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Corporate Advances

Corporate Advances to the Owner: Loans, Dividends, or Salary?

Understanding the finances of owning a business is critical to your success, as well as your avoidance of serious issues with the IRS. Such is the case with corporate advances....
Kiddie Tax

What Is the Kiddie Tax and How Can You Prevent It?

You might assume that if you have a child, they don’t need to file an income tax return. This isn’t entirely accurate. Even if the person is a minor, the...
Does your house cleaner factor into your home office deduction

Does Your House Cleaner Factor into Your Home Office Deduction?

Does Your House Cleaner Factor into Your Home Office Deduction? If you’re reading this right now, you likely have an office in your home and you know it qualifies for...
What To Know About 105-HRA Plans For Small Businesses

What You Need to Know About 105-HRA Plans for Small and Solo-Owned Businesses

In the past, we’ve talked a lot about common questions related to health insurance. One of the things we’ve covered in detail is the 105-HRA plan. This article is going...
Taxes and NFTs - Important Things To Understand

Taxes and NFTs: Important Things to Understand

NFTs (non-fungible tokens) are digital assets that people buy, sell, and trade. Lots of people have lost money on NFTs, while some lucky individuals have made decent money from them....
Small Business S-Corp Mistakes To Avoid

A Family Member S Corporation Health Insurance Mistake You Need to Avoid

If you own an S corporation, you know you are required to follow certain rules and regulations. However, there can be some confusion over certain aspects. Below, we’ll be discussing...
1099 Requirements For Businesses

1099 Requirements for Businesses: What You Need to Know

The Internal Revenue Service (IRS) requires a business to complete and distribute 1099 forms to payees and the federal and state taxing authorities. The 1099 form allows businesses to report...
IRS Mileage

Are You Cheating Yourself by Using IRS Mileage Rates?

Are you using the standard IRS mileage rates for your business travels? Did you even know there was another option? The good news is that there is, and it might...
Last Minute Vehicle Purchases

2022 Last-Minute Vehicle Purchases to Save on Taxes

It’s that time of year again: tax time. Businesses across the US are gearing up for the grueling task of limiting their liability, maximizing tax deductions, and protecting their profits....