Choosing the right business structure for your small business is essential. The structure you select can significantly impact your business’s taxes, personal liability, and overall financial success. In this guide, we’ll explain the tax implications of different business structures, including sole proprietorship, partnership, limited liability company (LLC), and S-corporation, to help you make an informed decision.
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The SALT (State and Local Taxes) deduction is a tax provision that allows taxpayers to deduct certain state and local taxes on their federal income tax returns. These taxes include state and local income, sales, and property taxes. The SALT deduction has been in place for many years, but its availability and limitations have been …
Maximize Your Savings: Unleash the Power of SALT Deductions Read More »
Imagine trying to build a piece of furniture from rotted wood or trying to run a race the morning after consuming nothing but Oreos and Mountain Dew… When garbage is the foundation of your end product, then you end up with a horrible result. Inaccurate, incomplete, or biased information will adversely affect your business decisions, …
Garbage In, Garbage Out (GIGO) vs. Useful Advice For Success Read More »
529 plans and custodial IRAs are both tax-advantaged investment accounts that can be used to save for a child’s education. However, there are some key differences between the two: Overall, both 529 plans and custodial IRAs can be useful tools for saving for a child’s education. The best choice for you will depend on your …
If you use your personal vehicle for business purposes, you may be eligible to claim a mileage reimbursement on your tax return. The mileage rate is determined by the IRS and can vary from year to year. The standard mileage rate for 2022 is 58.5 cents per mile for business use, and the IRS has …
Don’t Miss Out on Tax Deductions for Business Miles Read More »
Do you know your filing deadlines for this year? Filing late if you owe tax payments can result in significant penalties that quickly add up. It’s important to note that if the deadline falls on a weekend or a holiday, the due date is usually extended to the next business day. This year, April 15 …
Unusual Tax Filing Deadline Dates for 2022 Returns Read More »
Do you own a business and have your kids help out when they’re not in school? If you file a Schedule C, you could be saving money by hiring your own children. If your business is a sole proprietorship, an LLC filing taxes as a sole proprietorship, or a partnership with the other parent of …
For the first time in 20 years(!), the allowable deduction for out-of-pocket classroom supplies has increased, from $250 to $300. If you are a grades K-12 counselor, teacher, aide, instructor, or principal in a public or private school for at least 900 hours during the school year, you are eligible to deduct up to $300 …
How Much Can Educators Deduct For Supplies For 2022? Read More »
Originally created to allow residents of Augusta, GA to rent their residences tax-free during the annual Masters Tournament, the Augusta Rule (IRS Section 280A) allows you to rent out your home for 14 days or less per year without having to report the revenue as income. A few caveats to qualify for this tax exemption: …
Can the Augusta Rule Help You Keep More of Your 2022 Income? Read More »
