How to Align Your Tax Strategy with Annual Planning

Having a well-thought-out tax strategy for your business is an important step to take in order to make the most out of tax time.  A proper tax strategy is an optimization tool that analyzes business income, your overall business structure, spending, potential...

Tax Planning for Corporations: Do’s and Don’ts

Proper tax planning for corporations is necessary to ensure the continued financial success of your business.  A strong tax plan reduces your corporation’s taxable income and maximizes profits.  By taking advantage of available tax credits, deductions, and other...

Is Your Tax Plan Proactive or Reactive?

While most people understand the importance of tax planning, many don’t know the difference between a proactive and reactive approach.  Most people are reactive when it comes to their income tax. They wait until the end of the year to gather all their paperwork...

Qualified Business Income Deduction

What is the Qualified Business Income (QBI) deduction? The QBI deduction is one of the most important deductions for business owners to be aware of.  It was created as part of the 2017 Tax Cut and Jobs Act, and essentially provides a 20% deduction on all business...

Home Office Deduction

One of the tax deductions that causes the most confusion (and worry) is the home office deduction.  Are you eligible for it? Who Can Claim It To claim the home-office deduction, you must be self-employed. If you work for an employer and currently working from home,...

S-Corp Conversions

Using an S-Corp to Lower Your Taxes If you’re a small business owner, you’re well aware of the pain of self-employment taxes and how much they can take out of your pocket.  (And if you’re not yet aware, you’re in for a rude awakening next April.)  Converting an S-Corp...