Taxes

End-of-Year Business Purchases: How to Reap Tax Benefits for 2023

As the year winds down and we look forward to the festive season, it’s also an opportune moment for business owners to make some strategic decisions. Smart year-end spending can not only enhance your business operations but also bring significant tax benefits. Let’s explore how end-of-year purchases can set you up for a prosperous New …

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Are you ready for IRS Changes for Tax Year 2023? What You Need to Know

The tax landscape is ever-changing, and 2023 is no exception. Several IRS regulation changes are poised to impact businesses, and understanding them is crucial to ensuring smooth tax filings. From reduced reporting thresholds to new e-filing requirements, these changes are enough to spook even the most seasoned business owners. Lowered Reporting Threshold: The $600 Rule …

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Unlock Green Savings: Your 2023 Guide to Energy-Efficient Business Deductions

With sustainability becoming increasingly crucial, it’s never been more essential for businesses to think green. The good news? You can actually save money while doing so, thanks to various tax incentives and deductions. In 2023, several key updates have been made to these incentives, which makes now the perfect time to reconsider your business’s approach …

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Decode Ultimate Savings: Your Guide to Mastering Home Office Deductions

The rise of remote work has created a wave of entrepreneurs and small business owners carving out home office spaces. While the comforts of home bring undeniable benefits, did you know your home office can also offer significant tax advantages? Eligibility Criteria: Not for Everyone First and foremost, the Home Office Deduction is not a …

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Tax-Free Employee Benefits: More Than Just the Essentials

While benefits like health insurance and retirement plans are expected, companies can offer unique and exciting tax-free perks that make the workplace a fun, engaging, and enjoyable environment. These benefits not only enhance employee satisfaction but also improve wellness, foster a positive company culture, and can even have tax advantages. Here are a few out-of-the-box, …

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Specialty Bookkeepers and Tax Salt Lake City Utah

Our Ultimate Guide to Business Structures for Small Business Owners

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.

Specialty Bookkeepers and Tax Salt Lake City Utah
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