Taxes

Gifting this holiday season has more tax incentive than ever before. Rewarding your hard-working employees at the end of the year with gifts opens up the door to better work relations, a healthier atmosphere and professional networking. Plus, it’s a nice way to thank them for everything they’ve accomplished over the last 12 months. You don’t have to stop at your employees either, its common to gift your customers and business associates as well! However, we’re not here to pick out gifts for your customers, we’re here to talk to you about another incentive for purchasing gifts this holiday sea…

Proactive tax planning is a strategy I strongly advocate for as a CPA, having observed many small business owners rely on outdated ‘reactive’ tax planning. This traditional approach involves monitoring sales and expenses throughout the year, and then using these figures to determine tax liabilities at year-end, often leading to missed opportunities. Reactive tax planning tends to be a passive process, where business owners only consider their tax situation when the filing deadline approaches. This can result in a scramble to gather documentation and make last-minute financial decisions, which…

As a business owner, you shouldn’t be afraid of paying taxes. If you’re paying taxes, you’re making money. Yet, no one wants to pay more taxes more than they have to. Today, we’ll help you make an effort to lower your taxable income with a few easy tips. 1. The Answer Isn’t to Spend More Of course, you’d like to make as much money as possible, but you do have to keep an eye out on your AGI (Adjusted Gross Income). After all, there are tax brackets you need to be wary of. For example, you can easily avoid the additional 0.9% Medicare tax if your AGI doesn’t exceed $200,000 ($250,000 for joint…