When it comes to managing taxes, having the right tax strategist can make a world of difference, especially if you're a business owner or entrepreneur facing complex financial situations. With so many options out there, how do you pick the…
Let’s imagine our good friend Stan, a savvy business owner with a knack for quirky adventures. Stan, like many of you, ventured into the world of rental properties. He quickly found out that while the income was nice, the tax…
Welcome to the ultimate professional showdown: Enrolled Agents (EAs) vs. Certified Public Accountants (CPAs). Who will claim the title of your tax-saving champion? Whether you're team EA or hold the CPA banner high, you're in for an enlightening and entertaining…
Running an e-commerce business might be a thrilling adventure, but understanding the world of sales tax can feel like stepping into an uncharted territory blindfolded. Whether you're launching your first online store or looking for ways to optimize an established…
You're signing off on a hefty tax payment, your hard-earned dollars flying out the window, and you can't help but wonder, "Who on Earth came up with this brilliant idea for businesses to pay corporate taxes?" Picture hopping into a…
On a scale from 1 to "the IRS never calls," submitting an Employee Retention Credit (ERC) claim without double-checking the IRS's seven warning signs is like inviting a dragon to do your paperwork. Sure, it sounds cool, but don’t be…
Did you know that since 2022, the IRS has audited about 4 out of every 1,000 tax returns? It might sound like a slight chance, only 0.4%, so you might think there's no need to worry. But think about this:…
In these challenging times, every penny saved counts when it comes to your taxes. 90% of business owners overpay their taxes because they are unaware of how much they can write off on their taxes. In fact, most business owners…
Navigating the ins and outs of capital gains tax is crucial for seasoned investors and casual savers alike. As an entrepreneur or business owner, understanding how to maximize your investments while minimizing your tax liability can significantly impact your financial…
Did you know you could claim mileage deductions if you use your vehicle for business or any qualifying activity, according to the IRS? The process involves using IRS-approved mileage rates to calculate the deductible amount. Also, it is vital to…
Navigating the U.S. tax landscape, with its varying rates across locations, can be overwhelming for entrepreneurs. For instance, moving your base from Austin, Texas, to Chicago, Illinois, means adapting to new tax rates. However, this complexity presents advantages for savvy…
As a business owner, expanding your business globally can be a rewarding venture. However, while living the expat life might seem exciting, repatriating your foreign earnings and doing expat taxes just sucks out the excitement. If you own a business…
The Rockefellers may be one of the wealthiest families to use trust to pass on and protect their wealth, but despite what you’ve been led to believe, trusts aren’t only for the ultra-wealthy. If you are curious about how trust…
As we bid farewell to 2023, it's crucial to shift our focus to the upcoming changes in 2024, especially in the world of taxes. The IRS has unveiled new tax brackets for 2024, a more significant development than you might…
“I don’t have to report my income to the IRS.” This right here is one of the many tax myths that have landed independent contractors and small businesses in trouble. If you think you don’t have to report your income,…
