The thought of taxes can be stressful and overwhelming.

You...

  • Approach tax season hoping you won’t owe. You’re not sure how to estimate the amount of taxes you will have to pay, so you may not have enough money saved to pay a tax bill.

  • Don’t know what tax forms you should file, what information you should report, when taxes are due, or how much you should be paying.

  • Not trying to give the government your money, so you’ve been ignoring filing taxes until they say something because you work too hard for your money.

  • Normally prepare your own tax return, but things are more complicated now that you’re operating a business.

 

Spend some time reviewing the tax tips below.

identify how you can Implement relevant strategies to pay less taxes even if you’re making more money without getting audited by the IRS.

Accurately and timely file the correct type of tax return without having to become an expert in taxes.

Business Tax Tips

This content is intended for informational and educational purposes only. Please consult with a tax advisor prior to implementation.

Featured
Navigating the New Rules: Protecting Your Business Under Stricter Independent Contractor Guidelines
Navigating the New Rules: Protecting Your Business Under Stricter Independent Contractor Guidelines

Does your business rely on independent contractors? If so, you’ll want to take a closer look at the Department of Labor’s (DOL) new guidelines. These stricter rules on worker classification could significantly impact your business, especially when it comes to costs and compliance. 

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Deadline Alert: Time’s Running Out for BOI Reporting!
Deadline Alert: Time’s Running Out for BOI Reporting!

The clock is ticking for businesses required to submit their Business Ownership Information (BOI) reports to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Missing this filing deadline could result in significant penalties, so let’s break down what you need to know to stay compliant.

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The Importance of Tax Planning for Business Owners: Maximize Savings and Protect Your Profits
The Importance of Tax Planning for Business Owners: Maximize Savings and Protect Your Profits

As a business owner, you work hard to grow your company and build financial security. But without proactive tax planning, a significant portion of your profits could end up going to taxes unnecessarily. That’s where the importance of tax planning comes in—it helps you protect your income, reduce tax liabilities, and ensure that your business thrives. Learn more…

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New Federal Reporting Requirements for State Registered Companies
New Federal Reporting Requirements for State Registered Companies

Beginning Jan. 1, 2024, many companies in the United States will have to report information about their beneficial owners (the individuals who ultimately own or control the company) and company applicants (the individual(s) who directly files or is primarily responsible for the filing of the document that creates or registers the company). They will have to report the information to the Financial Crimes Enforcement Network (FinCEN).

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The Real Estate Investors Year-End Tax Checklist
The Real Estate Investors Year-End Tax Checklist

11 Essential Steps For a Stress Free Tax Season - We have compiled a detailed year-end tax checklist specifically tailored for real estate investors. This checklist aims to ensure that you are well-prepared and can maximize your tax benefits. Review this checklist before you meet with your tax professional.

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The Business Owner's Year-End Checklist
The Business Owner's Year-End Checklist

10 Essential Steps for an Efficient Tax Preparation Process - As the year winds down, it's critical for business owners to shift focus towards preparing for the tax return filing season. To help streamline this often-daunting process, we've put together a practical checklist. Following these steps will not only ease the stress and overwhelm of tax filing but also ensure a smooth and efficient experience.

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The tax laws are complex and constantly changing.

Those who learn the rules of the tax game pay the least amount of taxes.

Individual Tax Tips

Featured
U.S. Supreme Court Makes It Easier to Challenge IRS Regulations
U.S. Supreme Court Makes It Easier to Challenge IRS Regulations
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How to Choose the Right Tax Return Preparer
How to Choose the Right Tax Return Preparer

Picking a good tax preparer can make filing your taxes a lot easier and make sure everything is done right, keeping you safe from legal or money troubles. But, if you choose a bad or unqualified person to do your taxes, it could cause a bunch of problems, some of which might be pretty serious.

Here are some of the potential consequences of choosing the wrong tax professional and essential tips to select the right tax professional.

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Simplify Tax Season: 8 Benefits of Hiring a Tax Professional
Simplify Tax Season: 8 Benefits of Hiring a Tax Professional

Are you tired of the tax season stress and the uncertainty of whether you're maximizing your tax savings or risking an audit? It might be time to consider the invaluable services of a tax professional.

Here are eight benefits of working with a tax professional that can help you save money, time, and ensure a stress-free tax season.

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How to Prepare for an IRS Audit
How to Prepare for an IRS Audit

When conducting an audit, the IRS will ask you to present certain documents that support income, credits or deduction you claimed on your return. In this article we will share a list of the kinds of records that might be requested from you during an audit.

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Why Would the IRS Select You For an Audit?
Why Would the IRS Select You For an Audit?

There are a couple of reasons your tax return may be chosen for an audit. Your return may have been compared against the "norms" for similar returns in your industry and the information you reported didn't align with the standards or your return involved issues or transactions with other taxpayers whose returns were selected for audit.

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Last-Minute Year-End Tax Strategies for Your Stock Portfolio
Last-Minute Year-End Tax Strategies for Your Stock Portfolio

When you take advantage of the tax code’s offset game, your stock market portfolio can represent a little gold mine of opportunities to reduce your 2022 income taxes.

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