Are you currently a W2 wage earner or 1099/Sole Proprietor? W2 wages are the highest taxed. The taxes come right off the top, leaving you with only about 3-4 deductions such as a 401k or IRA, Mortgage Interest Deduction, and HSAs. Sole Proprietors have access to 15-30 different deductions that can be claimed on a Schedule C. However, they are also subject to Self-Employment taxes. Understanding the Tax Code Did you know there is a vast tax code consisting of 81,000 pages? You

Imagine this: A natural disaster hits your region. Your office is flooded. Systems are down. Employees are unreachable. Customers are calling, and you have no answer. Now what? This nightmare scenario is more common than you think—and it’s exactly why every business, regardless of size or industry, needs a Business Continuity Plan (BCP) . What Is a Business Continuity Plan? A Business Continuity Plan is a proactive strategy that outlines how your business will continue to op

People ask me all the time, should my Corporation or LLC own or lease a vehicle? There are a lot of great benefits for having your entity own or lease a vehicle, such as being able to deduct all vehicle payments, insurance, and maintenance costs. You can additionally take advantage of the Section 179 deduction which allows for accelerated depreciation on vehicles weighing over 6,000 pounds. That is why you see people buying G Wagons and other large SUVs to capture that wr

As the year draws to a close, savvy business owners are strategically positioning themselves for success in the upcoming tax season. For those utilizing Corporations and Limited Liability Companies (LLCs), there’s a wealth of opportunities to optimize tax outcomes. In this article, we’ll explore some year-end tax strategies that can not only minimize your tax liability but also set the stage for financial prosperity in the coming year. Picture this: You’ve worked diligently

As the IRS website states: “One of the advantages of operating your own business is hiring family members.” That family member can be a spouse, sibling, parent, or even a child (between the ages of 3-18). In fact, while hiring a child may not seem like a top- of-mind move for many businesses owners, if you play by the rules there can be a surprisingly broad array of tax benefits to doing so! With the Tax Cuts and Jobs Act increasing the Standard Deduction up to $12,200.00

When people go into business for themselves as a Sole Proprietor, they usually comingle the business’ funds. Meaning they are using Business funds for personal items and personal funds for business items. Sole Prop is the easiest way to start doing business, however, if you choose to setup a Corporation or an LLC, these habits need to change. You and the company are no longer the same. The two of you become 2 separate individuals. The company’s money is not your money, and

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