in the course of your business to independent contractors, freelancers, or vendors, you may need to issue a Form 1099-NEC or...
2 months ago • 1 min read