What is an S-Corporation?  An S-corporation is a type of business entity that offers some tax advantages to its owners. Unlike a regular corporation, an S-corporation does not pay corporate income tax. Instead, the profits and losses are passed through to the owners, who report them on their personal tax returns. This way, the owners avoid double taxation, which is when the same income is taxed twice: once at the corporate level and once at the individual level.  How to Save Taxes as an S-Corporation Owner?  As an S-corporation owner, you can enjoy some tax benefits that can low ..read more

When interacting with the federal or state taxation authorities, it’s never a good idea to file a tax return that has any information on it that may be incorrect or untrue. That being said, it is within your legal rights to pay the least amount of tax that the governing tax code determines is within the bounds of the regulations. This often generates a major issue for taxpayers when preparing their returns. How can they file a return that is representative of the lowest tax that they must legally pay, while at the same time not triggering an audit from the IRS? This is no small matter because ..read more

Taxes can be a real headache, and unfortunately, they are impossible to avoid no matter how much we would like to forget about them. But there is a way to do taxes efficiently and pay the least amount you legally owe, each and every time. The secret? To hire a skilled and competent CPA. What is a CPA? A Certified Public Accountant (CPA) is a highly trained professional who looks at the details of money movement and financial transactions for businesses and individuals. They are trusted financial advisors because they are licensed and have passed a rigorous exam. In addition, they have fulfille ..read more

The IRS is ever vigilant to make sure that you pay your fair share of taxes. Fortunately, embedded in the tax code are a host of credits and deductions that you may qualify for during tax preparation time. Deductions and credits available for 2022 Deductions and credits reduce your tax burden. Credits are the better of the two because they reduce your tax liability dollar for dollar. Deductions, on the other hand, lower your taxable income, which also minimizes your tax bill. Here are a few of the most important to be aware of this year: • Medical expenses: If you itemize, you may be able to d ..read more

Cryptocurrency is becoming more popular. From being a niche market a few years ago, it has now become mainstream, with people investing in cryptocurrencies to reap profits from short-term capital gains and buy goods or services. Cryptocurrency is also subject to capital gains taxes so you should check your tax implications before taking the plunge. Let’s explore whether investing in cryptocurrencies is right for you, as well as some potential ways of taking advantage of that decision. What is Cryptocurrency? Cryptocurrency is digital money that is created and exchanged electronically without t ..read more

Tax season is upon us once again. Whether you’re a freelancer, an independent contractor, or a regular employee, this time of year always brings with it stress and anxiety. Tax preparation can feel like a labyrinth of numbers and codes. Fortunately, there are various ways to make tax preparation easier and significantly less taxing. Here are some tips on how to effectively prepare your taxes this year. Know your tax responsibilities It’s important to know your tax responsibilities. The Internal Revenue Service (IRS) has strict requirements and penalties for those who don’t follow the rules. He ..read more

As a medical professional, you have to pay close attention to every detail of your business and keep track of all the changes that can affect your taxes. While medical practices are somewhat exempt from the burden of taxation, they are technically subject to several specific taxes and fees. The following five tax preparation tips will help you manage your taxes as a medical practice owner: 1. Keep a detailed record of your business expenses The IRS requires businesses to keep accurate records of their expenses. You can use a paper or electronic system, but make sure that you have records that ..read more

If you operate a business that works with cryptocurrency, you may have to pay tax on it. There are certain things you need to be aware of to stay on the good side of the law, especially if your business is based in the United States. This blog post will walk you through the basics of cryptocurrency taxes. Crypto tax basics The Internal Revenue Service (IRS) has weighed in on how to classify cryptocurrency for tax purposes. The agency has issued a notice stating that digital currency should be treated as property for federal tax purposes. The agency considers it to be property, not currency, an ..read more

Many small business owners aren’t aware of ways they can lower their tax liability. When it comes time to prepare your business taxes each year, you’ll need to consider a few different strategies. By lowering your taxes through strategic tax preparation, you’ll have more money in your pocket to invest in growing your business. Do you want to pay less taxes? If so, then read through the following six tips. 1. Know what you can deduct Did you know that some business expenses are deductible? You can deduct expenses for the purpose of producing income as long as you can prove that it wasn’t a pers ..read more

Outsourcing your business tax preparation can be a huge boost to your bottom line. Any business owner will agree that business tax preparation can be a complex and time-consuming process, and it’d be wise to hire a tax consultant instead. Outsourcing these services rather than using an in-house team may seem like an odd choice to some business owners, but there are many benefits to hiring an outside firm to handle complicated tax issues. 1. Expert-level tax preparation Taxes are a mandatory part of business operations. However, many companies lack the necessary personnel to sufficiently prepar ..read more