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Are You Ready to Hire? Here’s How to Know for Sure So, you’re at that thrilling crossroad where hiring someone could either make your business soar or cause a total meltdown. Whether you’re bringing on your very first employee or considering a key role to take over par of your workload, the question of readiness can be nerve-wracking.  How do you are ready to hire... The post Budgeting Your Business: Are You Ready to Hire? appeared first on Incite Tax ..read more

The Secret Weapon Against Sneaky Big Expenses Let’s face it: unexpected expenses are like the IRS —always lurking, ready to strike when you least expect it. But just like you wouldn’t let the IRS take more than they’re owed, you shouldn’t let big expenses derail your business. The Annual and Large Expense Account will be your new best friend in budgeting for large unexpected expenses!... The post Budgeting Your Business: Annual and Large Expenses appeared first on Incite Tax ..read more

Your First Priority When Budgeting Your Business Let’s dive into something every business owner grapples with: paying yourself. You’ve poured your heart and soul into your business, but when it comes to compensation, it’s easy to feel stuck. How much should you take? When should you take it? The balancing act between paying yourself and ensuring your business has enough to thrive can be daunting.... The post Budgeting for Your Business: Paying Yourself First appeared first on Incite Tax ..read more

A Non-Profit is not Just a Tax Break Starting a non-profit just to save on taxes? Well, that’s one way to get on the IRS’s naughty list faster than you can say “audit.” You might save some money, but that can’t be your only reason. So, why start a 501(c)(3)? A non-profit needs to have a purpose—something you genuinely believe in and want to support... The post Why Start a 501(c)(3) Non-Profit? appeared first on Incite Tax ..read more

Let’s dive into tax planning, extensions, and managing tax debt. Whether you’re prepping for tax season or just aiming to get ahead, understanding these key areas can make a big difference! Smart Tax Planning Tax planning is all about strategizing to minimize your tax liability. The first step is understanding your tax bracket. In the U.S., we have seven tax brackets for 2024: 10%, 12%,... The post What YOU NEED to Know about Tax Planning, Extensions & Debt appeared first on Incite Tax ..read more

Navigating tax season can be tricky, especially if you’re an independent contractor. Let’s dive into the essentials of filing your taxes when you’re working with a 1099-NEC, 1099-MISC, or any other non-W2 income. Here’s a friendly guide to help you through the process. Understanding Your Role  First off, being an independent contractor means you have a bit more responsibility come tax time. Unlike W2 employees,... The post Filing Taxes as an Independent Contractor appeared first on Incite Tax ..read more