It’s daunting at times to consider how to go about starting with all the nitty-gritties of running a successful business. When it comes to determining which business entity to use, this can add to the already complex mix of decisions involved in starting your business. Here in Part 1, we’ll go over some of the …
Saving on travel taxes is one of the things you can actively do to help reduce your business’ costs. As with other deductions, you must be aware of the basic rules and plan in advance to make it work. Here we’ll go over good easy ways to think about travel taxes. Then, we’ll turn to …
If you’ve ever asked yourself on how to write-off travel expenses while staying IRS compliant, read on. We’ll cover some of the basic rules as well as tips to maximize your travel deductions. For an article going over some more concrete examples on travel write-offs, go here. Before getting ahead of ourselves, let’s start by …
In a previous article, we discussed how to manually input the entries for your bookkeeping and payroll setup. In this article, we’ll go over a more automated way to this through your payroll processor. Here, we’ll be using ADP to do this. Other payroll processors, however, might have a similar function. You might have to …
How to Automate Your Payroll Bookkeeping with ADP Read More »
If you ever wondered what’s the correct way to do your payroll bookkeeping this article is for you. We’ll go over in detail what to do to do it the right way. This will be helpful to you whether you run payroll for actual employees or just for yourself as a de facto employee. If you’re more …
How to Do The Bookkeeping for Your Payroll Liabilities? Read More »
Understanding the electric vehicles tax credit might seem overly complicated especially with some of the recent changes. That’s why here we’ll give you an easy explanation of the credit and how it changes based on when purchased. If you purchased your EV on 2022 or before, the credit will be subject to a certain set …
Here’s a strategy that will allow you to hire your children in your own business and reap multiple benefits. This strategy might be for you if you want your business to become an asset to your children’s upbringing. Your child could have the benefit of learning real-world work and business skills and developing a strong …
How To Hire Your Children, Deduct Their Payroll, and Benefit On Taxes Read More »
If you’ve ever wondered about the incentives to starting a home-based business this short article is for you. We’ll go over the tax advantages and how you could potentially cut your tax bill. We’ll also briefly go over the non-tax benefits of a home-based business. How Starting a Home-Based Business Could Save You in Taxes …
How Starting a Home-Based Business Could Cut Your Tax-bill Read More »
Have you ever thought about how to scale your business, but didn’t know how to take the first step? Or maybe you’ve already made some strides in scaling, but you feel you’re missing pieces of the puzzle. Maybe you’re even feeling stuck and unsure how to reach the next level in your business’ growth. In …
If you’re wondering how to get a juicy meals deduction for 2022, read on. We will also consider what the tax year 2023 will be like on this matter. With the Tax Cuts and Jobs Act coming into effect in 2018, there were some key changes for meals. Before 2018, the category “Meals & Entertainment” …
How To Deduct Your Meals For the 2022 & 2023 Tax Years Read More »